-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 R8e7XVzwTSlNKwoRYZreapnvzHsnaoEUXIDX7bEc3EWasH4x4IAjpV3i0WIjmx8c
 VlULhKF+177zTIZCOHf6dQ==

<SEC-DOCUMENT>0001193125-08-055524.txt : 20080313
<SEC-HEADER>0001193125-08-055524.hdr.sgml : 20080313
<ACCEPTANCE-DATETIME>20080313161811
ACCESSION NUMBER:		0001193125-08-055524
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080313
DATE AS OF CHANGE:		20080313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ODYSSEY MARINE EXPLORATION INC
		CENTRAL INDEX KEY:			0000798528
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				841018684
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31895
		FILM NUMBER:		08686384

	BUSINESS ADDRESS:	
		STREET 1:		5215 WEST LAUREL STREET
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33607
		BUSINESS PHONE:		(813) 876-1776

	MAIL ADDRESS:	
		STREET 1:		5215 WEST LAUREL STREET
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNIVERSAL CAPITAL CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>d10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 10-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 10-K </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>(Mark one) </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="3"><B><FONT FACE="WINGDINGS">&#120;</FONT><B></B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="3"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>FOR THE FISCAL YEAR ENDED DECEMBER 31, 2007 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="3"><B><FONT FACE="WINGDINGS">&#168;</FONT><B></B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="3"><B>TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Commission File Number 1-31895 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>ODYSSEY MARINE EXPLORATION,
INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact name of small business issuer as specified in its charter) </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Nevada</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>84-1018684</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State or other jurisdiction of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>incorporation or organization)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>5215 W. Laurel Street, Tampa, Florida 33607 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of principal executive offices) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>(813) 876-1776 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number including area code) </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Securities registered under Section&nbsp;12(b) of the Act: </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Title of each class</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Name of each exchange on which registered</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Common Stock, $0.01 par value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>The NASDAQ Stock Market, LLC</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Securities registered under to Section&nbsp;12(g) of the Act: None </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Indicate by mark whether the registrant (1)&nbsp;has
filed all reports required to be filed by Section&nbsp;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)&nbsp;has been
subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT>&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT>&nbsp;&nbsp;No </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark if disclosure of delinquent filers pursuant to Item&nbsp;405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant&#146;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT> </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" 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 definitions of &#147;large accelerated filer,&#148; or &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one): </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Large&nbsp;accelerated&nbsp;filer&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Accelerated&nbsp;filer&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Non-accelerated&nbsp;filer&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Smaller&nbsp;reporting&nbsp;company&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(Do&nbsp;not&nbsp;check&nbsp;if&nbsp;a&nbsp;smaller&nbsp;reporting&nbsp;company)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The aggregate market value of the 42.7&nbsp;million shares of voting stock held by non-affiliates of Odyssey Marine Exploration, Inc. as of June&nbsp;30, 2007 approximated $256 million. As of March&nbsp;1, 2008, the
Registrant had 47,960,962 shares of Common Stock outstanding. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>DOCUMENTS INCORPORATED BY REFERENCE </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The information required by Part III of this Form 10-K is incorporated by reference to the Company&#146;s Definitive Proxy Statement for the
Registrant&#146;s Annual Meeting of the Shareholders to be held on May&nbsp;18, 2007. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g72284img001.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TABLE OF CONTENTS </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Page</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_1"><B>PART I</B></A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;1.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_2">Business</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;1A.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_3">Risk Factors</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;1B.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_4">Unresolved Staff Comments</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;2.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_5">Properties</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;3.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_6">Legal Proceedings</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 4.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_7">Submission of Matters to a Vote of Security Holders</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_8"><B>PART II</B></A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 5.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_9">Market for Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 6.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_10">Selected Financial Data</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 7.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_11">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;7A.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_12">Quantitative and Qualitative Disclosures About Market Risk</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 8.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_13">Financial Statements and Supplementary Data</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 9.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_14">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;9A.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_15">Controls and Procedures</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;9B.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_16">Other Information</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_17"><B>PART III</B></A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 10.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_18">Directors and Executive Officers of the Registrant</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 11.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_19">Executive Compensation</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 12.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_20">Security Ownership of Certain Beneficial Owners and Management</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 13.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_21">Certain Relationships and Related Transactions</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 14.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_22">Principal Accounting Fees and Services</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_23"><B>PART IV</B></A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Item 15.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_24">Exhibits and Financial Statement Schedules</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_25"><B>SIGNATURES</B></A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">52</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#toc72284_26"><B>EXHIBITS&nbsp;INDEX</B></A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>As used in this Annual Report on Form 10-K, &#147;we,&#148; &#147;us,&#148; &#147;our company&#148;
and &#147;Odyssey&#148; mean Odyssey Marine Exploration, Inc. and our subsidiaries, unless the context indicates otherwise. </I></B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_1"></A>PART I </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This Annual Report on Form 10-K contains forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21E of the Securities Act of 1934. The statements regarding Odyssey Marine Exploration, Inc. and its subsidiaries contained in this report that are not historical in nature,
particularly those that utilize terminology such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;likely,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;estimates,&#148; &#147;believes&#148; or &#147;plans,&#148; or
comparable terminology, are forward-looking statements based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking
statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Important factors known to us that could cause such material differences are identified in this report and in our &#147;RISK
FACTORS&#148; in Item&nbsp;1A. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised, however, to consult any
future disclosures we make on related subjects in future reports to the Securities Exchange Commission, or SEC. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_2"></A>ITEM&nbsp;1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>BUSINESS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Overview </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Odyssey Marine Exploration, Inc., a Nevada corporation formed on March&nbsp;5, 1986, is engaged in archaeologically-sensitive exploration and recovery of
shipwrecks throughout the world. We employ advanced state-of-the-art technology, including side scan sonar, remotely operated vehicles, or ROVs, and other advanced technology, that enables us to locate and recover shipwrecks at depths that were
previously unreachable in an economically feasible manner. Odyssey continues to build on a foundation of shipwreck research, development of political relationships and advancement of techniques for deep-ocean search and recovery. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our vision is to maintain and strengthen our position as the world leader in shipwreck exploration, archeological excavation and marketing of shipwreck
artifacts and related merchandise. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Business Segments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">During 2007 we managed and evaluated the operating results of the business in two primary segments: shipwreck exploration and themed attractions. Beginning in 2008, our themed attraction segment will not be a
reportable segment. Our focus in themed attractions will no longer be to operate and manage attractions, but to partner with other attraction experts in order to build the Odyssey brand and promote the themed attraction concept that has already been
developed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Shipwreck Exploration</I></B> &#150; This segment includes all operating activities for shipwreck exploration and
archaeological recovery of shipwreck artifacts and cargo including the marketing, sales and distribution of recovered artifacts, replicas, merchandise and books through various retail and wholesale sales channels. The departments within this group
include marine operations, archaeology, conservation and research, sales and business development, and corporate administration. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our
marine operations department is tasked with the discovery and recovery of shipwrecks utilizing state-of-the-art technology, including side scan sonar, remotely operated vehicles (ROVs), and other advanced tools and expertise. This department
oversees ships, offshore technology as well as ship and technical crews. The marine operations team has also developed proprietary procedures, software and equipment to improve the quality, efficiency and speed of shipwreck operations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our archaeology, conservation and research (ARC) department supports marine operations by providing target information as well as conducting
historical research on artifacts recovered from shipwrecks. After recovered items are returned to shore, our conservation department stabilizes the artifacts and ultimately brings them to their final state of conservation. This department also
provides the curation of company-owned artifacts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our sales and business development department includes support functions for the
promotion and distribution of products through both retail and wholesale channels. Direct sales efforts (inbound and outbound call center and related infrastructure) were outsourced in the second quarter 2006 to an experienced direct marketing
partner. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our shipwreck exploration segment continues to rely significantly on recovered shipwreck cargoes as a primary source of raw
material. The availability of shipwreck cargo inventory is primarily dependent on the success of finding intrinsically valuable cargoes from shipwrecks. If we are not successful in the exploration and recovery of shipwrecks, we may not have
sufficient raw materials to sell (see Item&nbsp;1A. Risk Factors). </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our corporate administrative department oversees all aspects of business management and reporting
including compliance. The department is also responsible for corporate marketing and communications, finance and accounting, information technology, legal and human resources. Corporate overhead which encompasses legal, finance, human resources,
information technology and real estate facilities is included within the shipwreck exploration segment and not allocated to themed attractions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B><I>Themed Attractions </I></B>&#150; Our themed attractions segment consists of interactive attractions and exhibits that are designed to entertain and educate multi-generational audiences, and present Odyssey&#146;s unique shipwreck
stories and artifacts. The exhibits showcase our proprietary technologies and the excitement of deep-ocean archeological shipwreck search and recovery. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">We opened our first themed attraction, <I>Odyssey&#146;s Shipwreck&nbsp;&amp; Treasure Adventure</I>, in August 2005, in New Orleans. The attraction was closed early on the grand opening day due to Hurricane Katrina.
We re-opened the attraction in February 2006 and closed it again in September 2006 because of market conditions in New Orleans. Odyssey received approximately $1.2 million in the fourth quarter 2006 as final insurance settlement on our claim for
damages and business interruption due to the hurricane. As a result of our lease termination in New Orleans, we accelerated the estimated useful lives of certain assets and leasehold improvements in 2006. This acceleration resulted in additional
expenses of $.9 million during the period ended December&nbsp;31, 2006. We relocated the attraction to the Museum of Science and Industry (&#147;MOSI&#148;) in Tampa, Florida, in May 2007. The new exhibit, <I>SHIPWRECK! Pirates&nbsp;&amp;
Treasure,</I> opened to the public in June 2007 at MOSI and ran until early February 2008. The exhibit moved to the Detroit Science Center in Detroit, Michigan in February 2008 and is scheduled to open on March&nbsp;24 and run through
September&nbsp;1, 2008. As a result of the reorganization of our themed attractions segment, we accelerated the estimated useful lives of our attraction development assets in 2007. This acceleration resulted in additional expenses of $.9 million
during the period ended December&nbsp;31, 2007. In addition, inventory reserves of $.4 million were recorded for our attraction merchandise inventory. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">A summary of our net revenues, income from operations and assets for our segments is found in Note S to the Consolidated Financial Statements in Item&nbsp;8. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shipwreck Project Criteria </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our marine research
department continuously conducts research in an attempt to identify shipwreck projects that meet the following criteria: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">The research must indicate that the shipwreck was carrying enough intrinsically valuable cargo to pay for the high cost associated with advanced archaeological
recovery and to provide an attractive return for our stockholders and other investors. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">The research must provide good navigational information concerning the sinking location in order to minimize the search area and provide a reasonable expectation
that the wreck can be found. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">The issues relating to ownership of the shipwreck and its cargo must be resolved or reasonably predictable prior to beginning any recovery in order to minimize the
potential for litigation. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The United Nations Educational Scientific and Cultural Organization, or UNESCO, has estimated
that there are up to 3,000,000 shipwrecks contained within the oceans of the world. Historical records suggest that many were lost with verifiable cargoes of intrinsically valuable material. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Technology </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Odyssey is a pioneer in the use of
advanced deep-ocean technology for shipwreck exploration. We are not, for the most part, inventors of the technologies required for deep-ocean search and recovery. We use technologies that others, primarily the military, oil industry, and
telecommunications industry, have developed at great expense. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have learned how to apply these technologies specifically to locate
shipwrecks and to conduct precise archaeological recoveries at depths up to 2,000 meters or more. Although we tend to use &#147;off the shelf&#148; technology because it is cost effective, we do have proprietary software and equipment applications
that maximize the effectiveness of our search and recovery systems. Software that precisely documents the archaeological excavation and advanced sediment removal and filtration systems are examples of our technological innovations. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Equipment </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Most of our projects are conducted in two phases. The search phase is conducted from a vessel outfitted with survey equipment and an inspection ROV. The recovery phase requires a vessel equipped with a work-class ROV, sophisticated
positioning systems, and certain Odyssey technology and proprietary software, which allows us to record the recovery in an archaeologically sound manner. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">During 2003, we purchased a 251-foot dynamically-positioned ship named <I>Odyssey Explorer</I> and a 200-HP, 2,500 meter depth rated work-class ROV that we nicknamed <I>ZEUS</I>. Coupled with a sophisticated suite of
cameras, lighting and positioning equipment, as well as advanced computer monitoring and proprietary data management systems, <I>ZEUS</I> provides us the ability to perform extensive archaeological excavation work. The <I>Odyssey Explorer</I> and
<I>ZEUS</I> were mobilized and deployed to the SS <I>Republic</I> site in October 2003, where they conducted the archaeological excavation of the SS<I> Republic </I>shipwreck site and recovered over 51,000 gold and silver coins and approximately
14,000 other artifacts. We also acquired CLIO, a light-work ROV used for inspecting targeted sites. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During early 2005, we acquired a new
side-scan sonar system which allows us to map the seafloor approximately two times faster than our previous search system. Also during 2005, we entered into a charter agreement for a search vessel which we used during 2005 and 2006 search operations
in our &#147;Atlas&#148; project area. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In June 2006, we purchased an additional ship, the <I>Ocean Alert</I>, similar in size to the
<I>Odyssey Explorer</I>. This ship has been fitted with a complete suite of advanced search gear, including Odyssey&#146;s newest and most advanced side-scan sonar system. We use this ship to conduct search operations and preliminary ROV survey
operations on potential targets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In June 2006, we purchased a second work-class ROV capable of conducting deep-ocean archaeological
excavation and recovery work on the Company&#146;s shipwreck projects. The new ROV, <I>ZEUS II,</I> is a 9-ton, advanced underwater robotic system capable of working on sites up to 3,000 meters deep, and at 400 HP, it has twice the power of
<I>ZEUS</I>, making it one of the world&#146;s most powerful deep-ocean work platforms. <I>ZEUS II</I> provides us with a second highly specialized underwater robotic system to expand our capabilities for archaeological excavation and recovery.
Adding this second &#147;next generation&#148; ROV with more than twice as much power allows us to seamlessly interchange our archaeologists and technicians between both systems while expanding our operational capacity. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Operational Projects </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Odyssey has numerous shipwreck
projects in various stages of development around the world. In order to protect the identities of the targets of our planned search or recovery operations, in some cases, we will defer disclosing specific information relating to our projects until
we have located a shipwreck or shipwrecks of interest and determined a course of action to protect our property rights. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In some cases, we
do not target specific shipwrecks, but instead focus on a search area where historical records suggest may contain unrecorded and recorded high value targets because of the proximity of shipping routes frequented by ships carrying high value
intrinsically valuable cargoes. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>SS </I></B><B>Republic</B><B><I> Project </I></B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The SS <I>Republic</I> was a side-wheel steamer lost in deep water in 1865 after battling a hurricane for several days. The ship, en-route from New York
to New Orleans, was reportedly carrying a large cargo of specie when it sank. The ship&#146;s history includes service in both the Confederate and Union navies during the American Civil War<B>. </B> </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We discovered the shipwreck in the summer of 2003 nearly 1,700 feet below the surface of the Atlantic Ocean approximately 100 miles off the Georgia
coast. In March 2004, Odyssey was awarded title and ownership to the SS <I>Republic</I> shipwreck and cargo, including the hull, artifacts and the specie on board when she sank. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The archaeological excavation and recovery was completed in February 2005. During the SS <I>Republic</I> excavation, more than 51,000 gold and silver
coins and approximately 14,000 artifacts were recovered. Our ROV <I>ZEUS</I> completed 262 dives to the shipwreck site and debris field, logging almost 3,500 hours of bottom time. The coins recovered represented approximately 25&nbsp;% of the
&#147;$400,000 in specie&#148; (1865 face value) that historical research indicates was on board the <I>Republic</I> when she sank. We have been declared the owners of the wreck and there is a federal injunction in place preventing others from
disturbing the site. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Coins recovered from the SS <I>Republic</I> have been divided into two categories. The first category, our
&#147;numismatic collection,&#148; consists of coins that are indistinguishable from coins that have never been underwater. These coins were generally higher priced to correlate with their numismatic value and most have been sold. The second
category includes ungraded shipwreck coins (&#147;shipwreck effect&#148;) that have been conserved and encased in certified tamper-resistant holders by Numismatic Conservation Services, or NCS, and Numismatic Guaranty Corporation, or NGC.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">To-date we have sold almost $36 million gross revenue worth of SS <I>Republic</I> coins representing
approximately 14,000 silver and 4,000 gold coins. As of December&nbsp;31, 2007, we have a remaining inventory of approximately 33,000 silver coins. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">There are no Revenue Participation Certificates or revenue sharing arrangements related to the <I>SS Republic</I> recovery. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><I>&#147;</I></B><B>Atlas</B><B><I>&#148; Search Project </I></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We believe the &#147;<I>Atlas</I>&#148; project is the most
extensive shipwreck search operation ever launched. A minimum of five high-value shipwrecks are believed to be in the search area, which encompasses more than 5,000 square miles. Odyssey began search operations during the 2005 season and resumed
operations in April 2006. During the 2006 season, work was concentrated in the seven search block areas which encompass the &#147;<I>Atlas</I>&#148; target of highest value, code-named &#147;<I>Tripoli</I>.&#148; During 2005, much of the area was
searched with high-resolution side-scan sonar. During 2006, a second pass was completed which included acoustic and magnetometer data-streams which helped Odyssey create a larger database of information. Overlaying all three layers provided an
extremely precise, high-resolution map of the seven search blocks. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Once targets of interest were logged, additional high-resolution
imagery and magnetometer surveys were utilized to further classify and map targets before ROVs were deployed to visually inspect and recover any artifacts deemed necessary for identification. During the entire 2006 survey period, at least two ships
were mobilized to engage in this search operation, and during part of the summer, three ships were utilized. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Following is a summary of the
operations conducted in the &#147;<I>Atlas/Tripoli</I>&#148; search area: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Anomalies detected: 1,873 </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Anomalies selected for further inspections: 1,017 </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Anomalies remaining to be inspected with an ROV: 9 </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Shipwrecks located: 161 </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Modern/20th Century Shipwrecks: 124 </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">19th Century Shipwrecks: 25 </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">17th - 18th Century Shipwrecks: 12 </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Odyssey filed an Admiralty arrest in the U.S. District Court for the Middle District of Florida in September 2006. On October&nbsp;30, 2006, the U.S. District Court granted the Company&#146;s Motion for Preliminary Injunction appointing
Odyssey as the exclusive finder-in-possession of the shipwrecked vessel, and prohibiting any interference with Odyssey&#146;s intended excavation of the site, which is believed to be the remains of a 17th century merchant vessel located outside the
territorial waters of any country. However, until further ROV inspections and a preliminary archaeological excavation are completed on the arrested shipwreck site, it is not possible to confirm the identity or potential value of the shipwreck.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As discussed herein under &#147;Admiralty Legal Proceedings&#148;, The Kingdom of Spain has filed notices in the U.S. District Court
claiming certain rights to any Spanish property relating to this site. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We did not conduct operations in the &#147;<I>Atlas</I>&#148;
search area in 2007. We intend to continue search operations and ROV inspections of the &#147;<I>Atlas</I>&#148; area beginning in the spring of 2008. For reasons of security and strategic confidentiality, we do not disclose the location of search
operations within the &#147;<I>Atlas</I>&#148; project area. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>HMS </I></B><B>Sussex</B><B><I> Project </I></B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The <I>Sussex</I> project is an expedition to locate and recover the artifacts and cargo of a large colonial-period British warship, HMS <I>Sussex</I>,
which was lost in a severe storm in 1694. Based on documentary research conducted by contract researchers and our in-house research team in libraries and historical archives in Great Britain, France and other countries, we believe that there is a
high probability the ship was carrying a cargo of coins with a substantial numismatic value. Our analysis of the data was accumulated from a review of the ship&#146;s logs, court martial records, state papers, treasury books and various other
letters and reports. We conducted offshore search operations on this project in 1998, 1999, 2000 and 2001. Based on the results of these search operations, we believe there is a high probability we may have located the remains of HMS <I>Sussex</I>.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On September&nbsp;27, 2002, we entered into an agreement with the Government of the United Kingdom of
Great Britain and Northern Ireland, which we refer to as Her Majesty&#146;s Government (HMG), which allows us to conduct an archaeologically sensitive exploration of the shipwreck believed to be HMS <I>Sussex</I> and to recover artifacts from the
shipwreck site. The agreement provided for us to submit a Project Plan to HMG concerning the equipment, personnel and methodologies we intend to use in the exploration of the shipwreck, and the conservation and documentation of any artifacts and
cargo that may be recovered. This Plan was submitted and was declared fit for purpose during 2004 with the exception of the staffing plan, which could not be completed until the actual start date was agreed upon and the availability of personnel
could be determined. The staffing plan was approved during 2005 and we began exploration of the site during December 2005. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In late 2005
and early 2006, Odyssey completed to the satisfaction of HMG all work detailed in Phase 1A of the HMS <I>Sussex</I> archaeological project plan. The Company has also completed a portion of Phase 1B. (A public version of the project plan is available
for viewing at <U>www.shipwreck.net/sussexpp.html</U>.) The Company temporarily halted operations on the project at the request of the Spanish Ministry of Foreign Affairs while issues relative to the archaeological plan for excavation of the site,
territorial and cultural resource management issues were negotiated. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On March&nbsp;23, 2007, the Spanish Ministry of Foreign Affairs
issued a press release to announce agreement between Spain and the United Kingdom for Odyssey to proceed with the Alboran project, which includes preliminary phases of excavation and identification of the site believed to be the HMS <I>Sussex</I> as
well as a survey of the area in which the shipwreck lies. As part of this agreement, Odyssey agreed to provide information relative to other shipwrecks in the surrounding area to the Spanish Government to assist in the protection and preservation of
those shipwrecks. Odyssey also agreed to allow two archaeologists appointed by the Spanish Government to observe work on the site. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Odyssey
is currently waiting for the archaeological observers to be selected and scheduled by Spain before resuming operations on the site believed to be HMS <I>Sussex</I>. However, we do not believe Spain will appoint archaeologists in the immediate
future. This project has been delayed while issues relating to the &#147;<I>Black Swan&#148;</I> project and admiralty claims as discussed herein are being addressed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">As a sovereign warship, HMS <I>Sussex</I> remains the property of HMG which, to our knowledge, has not been contested by the Spanish government or other entities. As part of the partnering agreement signed between
Odyssey and HMG in 2002, the following sharing arrangements have been agreed upon with respect to the aggregate amount of the appraised values and/or selling prices of the artifacts, net of agreed selling expenses: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:21pt"><FONT FACE="Times New Roman" SIZE="1"><B>Range</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>British<BR>Government</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Odyssey</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">$0 - $45 million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">80</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">$45 million to $500 million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">50</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">50</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Above $500 million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">60</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition to the percentages specified above, we will also pay HMG 10% of any net income we
derive from intellectual property rights associated with the project. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Also, we received the exclusive worldwide right to use the name
&#147;HMS <I>Sussex</I>&#148; in connection with sales and marketing of merchandise (exclusive of artifacts) related to the shipwreck, and HMG will receive 3% of the gross sales of such merchandise. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our agreement with HMG is for a period of 20 years, and can only be terminated if: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the shipwreck is not HMS <I>Sussex</I>; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">we are in serious breach of our obligations under our agreement with HMG. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The shipwreck that is believed to be the HMS <I>Sussex</I> is located in the search area for a project that we have previously referred to as our
&#147;<I>Cambridge</I>&#148; project. We sold through private placements of Revenue Participation Certificates, or RPCs, the right to share in our future revenues derived from the &#147;<I>Cambridge</I>&#148; project. As of April&nbsp;30, 1999, when
the offering was closed, we had sold $825,000 of the RPCs. As a group, the holders are entitled to 100% of the first $825,000 of gross revenue, 24.75% of gross revenue from $4 million to $35 million, and 12.375% of gross revenue above $35 million
generated by the &#147;<I>Cambridge</I>&#148; project. Additionally, on May&nbsp;26, 1998, we signed an agreement with a subcontractor that entitled it to receive 5% of the post-finance cost proceeds from any shipwrecks in a certain search area of
the Mediterranean Sea. The shipwreck we believe is HMS <I>Sussex</I> is located within the specified search area, and we will be responsible to share future revenues, if any, from this shipwreck with the subcontractor. The subcontractor&#146;s
rights were foreclosed upon during 2002 and the purchaser was a limited liability company which was partially owned by two of our officers and directors at the time. In order to remove any potential conflicts of interest, these two persons sold
their interests in the limited liability company during 2005. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Because the government of Spain is pursuing claims against our recovery from the &#147;<I>Black
Swan&#148; </I>Project, they may interfer with our project related to the HMS <I>Sussex</I> which has involved work in the Mediterranean Sea off the coast of Spain. See <I>&#147;Black Swan&#148; </I>project in the next section. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I>&#147;</I></B><B>Black Swan</B><B><I>&#148;</I></B><B> Project </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In May 2007, we announced the discovery and archaeological recovery of more than 500,000 silver coins weighing more than 17 tons, hundreds of gold coins, worked gold and other artifacts from a site in the Atlantic
Ocean code-named &#147;<I>Black Swan</I>.&#148; Odyssey has not yet been able to positively identify the shipwreck and has not publicly disclosed the location of the site in order to protect artifacts which remain at the site. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We believe the &#147;<I>Black Swan&#148;</I> recovery was conducted in conformity with Salvage Law and the Law of the Sea Convention, beyond the
territorial waters or contiguous zone of any country. We do not believe that the recovery is subject to sovereign immunity by any nation pursuant to the Law of the Sea Convention. The work accomplished to date on this site has diligently followed
archaeological protocols using advanced robotic technology. All recovered items have been legally imported into the United States and placed in a secure, undisclosed location where they are undergoing conservation and documentation. While there have
been numerous estimates of the potential retail value of the coins from the &#147;<I>Black Swan</I>&#148; site made in the media, we have not made any public estimates. The retail pricing on the coins will only take place once all the coins are
conserved and evaluated by numismatists, and as with any other retail product, the net profit from the sale of the coins will be significantly less than the retail value after deducting taxes, marketing, conservation and other costs of sales.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In June 2007, a judge in the Court of La Linea de la Concepcion (Cadiz, Spain) issued an order to detain and search Odyssey&#146;s
vessels, apparently assuming (incorrectly) that the &#147;<I>Black Swan&#148;</I> recovery was conducted illegally in Spanish waters. On July&nbsp;12, 2007, our survey vessel, the <I>Ocean Alert</I>, departed Gibraltar and was boarded by the Spanish
Guardia Civil in international waters and forcibly directed to a port in Spain for search and inspection. The inspection was completed and the ship was cleared for departure on July&nbsp;17, 2007. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On October&nbsp;16, 2007, Odyssey&#146;s research vessel <I>Odyssey Explorer</I> departed Gibraltar and was detained by the Spanish Navy and Guardia
Civil in international waters and forcibly directed to a port in Spain for search and inspection. After a rigorous inspection the <I>Odyssey Explorer</I> was cleared and departed on October&nbsp;20, 2007. It is the opinion of Odyssey&#146;s legal
counsel that the seizure and search of both vessels was conducted illegally. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Before the <I>Ocean Alert</I> was seized, Odyssey provided a
109-page legal affidavit to authorities in the Spanish Federal Government, the Junta de Andalucia, the United Kingdom, Gibraltar, and the United States detailing Odyssey&#146;s activities leading up to, and after, the announcement of the
&#147;<I>Black Swan</I>&#148; discovery. This document (which covered nine years of communications and meetings between Odyssey, the Junta of Andalucia and the governments of the United States, the United Kingdom and Spain) was provided in order to
address questions posed by the Spanish regarding Odyssey&#146;s activities and to reassure all concerned governments and officials that Odyssey has always acted legally and with full transparency in relation to the &#147;<I>Black Swan</I>&#148;
project and in all other shipwreck exploration activities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As discussed herein under &#147;Admiralty Legal Proceedings,&#148; The Kingdom
of Spain has filed notices in the U.S. District Court claiming certain rights to any property relating to the &#147;<I>Black Swan</I>.&#148; We do not have the ability to immediately monetize the recovered cargo until we are awarded title or a total
or partial salvage award by the U.S. District Court. Claims against the recovery have been submitted by the government of Spain and other parties may also assert claims. As a result, the amounts that we may ultimately receive are uncertain.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I>&#147;</I></B><B>Firefly</B><B><I>&#148;</I></B><B> Project </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Odyssey and BDJ Discovery Group, LLC, or BDJ, filed a &#147;Joint Motion for Substitution of Plaintiff&#148; in the United States District Court for the Eastern District of North Carolina on February&nbsp;21, 2008
which was granted upon filing. The joint motion substitutes Odyssey for BDJ as plaintiff in the <I>In Rem</I> Admiralty case against the Unidentified Shipwreck Vessel, its apparel, tackle, appurtenances and cargo located in the waters of the
Atlantic Ocean approximately 12 miles off the coast of North Carolina. On March&nbsp;4, 2008 the Court entered an order granting Odyssey&#146;s motion appointing Odyssey as substitute custodian for all artifacts from the site and requiring reporting
within 30 days of activity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In a separate agreement, BDJ has turned over all aspects of the project to Odyssey and assigned all of its
rights to the artifacts and any wreck from which they originate to Odyssey in return for up to 15% of any proceeds from artifact sales after archaeological excavation, conservation, marketing and certain other expenses. Among other objects, a small
number of gold and silver artifacts have been recovered from the site, but the identity of the shipwreck from which the artifacts originated has </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">not yet been confirmed. In order to protect the site, no additional information about the artifacts recovered or operations at the site to date is being made
available for release at this time. Odyssey has been involved in survey and inspection operations on the arrested site since August 2007 and is currently planning the next stages of survey and archaeological investigation of the site. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Admiralty Legal Proceedings </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On April&nbsp;9,
2007, Odyssey filed Admiralty arrests in the U.S. District Court for the Middle District of Florida on two sites, one in the Atlantic Ocean and one in the western Mediterranean Sea. The Company has now arrested three sites (the first of which was
arrested on September&nbsp;13, 2006), in addition to the <I>&#147;Firefly&#148;</I> project which was discussed previously. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On May&nbsp;30
and 31, 2007, the Kingdom of Spain filed notices in all three pending court cases in which we have filed Warrants of Arrest stating that the Spanish government does not intend to give up rights on any Spanish property which might be on the sites.
Spain has not asserted a basis for any claims specific to any of the arrests. On June&nbsp;15 and 19, 2007, Spain filed Motions for More Definite Statements in these three admiralty arrests requesting additional information. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On August&nbsp;6, 2007, we filed our responses including Amended Verified Complaints adding the Kingdom of Spain as a defendant in all three Admiralty
cases, seeking damages for losses sustained through Spain&#146;s recent actions obstructing Odyssey&#146;s ability to conduct operations. Odyssey is seeking not only relief in the form of a set-off of any potential award Spain may ultimately
receive, but also affirmative relief for damages caused by Spain&#146;s interference with Odyssey&#146;s rights to all three arrested sites. In addition to the Amended Complaints, we also filed Motions for Protective Order in all three cases to
protect the confidentiality of the Preliminary Site Assessments, which include information about the archaeological and&nbsp;exploration activities at the sites to date, and filed Motions for Preliminary Injunction in two of the cases. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On September&nbsp;19, 2007, Spain filed Motions to Dismiss the Amended Complaints and Oppositions to the Motions for Orders Granting Preliminary
Injunctions and Protective Orders. Odyssey filed its Response to the Motions to Dismiss and Replies to Spain&#146;s Oppositions to the Motions for Protective Orders and Preliminary Injunctions on October&nbsp;22, 2007. On October&nbsp;30, 2007, the
parties filed Joint Case Management Reports. Those reports indicated Spain&#146;s opposition to complying with the Federal Rules of Discovery. They also provided a general guideline for the timing of discovery and trials and requested hearings
before the court to resolve disputed issues. The parties appeared before the court on November&nbsp;26, 2007 and again on January&nbsp;10, 2008 for Preliminary Pretrial Conferences in all arrest cases. Also on January&nbsp;10, 2008, the Court
entered a Protective Order governing the discovery to be produced by Odyssey and protecting the confidentiality of documents and the security of the arrested sites. The initial phase of discovery began on January&nbsp;24 and 25, 2008, when Counsel
for Spain and Spain&#146;s representative appeared at Odyssey&#146;s offices and were given the requested documentation and shown photographs, video tape and a sampling of recovered cargo from the &#147;<I>Black Swan</I>&#148; site. On March&nbsp;5,
2008 the parties again appeared in court to discuss issues related to discovery including confidentiality and format of documentation produced. The Court will issue rulings on any matters the parties are unable to resolve. On March&nbsp;6, 2008, the
Court issued an order relating to Spain&#146;s Motions to Dismiss the Amended Complaints that were filed by Odyssey in the arrest of three wreck sites. Spain&#146;s motion to dismiss Odyssey&#146;s claims for possession and ownership of three
arrested sites and for salvage awards were denied by the judge. Odyssey is pleased with the ruling which specifically stated that &#147;the allegations in the complaint and the disclosure in connection with discovery satisfy the requirements of
applicable procedural rules and pleading principles.&#148; The Court&#146;s dismissal of certain counts of the complaints relates only to jurisdiction. The Court did not determine Odyssey has no right to damages against Spain as a result of
Spain&#146;s illegal actions against Odyssey and its vessels, only that the Court does not have the authority to award such damages. The most significant aspect of the ruling is the Court&#146;s declaration that Odyssey&#146;s pleadings and its
disclosures have met all requirements of the federal rules of civil procedure. On March&nbsp;12, 2008, the Court issued orders in all three arrests confirming that Odyssey had complied with all discovery orders thus far and instructing Odyssey to
respond within thirty days to interrogatories regarding its theory as to the identities of any vessels related to the sites. Spain was ordered to identify evidence, if any, which would support a Spanish claim to the vessels or artifacts it believes
are related to the sites within ten days of receipt of Odyssey&#146;s responses. The discovery process for this case will continue into 2008. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">On December&nbsp;20, 2007, Keith Bray filed an Intervening Complaint in a previous arrest case (the site arrested in September 2006). His claim includes counts for Fraud, Rescission and Mutual Mistake and seeks to have the Court rescind his
contract with Odyssey which specifically provided that Bray was entitled to nothing other than the cash payment paid to him for historical research work. On January&nbsp;9, 2008, Odyssey filed its Answer and Affirmative Defenses to the Intervening
Complaint denying Bray&#146;s allegations and attaching a copy of the Research Agreement which Odyssey had with Bray. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We will continue to
pursue prompt resolutions of all claims. If we are able to confirm that any entity has a potential legitimate legal claim to any of the materials recovered from these sites, we intend to provide legal notice to any and all potential claimants. Even
if another entity is able to prove that it has an ownership interest in the shipwreck and/or cargo and that they had not legally abandoned the shipwreck, Odyssey would seek a salvage award from the Admiralty Court. In cases such as this, salvors are
typically awarded up to 90% of the recovery. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We do believe that most shipwrecks that we recover, including the &#147;<I>Black Swan,&#148;</I> will
likely result in claims by other parties. Many of these may be spurious claims, but we anticipate that there might be some legitimate ones as well. In the case of the &#147;<I>Black Swan,&#148;</I> it is the opinion of our legal counsel even if a
claim is deemed to be legitimate by the courts, Odyssey should still receive a significant award for its archaeological recovery efforts. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Sales and
Marketing </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The recovery of coins and artifacts from the SS <I>Republic</I> required us to create a marketing plan specifically to sell
these coins and artifacts. Initially, silver coins were sold to independent coin dealers who sold them through direct marketing and television outlets. In 2004, we began to sell gold coins to the same independent dealers. These dealers provided an
immediate outlet for our coins and enabled us to generate revenue during 2004. In December 2004, we opened a direct sales department to test distribution of our products through retail sales channels where gross margins would typically be higher.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During 2005, we continued to sell gold and silver coins to our independent coin dealers. However, the number of independent dealers
dropped from thirteen in 2004 to six in 2005 of which two dealers represented 56&nbsp;% of total sales. These two dealers were Monaco Financial and Spectrum Numismatic. Our experience has shown that many of these independent dealers are primarily
interested in the higher quality numismatic coin market. In 2006, we sold through three independent dealers of which two represented 65% of total sales. These two dealers were Asset Marketing Services, or AMS, and Spectrum Numismatic. Continued
development of the <I>SS Republic</I> coin products broadened our distribution in 2007 to several more independent dealers. In 2007, 58% of our coins sales were to the same two dealers, AMS and Spectrum Numismatic. We currently have a contractual
arrangement with AMS for the sale and distribution of our collectible silver coins and artifacts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">While we continued to sell numismatic
coins to independent coin dealers, there was a significant shift beginning in 2006 to our direct marketing sales efforts. Direct sales efforts (inbound and outbound call center and related infrastructure) were outsourced beginning in the second
quarter 2006 to an experienced direct marketing partner. The majority of our coin sales in 2006 and 2007 were silver coins sold through our direct marketing partner. We have been pleased with the marketing programs and sales efforts of our direct
marketing partner where our focus is selling our silver coin inventory directly to consumers at higher unit prices than we were receiving through our indirect wholesale channels. Another benefit of this outsourcing is a significant reduction of our
overhead costs associated with our direct sales organization.&nbsp;We increased our investment in 2007 for advertising programs that demonstrated positive sales results with coins as well as bottles and other artifacts. Continued development of the
<I>SS Republic</I> coin products drove consumer demand higher. Additionally, more wholesale partners have expanded distribution and reach into the market. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">During 2007, we sold out most of our remaining gold coins. We continue to evaluate and build additional indirect distribution channels for Odyssey shipwreck products. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The availability of raw materials is primarily dependent on the success of finding intrinsically valuable cargoes from shipwrecks (see Item&nbsp;1A. Risk
Factors). We recovered over 51,000 coins (approximately 4,000 $10 and $20 gold coins and 47,000 silver halves) and approximately 14,000 non-coin artifacts from the SS<I> Republic</I>. As of December&nbsp;31, 2007, we have a remaining inventory of
approximately 33,000 silver coins. Also, we have recovered more than 500,000 silver coins, hundreds of gold coins, worked gold and other artifacts from a site in the Atlantic Ocean code-named <I>&#147;Black Swan.&#148;</I> However, we will not have
the ability to monetize the recovered cargo until we are awarded title or a salvage award by the U.S. District Court. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Archaeology and Science
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Many of the shipwrecks we intend to pursue may have important historical and cultural characteristics. All such projects undertaken
will be subject to stringent archaeological standards, thus adding to the body of knowledge of the people, the history and culture of the vessel&#146;s time. We believe adherence to these principles will increase the economic value of the artifacts
and intellectual property rights of each project as well as enhance the level of cooperation we receive from governments, archaeological and other interests. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In addition, many deep-ocean recovery expeditions will lend themselves to interdisciplinary scientific studies including deep-ocean mining, oceanography, marine biology, environmental research, bioengineering and
other fields. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Legal and Political Issues </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Odyssey works with a number of leading international maritime lawyers and policy experts to constantly monitor international legal initiatives that might affect our projects. As a matter of policy, we begin with the assumption that some
</FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">entity, whether a government, private concern or insurance company, may have some rights to shipwrecks that are slated for search and recovery operations.
Based on this assumption, a rigorous legal analysis is undertaken in order to ascertain which entities might be able to create roadblocks to a successful project. In some cases, such as that of HMS <I>Sussex</I>, it was determined that the most
prudent mechanism for moving forward was to negotiate a contract with the owner of the vessel in order to manage litigation risk. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In other
cases, such as the SS <I>Republic</I> project, we entered into an agreement whereby we purchased the insurance company&#146;s interest in the shipwreck and cargo, opening the way for an immediate grant of title to Odyssey by the federal court that
had jurisdiction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">To the extent that we engage in shipwreck search and recovery activities in the territorial, contiguous or exclusive
economic zones of countries, Odyssey intends to comply with verifiable applicable regulations and treaties. Prior to beginning operations for any project, the legal and political aspects are carefully researched to ascertain what effect these issues
may have on the potential success of the operation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">These factors are taken into account in determining whether to proceed with a project
as planned. Other factors, such as the UNESCO Convention for the Protection of Underwater Cultural Heritage are also taken into consideration. New political initiatives such as this Convention could restrict access to historical shipwrecks
throughout the world to the extent they might require compliance with cultural resource management guidelines and regulations. Some of these will require adherence to strict archaeological practices and we intend to follow reasonable guidelines in
all projects to which they are applicable. Greg Stemm, Odyssey&#146;s CEO and co-founder, was a member of the United States delegation that negotiated the UNESCO Convention, and as such provides us with a thorough understanding of the underlying
principles and ramifications of the Convention, and advance notice of other cultural resource management issues that might affect our projects. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The UNESCO Convention is not expected to impact operations in international waters, and the United States, the United Kingdom and other major maritime governments have already stated explicitly that they do not intend to sign the
Convention. Nevertheless, some countries in whose waters we may consider working in may sign the Convention. While the UNESCO Convention states that artifacts may not be sold, it also states that this prohibition may not prevent the provision of
archaeological services, and we intend to provide such services in contracts with governments. We believe the primary value of the cargoes we seek are trade goods (such as coins, bullion and gems), which are not artifacts of historical,
archaeological or cultural significance and as such should not be subject to the rule prohibiting sale. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We believe there will be increased
interest in the protection of underwater cultural heritage throughout the oceans of the world. We are uniquely qualified to provide governments and international agencies with resources to help manage these resources while providing the public with
educational, scientific, historical and entertainment initiatives that originate from our shipwreck exploration activities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Competition </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">There are a number of companies who publicly identify themselves as engaged in aspects of the shipwreck business, but they do not compete directly with
us as an established deep-ocean archeological shipwreck exploration company.&nbsp;These entities include, but are not limited to, Subsea Resources Ltd. (a UK Company), Sovereign Exploration Associates International Inc., Admiralty Holding Company,
Deep Blue Marine and Marine Exploration, Inc.&nbsp;It is possible that some currently unknown group may locate and recover a shipwreck on our project roster; however, due to the breadth of our historical and archival research, the already completed
sonar and deep-water ROV inspection efforts, and the number of shipwreck projects in various stages of development, we do not believe that competition from one or more of these entities, known or unknown, would materially impact our operating plan
or alter our current business strategy </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Cost of Environmental Compliance </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">With the exception of vessel operations and conservation activities, our general business operations do not expose us to environmental risks or hazards.
We carry insurance that provides a layer of protection in the event of an environmental exposure resulting from the operation of our vessels. The cost of such coverage is minimal on an annual basis. We believe the risk associated with our
conservation activities is minimal. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Executive Officers of the Registrant </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The names, ages and positions of all the executive officers of the Company as of January&nbsp;3, 2008 are listed below. Mr.&nbsp;John&nbsp;C. Morris
resigned as CEO and Chairman of the Board on January&nbsp;2, 2008, and entered into a consulting agreement with the Company. All executive officers are full-time employees of the Company. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Gregory P. Stemm (age 50) has served as Chief Executive Officer and Chairman of the Board since
January&nbsp;3, 2008. Mr.&nbsp;Stemm previously served as Vice President, Research and Operations and as a member of the Board of Directors since May 1994. He has served as Co-Chairman of the Board since February&nbsp;24, 2006 until his present
appointment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mark D. Gordon (age 47) has served as President and Chief Operating Officer since October 2007 and was appointed to the Board
of Directors in January 2008. Previously Mr.&nbsp;Gordon served as Executive Vice President of Sales and Business Development since January 2007 after joining Odyssey as Director of Business Development in June 2005. Prior to joining Odyssey,
Mr.&nbsp;Gordon owned and managed four different start-up ventures (1987-2003). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Michael J. Holmes (age 58) has served as Chief Financial
Officer since May 2004. Mr.&nbsp;Holmes joined Odyssey as Controller in March 2004 and had previously served in a variety of financial management positions with Anheuser-Busch Companies, Inc. to include Vice President Finance, Sea World Orlando
(1998-2003). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">David A. Morris (age 57) has served as Secretary and Treasurer since August 1997. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Jay A. Nudi (age 44) has served as Principal Accounting Officer since January 2006 and joined Odyssey as Controller in May 2005. Prior to joining
Odyssey, Mr.&nbsp;Nudi served as Controller for The Axis Group in Atlanta (2003-2004). Previously he served as a consultant to various companies on specific value added engagements (2001-2003). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Laura L. Barton (age 45) was appointed Vice President of Communications in November 2007. Ms.&nbsp;Barton previously served as Director of Corporate
Communications and Marketing for Odyssey since July 2003. Ms.&nbsp;Barton was previously President of LLB Communications, a marketing and communications consulting company whose customers included a variety of television networks, stations and
distributors and the Company (1994-2003). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Employees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">As of December&nbsp;31, 2007, we had 50 full-time employees, most working from our corporate offices in Tampa, Florida. Additionally, we contract crewmen who operate our two vessels and technicians who perform marine
survey and recovery operations on our vessels. In addition, we hire subcontractors and consultants from time to time to perform specific services. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Internet Access </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Odyssey&#146;s Forms 10-K, 10-Q, 8-K and all amendments to those reports are available without charge
through Odyssey&#146;s web site on the Internet as soon as reasonably practicable after they are electronically filed with, or furnished to, the Securities and Exchange Commission. They may be accessed as follows: <I>www.shipwreck.net </I>(SEC
Filings Link). </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_3"></A>ITEM&nbsp;1A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>RISK FACTORS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>One should carefully consider the
following factors, in addition to the other information in this Annual Report on Form 10-K, in evaluating our company and our business. Our business, operations and financial condition are subject to various risks. Some of these risks are described
below, and should be carefully considered in evaluating Odyssey or any investment decision relating to our securities. This section does not describe all risks applicable to Odyssey, its industry or its business. It is intended only as a summary of
the principal risks. However, additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any of the following risks actually occur, our business, financial condition,
or operating results could suffer. If this occurs, the trading price of our common stock could decline, and you could lose all or part of the money you paid to buy our common stock. </I></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Our business involves a high degree of risk. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">An investment in Odyssey is extremely speculative and of exceptionally high risk. Although we have access to a substantial amount of research and data which has been compiled regarding various projects, the quality
and reliability of such research and data is uncertain. Even if we are able to plan and obtain permits for our various projects, there is a possibility that the shipwrecks may have already been salvaged or may not be found, or may not have had
anything valuable on board at the time of the sinking. Even if objects of value are located and recovered, there is the possibility that the cost of recovery exceeds the value of the objects recovered or that others, including both private parties
and governmental entities, will assert conflicting claims and challenge our rights to the recovered objects. Finally, even if we are successful in locating and retrieving objects from a shipwreck and establishing good title to them, there are no
assurances as to the value that such objects will bring at their sale, as the market for such objects is uncertain. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>The research and
data we use may not be reliable. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The success of a shipwreck project is dependent to a substantial degree upon the research and data
we have obtained. By its very nature, research and data regarding shipwrecks is imprecise, incomplete and unreliable. It is often composed of or affected by numerous assumptions, rumors, legends, historical and scientific inaccuracies and inaccurate
interpretations which have become a part of such research and data over time. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Availability of raw materials may be limited. </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The availability of inventory is primarily dependent on the success of finding raw materials in the form of intrinsically valuable cargoes from
shipwrecks. If we are not successful in the exploration and recovery of shipwrecks, we would not have sufficient inventory to sell. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B><I>Operations may be affected by natural hazards. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Underwater recovery operations are inherently difficult and dangerous
and may be delayed or suspended by weather, sea conditions or other natural hazards. Further, such operations may be undertaken more safely during certain months of the year than others. We cannot guarantee that we, or the entities we are affiliated
with, will be able to conduct search and recovery operations only during favorable periods. In addition, even though sea conditions in a particular search location may be somewhat predictable, the possibility exists that unexpected conditions may
occur and adversely affect our operations. It is also possible that natural hazards may prevent or significantly delay search and recovery operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>We may be unable to establish our rights to any objects we recover. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Persons and entities
other than Odyssey and entities we are affiliated with (both private and governmental) may claim title to the shipwrecks and/or valuable cargo that we may recover. Even if we are successful in locating and recovering shipwrecks and/or valuable
cargo, we cannot assure we will be able to establish our right to property recovered against governmental entities, prior owners, or other attempted salvors claiming an interest therein. In such an event, we could spend a great deal of time and
money, and receive no salvage claim or revenue for our work. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>The market for any objects we recover is uncertain. </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Even if valuable items can be located and recovered in the future, it is difficult to predict the price that might be realized for such items. The
value of recovered items will fluctuate with the precious metals market, which has been highly volatile in past years. In addition, the entrance on the market of a large supply of similar items from shipwrecks and/or valuable cargo located and
recovered by others could depress the market. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>We could experience delays in the disposition or sale of recovered objects. </I></B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The methods and channels that may be used in the disposition or sale of recovered items are uncertain at present and may include several
alternatives. Ready access to buyers for any artifacts or other valuable items recovered cannot be assured. Delays in the disposition of such items could adversely affect our cash flow. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Legal, political or civil issues could interfere with our recovery operations. </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Legal, political or civil initiatives of countries and/or major maritime governments could restrict access to shipwrecks or interfere with our search and
recovery operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Objects we recover could be stolen from us. </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">If we locate a shipwreck and assert a valid claim to items of value, there is a risk of theft of such items at sea, both before and after their recovery,
by &#147;pirates&#148; or poachers and while in transit to a safe destination. Such thefts may not be adequately covered by insurance. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B><I>We face competition from others. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">There are a number of competing entities engaged in various aspects of the
shipwreck business, and in the future other competitors may emerge. One or more of these competing entities may locate and recover a shipwreck that we intend to locate and recover. In addition, these competing entities may be better capitalized and
may have greater resources to devote to their pursuit of the shipwreck. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>We may be unable to get permission to conduct salvage
operations. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">It is possible we will not be successful in obtaining title, or permission to excavate certain wrecks. In addition,
permits that are sought for the projects may never be issued, and if issued, may not be legal or honored by the entities that issued them. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Changes in our business strategy or restructuring of our businesses may increase our costs or
otherwise affect the profitability of our businesses or segments. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As changes in our business environment occur we may need to
adjust our business strategies to meet these changes or we may otherwise find it necessary to restructure our operations or particular businesses or assets. When these changes or events occur, we may incur costs to change our business strategy and
may need to write down the value of assets. In any of these events, our costs may increase, and we may have significant charges associated with the write-down of assets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>We may be unsuccessful in raising the necessary capital to fund operations and capital expenditures. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Our ability to generate cash flow is dependent upon the success of our ability to recover and monetize high-value shipwrecks. However, we cannot guarantee that the sales of our products and other available cash sources will generate
sufficient cash flow to meet our overall cash requirements. If cash flow is not sufficient to meet our business requirements, we will be required to raise additional capital through other financing activities. While we have been successful in
raising the necessary funds in the past, there can be no assurance we can continue to do so. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>We depend on key employees and face
competition in hiring and retaining qualified employees. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our employees are vital to our success, and our key management and other
employees are difficult to replace. We currently do not have employment contracts with our key employees or officers. Further, we do not maintain key person life insurance on any of our employees. We may not be able to retain highly qualified
employees in the future which could adversely affect our business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Our articles of incorporation authorize generic preferred stock.
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our articles of incorporation initially authorized the issuance of up to 10,000,000 shares of preferred stock, 190,000 shares of
which have been retired. As a result, we are authorized to issue up to 9,810,000 shares of preferred stock. Our board of directors has the right to establish the terms, preference, rights and restrictions of the preferred stock. Such preferred stock
could be issued with terms, rights, preferences and restrictions that could discourage other persons from attempting to acquire control and thereby insulate incumbent management. In certain circumstances, the existence of corporate devices that
would inhibit or discourage takeover attempts could have a negative effect on the market value of our common stock. Our board of directors has designated 7,340,000 shares of our preferred stock as Series D Convertible Preferred Stock, which we refer
to as Series&nbsp;D Preferred Stock, 20 shares of our preferred stock as Series E Convertible Preferred Stock, which we refer to as Series&nbsp;E Preferred Stock, and 30 shares of our preferred stock as Series F Convertible Preferred Stock, which we
refer to as Series&nbsp;F Preferred Stock. As of the date of this annual report, we have outstanding (a)&nbsp;6,900,000 shares of Series D Preferred Stock, (b)&nbsp;warrants to purchase an aggregate of 440,000 shares of Series D Preferred Stock,
(c)&nbsp;13 shares of Series&nbsp;E Preferred Stock, and (d)&nbsp;22 shares of Series&nbsp;F Preferred Stock. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_4"></A>ITEM&nbsp;1B.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>UNRESOLVED STAFF COMMENTS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">None. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_5"></A>ITEM&nbsp;2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>PROPERTIES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We maintain our offices at 5215 W.
Laurel Street, Tampa, Florida 33607. We purchased the 23,500 square foot two story office building in 2004 for $3,058,770 to serve as our corporate and operations headquarters. We currently lease approximately 38&nbsp;% of the space to two tenants.
In April 2005, we entered into a three-year lease for a one story 8,100 square foot commercial building in proximity to our corporate headquarters which is utilized by our conservation, research and archaeology departments. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_6"></A>ITEM&nbsp;3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>LEGAL PROCEEDINGS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On or about December&nbsp;14,
2004, a complaint was filed against seven defendants, including the Company, in the Court of Common Pleas in the Ninth Judicial Circuit, County of Charleston, in the State of South Carolina. The complaint was filed by Republic&nbsp;&amp; Eagle
Associates, Inc. and Sea Miners, Inc. against John Morris, Greg Stemm, John Lawrence, John Balch, Daniel Bagley, Seahawk Deep Sea Technologies, Inc. (&#147;Seahawk&#148;) and the Company. The plaintiffs&#146; allegations include breach of fiduciary
duty, civil conspiracy and breach of contract based primarily upon one or more alleged contracts between the plaintiffs and Seahawk dated May&nbsp;16, 1995 dealing with the search for the SS <I>Republic</I>. The plaintiffs allege that their
research, which was provided to Seahawk, led to the discovery of the SS <I>Republic</I> and they seek an unspecified amount of damages and public recognition of their contribution. On February&nbsp;18, 2005, John Morris, Greg Stemm, Daniel Bagley,
and the Company filed their Notice of Motion and Motion to Dismiss Defendants John Morris, Greg Stemm, Daniel Bagley and Odyssey Marine Exploration, Inc. (the &#147;Motion&#148;). In the Motion, the defendants allege that the complaint should be
</FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">dismissed because, among other things, the South Carolina court does not have jurisdiction over them, the action was filed in an improper venue, plaintiffs
lack the capacity to maintain the action, and the action should be barred based on the Doctrine of Forum Non Conveniens. The court granted the Motion and dismissed the case for lack of personal jurisdiction on June&nbsp;9, 2006. The Plaintiffs
subsequently filed a Motion for Rehearing, and after further argument on the issues, the judge reversed his decision and entered an order denying the Defendants&#146; motion to dismiss on February&nbsp;27, 2007. The Defendants filed a Motion to
Reconsider the order granting the Plaintiffs&#146; Motion for Reconsideration and denying Defendants&#146; Motion to Dismiss on March&nbsp;12, 2007.&nbsp;On March&nbsp;23, 2007, the Court denied that Motion.&nbsp;On June&nbsp;25, 2007 Odyssey filed
its appeal of the order denying its Motion to Dismiss with the South Carolina Court of Appeals. On October&nbsp;15, 2007, the Appellate Court denied the appeal but ruled that determinations of fact in the trial court&#146;s order denying the Motion
to Dismiss are not binding in future proceedings, and the case was remanded to the trial court. Counsel for the Plaintiffs has filed a Motion to Withdraw which is scheduled to be heard by the Court on April&nbsp;14, 2008. We expect the Motion will
ultimately be granted, in which case the Plaintiffs will either have to find new legal representation or represent themselves in the case. We currently believe this lawsuit is without merit and will not have a material adverse impact on our
financial position or results of operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">See the information set forth under the heading &#147;<I>Admiralty Legal
Proceedings</I>&#148; in Part I, Item&nbsp;1, Operational Projects, of this report for disclosure regarding certain admiralty legal proceedings in which Odyssey is involved.&nbsp;Such information is hereby incorporated by reference into this Part I,
Item&nbsp;3. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition to the lawsuit described above, the Company may be subject to a variety of claims and suits that arise from time
to time in the ordinary course of business. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_7"></A>ITEM&nbsp;4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">None. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_8"></A>PART II </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_9"></A>ITEM&nbsp;5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES </B></FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Performance Graph </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>This performance graph shall not
be deemed &#147;filed&#148; with the SEC or subject to Section&nbsp;18 of the Exchange Act, nor shall it be deemed incorporated by reference in any of our filings under the Securities Act of 1933, as amended. </I></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Assuming an investment of $100 on December&nbsp;31, 2002, and reinvestment of all dividends, the graph below compares the cumulative total stockholder
return on the Company&#146;s Common Stock for the last five fiscal years with the cumulative return of the Standard&nbsp;&amp; Poor&#146;s 500 Market Index and the Russell 2000 Market Index. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>COMPARISON OF FIVE-YEAR TOTAL RETURN AMONG ODYSSEY, </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>S&amp;P 500 STOCK INDEX
AND RUSSELL 2000 STOCK INDEX </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g72284tx14.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Price Range of Common Stock </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">On November&nbsp;19, 2003, our common stock was listed on the American Stock Exchange and was traded under the symbol OMR. On July&nbsp;10, 2007, trading of our common stock moved from the American Stock Exchange to
the NASDAQ Capital Market under the symbol OMEX. The following table sets forth the high and low sale prices for our common stock during each quarter or interim reporting period for the periods set forth in the following schedule. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Price</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>High</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Low</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Quarter Ended</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">March&nbsp;31, 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.06</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">June&nbsp;30, 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.94</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.52</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September&nbsp;30, 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.94</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.97</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">December&nbsp;31, 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.49</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.44</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Quarter Ended</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">March&nbsp;31, 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.50</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">June&nbsp;30, 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.45</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.40</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September&nbsp;30, 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.80</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.60</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">December&nbsp;31, 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.75</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.84</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Approximate Number of Holders of Common Stock </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The approximate number of record holders of our $.0001 par value Common Stock at February&nbsp;29, 2008 was 270. This does not include shareholders that
hold their stock in accounts in street name with broker/dealers. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Dividends </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Holders of the Common Stock are entitled to receive such dividends as may be declared by our Board of Directors. No dividends have been declared with
respect to our Common or Preferred Stock and none are anticipated in the foreseeable future. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Unregistered Sales of Equity Securities </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">There were no unregistered sales of equity securities during the year ended December&nbsp;31, 2007 that have not been reported in a Current Report on Form
8-K. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Issuer Purchases of Equity Securities </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">There were no repurchases of shares of the Company&#146;s common stock during the quarter ended December&nbsp;31, 2007. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_10"></A>ITEM&nbsp;6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>SELECTED FINANCIAL DATA </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table sets
forth selected financial data, which should be read in conjunction with the Company&#146;s financial statements and the related notes to those statements included in &#147;Item 8. Financial Statements and Supplementary Data&#148; and with &#147;Item
7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; appearing elsewhere in this Form 10-K. The selected financial data have been derived from the Company&#146;s audited financial statements.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-Height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">The following table includes fiscal year 2003, which represents a twelve-month
period ended February&nbsp;28, 2004. The fiscal year ended 2004 was a ten month transition period which ended December&nbsp;31, 2004. 2005, 2006 and 2007 are twelve-month fiscal years ending on December&nbsp;31</FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP>st</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> of such years. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Dollars in thousands except per share amounts</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Results of Operations</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,147</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,064</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,037</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,622</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">74</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23,833</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,229</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">567</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Earnings per share &#150; basic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.14</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.02</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Earnings per share &#150; diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.02</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cash dividends per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Financial Position</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38,558</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27,208</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30,190</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27,921</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,894</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Long term obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,601</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,053</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,758</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,858</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Shareholder&#146;s equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30,199</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,366</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24,886</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22,366</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15,856</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">2003 net income includes $5,762,103 income tax benefit which resulted due to elimination of valuation allowance against the deferred tax asset. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">2005 net income includes $3,281,510 income tax expense which resulted due to recording a valuation allowance against the deferred tax asset. The effect of recording the valuation allowance increased the net loss by $7,791,859. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_11"></A>ITEM&nbsp;7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS </B></FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following discussion and analysis is intended to provide a narrative of our financial results and an evaluation of our financial condition and results
of operations. The discussion should be read in conjunction with our consolidated financial statements and notes thereto. A description of our business is discussed in Item&nbsp;1 of this report which contains an overview of our business as well as
the status of our ongoing project operations. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Results of Operations </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The dollar values discussed in the following tables, except as otherwise indicated, are approximations to the nearest $100,000. For more detail refer to the Financial Statements and Supplemental Data in Item&nbsp;8.
The tables identify years 2007, 2006 and 2005, all of which included a twelve-month period fiscal year which ended December&nbsp;31. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>2007 Compared to 2006 </I></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007&nbsp;vs&nbsp;2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>(Dollars in millions)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">111</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Operations&nbsp;and research</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15.0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Marketing, general&nbsp;and administrative</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">53</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total cost and expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29.9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Revenue </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Revenue is generated primarily through the sale of gold and silver coins, but also through other artifacts and merchandise. Revenue for 2007 and 2006 was $6.2 million and $5.1 million, respectively, representing sales
volume of gold and silver coins of approximately 4,300 coins in 2007 and 2,700 coins in 2006. The volume mix of gold and silver coins in 2007 was approximately 18% and 82%, respectively, and in 2006 was 17% and 83%, respectively. While we continue
to sell numismatic coins to independent coin dealers, there has been a significant shift beginning in the second quarter 2006 to our direct marketing sales efforts. In 2007 and 2006, we sold through several independent dealers of which two
represented 58% and 65% of total sales, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Direct sales efforts (inbound and outbound call center and related infrastructure)
were outsourced beginning in the second quarter of 2006 to an experienced direct marketing partner. The major factor for the $1.1 million increase in revenue for 2007 was the increase in gold and silver coins sold. Continued development of the SS
<I>Republic</I> coin products drove consumer demand higher. Additionally, more wholesale partners have expanded distribution and reach into the market. As of December&nbsp;31, 2007, we have a remaining inventory of approximately 33,000 silver coins.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Included in our revenue for 2007 and 2006 was $.4 million and $.3 million, respectively, of admissions and merchandise sales from our
themed attractions segment. Our revenue for 2007 and 2006 was predominantly U.S. domestic-based. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Cost and Expenses </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Cost of sales consists of shipwreck recovery costs, grading, conservation, packaging, and shipping costs associated with artifact, merchandise and book
sales. Cost of sales as a percentage of revenue for 2007 and 2006 was 37&nbsp;% and 21&nbsp;%, respectively. The higher cost of sales percentage in 2007 is primarily attributable (i)&nbsp;additional discounts and premiums given in 2007 due to the
sale of our remaining non-graded gold coins and (ii)&nbsp;$.5 million inventory reserves established for our remaining merchandise inventory due to the reorganization of our themed attractions segment. We reorganized our themed attraction segment in
the fourth quarter 2007. Our focus in themed attractions will no longer be to operate and manage themed attractions, but to partner with other attraction experts in order to build the Odyssey brand and promote and grow the themed attraction concept
that has already been developed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Operations and research expenses were $14.3 million in 2007 and $15.0 million in 2006. This decrease of
$.7 million consists of $1.0 million of reduced operating expenses in our theme attraction segment in connection with the September 2006 closing of our attraction in New Orleans, $.6 million of lower vessel operating costs and $.9 million of
unfavorable operating expenses primarily attributable to the &#147;<I>Black Swan</I>&#148; project. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Marketing, general and administrative
expenses were $13.3 million in 2007 as compared to $8.7 million in 2006. Of the $4.6 million increase, $1.0 million was related to sales and marketing primarily due to an increase in advertising and commissions associated with the outsourcing of our
direct sales efforts in the second quarter of 2006; $1.6 million was primarily due to employee-related expenses including share-based compensation costs related to adoption of FASB 123R ($.7 million) and employee bonuses ($.8 million); $.8 million
related to corporate and legal expenses primarily associated with the &#147;<I>Black Swan&#148;</I> project; $.9 million was due to accelerated depreciation expenses of our attraction development assets associated with the reorganization of our
themed attraction segment and $.3 million related to a reduction of expenses in 2006 relating to miscellaneous gains. Our focus in themed attractions will no longer be to operate and manage themed attractions, but to partner with other attraction
experts in order to build the Odyssey brand and promote and grow the themed attraction concept that has already been developed. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Other Income or Expense </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Other income and expense generally consists of interest income on investments offset by interest expense on our revolving credit facility and equipment loans. For 2006, $.9 million of other income was recorded due to
business interruption insurance proceeds received for our themed attraction in New Orleans related to Hurricane Katrina. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Income Taxes </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We did not record any provision (benefit) for income taxes in 2007 or 2006. Due to the uncertainty surrounding the realization of deferred tax assets
resulting from operating loss carryforwards, we recorded a full valuation allowance of $24.3 million against the deferred tax assets as of December&nbsp;31, 2007 compared to $14.9 million as of December&nbsp;31, 2006. In accordance with SFAS
No.&nbsp;109, <I>&#147;Accounting for Income Taxes,&#148; </I>we have evaluated whether it is more likely than not that the deferred tax assets will be realized. Based on the available evidence, we have concluded that it is more likely than not that
those assets would not be realizable without the recovery of high value shipwrecks (such as HMS <I>Sussex</I>) or successful admiralty proceedings regarding salvage claims to &#147;<I>Black Swan</I>&#148; high value cargo and thus a valuation
allowance has been recorded as of December&nbsp;31, 2007. We anticipate that we will continue to incur net losses in 2008. Our ability to generate net income in future periods is dependent upon the success of our ability to recover and monetize
high-value shipwrecks. Our current estimates do not include monetizing any assets from the <I>&#147;Black Swan&#148; </I>project. We will continue to reassess the need for a valuation allowance during each future reporting period. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Liquidity and Capital Resources </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>(Dollars in thousands)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Summary of Cash Flows:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net cash (used) by operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(15,107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(13,106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net cash (used) by investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(680</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,908</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net cash provided by financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31,693</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,147</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net increase (decrease) in cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15,906</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(867</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Beginning cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,416</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,283</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Ending cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18,321</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,416</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Discussion of Cash Flows </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Net cash used in operating activities in 2007 was $15.1 million. Cash used in operating activities for 2007 primarily reflected an operating loss of $23.8
million, offset by depreciation of $3.5 million and share based compensation of $1.3 million, a decrease in inventory of $1.8 million and an increase in accrued expenses and accounts payable of $2.2 million. The increase in accrued expenses of $1.6
million was primarily attributable to increased accrued bonuses and compensation and <I>Black Swan</I> legal expenses. Net cash used in operating activities in 2006 was $13.1 million. Cash used in operating activities for 2006 primarily reflected an
operating loss of $19.1 million, offset by depreciation of $3.1 million, a decrease in inventory and accounts receivable of $2 million and share based compensation of $.9 million.</FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Cash flows used in investing activities were $.7 million and $1.9 million for fiscal years 2007 and 2006, respectively. Cash used in investing for 2007
primarily consisted of purchases of marine property and equipment ($.5 million) and $.1 million for our themed attraction segment representing improvements to our traveling exhibit. Cash used in investing for 2006 consisted of $2.7 million for the
purchase of a search and inspection vessel and ROV system of which we financed $1.1 million: $.6 million for property and equipment offset by $.5 million net proceeds from the sale of our smallest ship, the RV <I>Odyssey</I>: and $.2 million for our
themed attractions segment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Cash flows provided by financing activities were $31.7 million and $14.1 million for fiscal years 2007 and
2006, respectively. In 2007, the cash provided by financing activities included $35.1 million net proceeds from the sale of common and preferred stock offset by $3.4 million revolving credit loan and mortgage repayments. In 2006, the cash provided
by financing activities included $10.6 million net proceeds from the sale of common and preferred stock, $5.2 million proceeds from loans (revolving credit and equipment) offset by $1.7 million revolving credit loan and mortgage repayments.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>General Discussion 2007 </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">At
December&nbsp;31, 2007, we had cash and cash equivalents of $18.3 million, an increase of $15.9 million from the December&nbsp;31, 2006 balance of $2.4 million. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">17 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During January 2007, we received $6.6 million from the sale of 2.2&nbsp;million shares of Series&nbsp;D
Convertible Preferred Stock, par value $0.0001 per share (&#147;Series D Preferred Stock&#148;), at a price of $3.00 per share to eight funds managed by two institutional accredited investors pursuant to the terms of a purchase agreement. In
connection with the transaction, we also issued the investors warrants to purchase an aggregate of 440,000 additional shares of Series&nbsp;D Preferred Stock with an exercise price of $4.00 per share and an expiration date of January&nbsp;24, 2009,
and issued to certain investors warrants to purchase an aggregate of 2.2&nbsp;million shares of Series&nbsp;D Preferred Stock with an exercise price of $3.50 per share and an expiration date of May&nbsp;15, 2007, in exchange for the cancellation and
surrender of 2.2&nbsp;million warrants to purchase Common Stock held by such investors with an exercise price of $3.50 per share of Common Stock and an expiration date of March&nbsp;9, 2007. The net proceeds from the preferred stock offering were
used for general corporate purposes and the purchase of marine property and equipment. In May 2007, we received $7.7 million from the exercise of the warrants to purchase 2.2&nbsp;million shares of Series D Preferred Stock. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On June&nbsp;25, 2007, we were officially included in the Russell 3000, the Russell 2000, and the Russell Microcap Indexes. We believe this gives us
exposure to a wider audience in the investment community and validates our consistent efforts to build stockholder value by sharing our story with as many constituencies as possible. Also, on July&nbsp;10, 2007, trading of our common stock moved
from the American Stock Exchange to the NASDAQ Capital Market under the symbol OMEX. We believe that NASDAQ&#146;s electronic multiple market maker structure will provide Odyssey with enhanced exposure and liquidity, while at the same time providing
investors with the best prices, the fastest execution, and the lowest cost per trade. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On September&nbsp;13, 2007, we issued and sold 13
shares of Series&nbsp;E Convertible Preferred Stock, par value $0.0001 per share (&#147;Series&nbsp;E Preferred Stock&#148;), at a price of $535,000 per share, for an aggregate purchase price of $6,955,000 in cash, pursuant to a Series&nbsp;E
Convertible Preferred Stock Purchase Agreement between Odyssey and Drawbridge Global Master Macro Fund Ltd (&#147;Drawbridge&#148;), a fund managed by Fortress Investment Group LLC. Each share of Series E Preferred Stock is convertible into 100,000
shares of the Company&#146;s Common Stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On December&nbsp;17, 2007, we issued and sold 22 shares of Series F Convertible Preferred
Stock, par value $0.0001 per share (&#147;Series F Preferred Stock&#148;), at a price of $540,000 per share, for an aggregate purchase price of $11,880,000 in cash, pursuant to a Series F Convertible Preferred Stock Purchase Agreement between
Odyssey and three funds managed by one accredited investor. Each share of Series F Preferred Stock is convertible into 100,000 shares of the Company&#146;s Common Stock. We expect to use the net proceeds of the transaction for general corporate
purposes in 2008. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On February&nbsp;7, 2008, we entered into a $5 million revolving credit facility with Fifth Third Bank (the
&#147;Bank&#148;). We used a portion of this credit facility to pay off all amounts owed to Mercantile Bank under our prior credit facility, which has been terminated. The new credit facility has a floating interest rate equal to the &#147;Prime
Rate&#148; plus fifty basis points (.50%), requires monthly payments of interest only and is due in full February&nbsp;7, 2010. We will also be required to pay the Bank an unused line fee commencing in the second year of the agreement equal to
0.50%&nbsp;per annum of the unused portion of the credit line, payable quarterly. The line of credit will be initially secured by approximately 33,000 coins recovered from the SS <I>Republic</I> shipwreck, which amount will be reduced over the term
by the amount of coins sold. The borrowing base will be equal to thirty percent (30%)&nbsp;of the eligible coin inventory valued on a rolling twelve month wholesale average value. We are required to comply with a number of customary covenants and
intend to use the line of credit as a means to fund ongoing operations. Initially the line of credit will be used to payoff our first mortgage with Carolina First Bank for approximately $2.4 million as well as the equipment loan payable due
Mercantile Bank of approximately $.6 million plus any closing costs of the transaction. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Material Trends and Uncertainties </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our current 2008 business plan estimates our net cash requirements for operations and capital expenditures will range from $18 million to $23 million.
Based upon our current expectations, we believe our cash and cash equivalents, cash generated from operations and existing credit facility will satisfy our working capital requirements through 2008. However, we anticipate we will continue to incur
net losses in 2008. Our capacity to generate net income in future periods is dependent upon the success of our ability to recover and monetize high-value shipwrecks. While we have recovered more than 17 tons of silver coins and hundreds of gold
coins and other artifacts from the &#147;<I>Black Swan&#148;</I> project, we do not have the ability to immediately monetize the recovered cargo until we are awarded title or a salvage award by the U.S. District Court. At the present time we cannot
determine how long that process will take. The <I>&#147;Black Swan&#148;</I> project has placed additional cash requirements on us in 2007 and will continue to do so in 2008. If cash flow is not sufficient to meet our projected business plan
requirements, we will be required to raise additional capital or curtail expenses. While we have been successful in raising the necessary funds in the past, there can be no assurance that we can continue to do so. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">18 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>2006 Compared to 2005 </I></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006&nbsp;vs&nbsp;2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>(Dollars in millions)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(50</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Operations&nbsp;and research</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15.0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Marketing, general and administrative</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total cost and expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21.7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Revenue </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Revenue is generated primarily through the sale of gold and silver coins, but also include other artifacts and merchandise. Revenue for 2006 and 2005 was $5.1 million and $10.0 million, respectively, representing
sales volume of gold and silver coins of approximately 2,700 coins in 2006 and 2,500 coins in 2005. The volume mix of gold and silver coins in 2006 was approximately 17% and 83%, respectively, and in 2005 was 53% and 47%, respectively. There was a
significant shift beginning in the second quarter 2006 to our direct marketing sales efforts. In 2006, we sold through three independent dealers of which two represented 65% of total sales. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Direct sales efforts (inbound and outbound call center and related infrastructure) were outsourced beginning in the second quarter 2006 to an experienced
direct marketing partner. The decrease of $4.9 million in 2006 was primarily due to a lower availability of high-value numismatic gold coins, sales to fewer independent coin dealers and a shift to a higher volume of lower priced silver coins. The
majority of coin sales in 2006 were silver coins sold through our direct marketing partner. We have been extremely pleased with the marketing programs and sales efforts of our direct marketing partner where our focus is selling our silver coin
inventory directly to consumers at higher unit prices than we were receiving through our indirect wholesale channels. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In 2006, we sold a
higher volume of total coins, but they represented a greater mix of lower unit price silver coins sold through our direct marketing partner. As of December&nbsp;31, 2006, we had a remaining inventory of approximately 800 graded and un-graded gold
coins and 36,000 silver coins. The majority of the remaining gold coins represented $10 Eagles which are not as much in demand by numismatic collectors as the higher-value numismatic $20 Double Eagles. We sold the remaining $10 Eagle gold coins in
2007. Also included in our revenue for 2006 was $.2 million of admissions and merchandise sales from our themed attractions segment. All of our revenue for 2006 and 2005 was U.S. domestic-based. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Cost and Expenses </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Cost of sales consists of
shipwreck recovery costs, grading, conservation, packaging, and shipping costs associated with artifact, merchandise and book sales. Cost of sales as a percentage of revenue for 2006 and 2005 was 21&nbsp;% and 11&nbsp;%, respectively. The higher
cost of sales percentage in 2006 was attributable to a higher sales mix of silver versus gold coins. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Operations and research expenses were
$15.0 million in 2006, compared to $11.3 million in 2005. Of the $3.7 million increase in 2006, $2.8 million was due to our vessel operations primarily associated with the purchase of our search and inspection vessel in June 2006. The remaining $.9
million increase in expenses pertains to our themed attraction segment as the closing of our attraction in New Orleans in September 2006 and subsequent lease termination caused an acceleration of the estimated useful lives of certain assets and
leasehold improvements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Marketing, general and administrative expenses were $8.7 million in 2006 as compared to $9.3 million in 2005. Of
the $.6 million decrease, $1.1 million related to reduced sales and marketing expenses primarily due to the closing of our direct sales company-operated call center in May 2006. These expenses were offset by increased share-based compensation costs
associated with our annual incentive plan and adoption of FASB 123R in 2006. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Other Income or Expense </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Other income and expense generally consists of interest income on investments offset by interest expense on our revolving credit facility and equipment
loans. For 2006, $.9 million of other income was recorded due to business interruption insurance proceeds received for our themed attraction in New Orleans related to Hurricane Katrina. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Income Taxes </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We did not record any provision (benefit) for income taxes in 2006 or 2005. Due to the
uncertainty surrounding the realization of deferred tax assets resulting from operating loss carryforwards, we recorded a full valuation allowance of $14.9 </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">19 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">million against the deferred tax assets as of December&nbsp;31, 2006 compared to $7.8 million as of December&nbsp;31, 2005. In accordance with SFAS
No.&nbsp;109, <I>&#147;Accounting for Income Taxes,&#148; </I>we have evaluated whether it is more likely than not that the deferred tax assets will be realized. Based on the available evidence, we have concluded that it is more likely than not that
those assets would not be realizable without the recovery of high value shipwrecks (such as HMS <I>Sussex</I>) and thus a valuation allowance was recorded as of December&nbsp;31, 2006. We will continue to reassess the need for a valuation allowance
during each future reporting period. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Liquidity and Capital Resources </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>(Dollars in thousands)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Summary of Cash Flows:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net cash (used) by operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(13,106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(10,977</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net cash (used) by investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,908</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(5,477</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net cash provided by financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,147</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16,687</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net increase (decrease) in cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(867</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">233</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Beginning cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,283</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,050</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Ending cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,416</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,283</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Discussion of Cash Flows </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Net cash used in operating activities in 2006 was $13.1 million. Cash used in operating activities for 2006 primarily reflected an operating loss of $19.1
million, offset by depreciation of $3.1 million, a decrease in inventory and accounts receivable of $2 million and share-based compensation of $.9 million. Net cash used in operating activities in 2005 was $11.0 million. Cash used in operating
activities for 2005 primarily reflected an operating loss of $14.9 million, offset by deferred income taxes of $2.8 million, depreciation of $1.5 million, an increase in inventory and deposits and a decrease in accounts receivable. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Cash flows used in investing activities were $1.9 million and $5.5 million for fiscal years 2006 and 2005, respectively. Cash used in investing for 2006
consisted of $2.7 million for the purchase of a search and inspection vessel and ROV system of which we financed $1.1 million, $.6 million for property and equipment offset by $.5 million net proceeds from the sale of our smallest ship, the RV
<I>Odyssey</I>, and $.2 million for our themed attractions segment. Cash used in investing activities for 2005 primarily reflected $3.7 million for capital expenditures for our themed attractions segment including our New Orleans attraction, and
$1.8 million was used for the capital expenditures for property, equipment and improvements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Cash flows provided by financing activities
were $14.1 million and $16.7 million for fiscal years 2006 and 2005, respectively. In 2006, the cash provided by financing activities included $10.6 million net proceeds from the sale of common and preferred stock, $5.2 million proceeds from loans
(revolving credit and equipment) offset by $1.7 million revolving credit loan and mortgage repayments. In 2005, the cash provided by financing activities included $16.8 million for the issuance of common stock which was primarily due to the exercise
of outstanding warrants and common shares issued in our private placement, offset by $0.1 million mortgage repayment. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>General Discussion 2006
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">At December&nbsp;31, 2006, we had cash and cash equivalents of $2.4 million, a decrease of $0.9 million from the December&nbsp;31,
2005 balance of $3.3 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During March 2006, we received approximately $8.8 million from the sale of 2.5&nbsp;million shares of
non-voting Series D Convertible Preferred Stock, par value $0.0001 per share, at $3.50 per share to five funds managed by two institutional accredited investors pursuant to the terms of a purchase agreement. The Series D Preferred Stock is
convertible into Common Stock at a ratio of one (1)&nbsp;share of Common Stock for every one (1)&nbsp;share of Series D Preferred Stock. The net proceeds from the preferred stock offering were targeted for general corporate purposes and the purchase
of marine property and equipment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During March 2006, we entered into an Amended and Restated Revolving Credit Agreement with Mercantile
Bank (the &#147;Bank&#148;). The Amended and Restated Credit Agreement replaces the Company&#146;s prior agreement with the Bank. The Amended and Restated Agreement reduced the amount of the commitment from the Bank from a $6 million revolving
credit facility to a $3 million credit facility. The $4 million of gold coins previously collateralized were removed from the amended agreement and silver coins collateralized and held by the custodian increased from 10,000 to 15,000 coins. The
credit facility </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">20 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">has a floating interest rate equal to the &#147;LIBOR 30-Day Index Rate&#148; plus two hundred sixty-five basis points (2.65%), requires monthly payments of
interest only and is due in full on April&nbsp;21, 2008. The Company will also be required to pay the Bank an unused line fee equal to 0.25%&nbsp;per annum of the unused portion of the credit line, payable quarterly. Additionally, the Company
granted a first lien position on all corporate assets, including a provision not to pledge as collateral our Company-owned vessels. The Company is required to comply with a number of covenants as stated in the Amended and Restated Revolving Credit
Agreement. As of December&nbsp;31, 2006, we had an outstanding loan balance of $3.0 million on the credit facility. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During June 2006, we
entered into a mortgage loan for $2.4 million with Carolina First Bank for the refinancing of our corporate office building. This mortgage replaced the original mortgage held by the Bank of Tampa which had an outstanding loan balance of $1.7
million. The mortgage loan is due on June&nbsp;1, 2009 and monthly payments are based on a 20 year amortization schedule. Interest is at a fixed annual rate of 7.5%. The mortgage was paid off on February&nbsp;8, 2008. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During June 2006, we entered into a loan agreement for $1.12 million with Mercantile Bank for the purchase of our second ROV of which the purchase price
was $1.4 million. This loan has a maturity date of September&nbsp;1, 2009 and bears a variable LIBOR interest rate that is adjusted monthly. The variable rate is calculated by dividing LIBOR by an amount equal to 1.00 minus the Libor Reserve
Percentage, plus 3.0%. The interest rate in effect as of December&nbsp;31, 2006 was 7.98%. The first three months of the agreement required interest only payments followed by principal payments of $32,000 plus interest over the remaining life of the
loan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During July 2006, we received net proceeds of $.5 million from the sale of our smaller search and inspection vessel, the RV
<I>Odyssey</I>. These proceeds were used to partially offset the June 2006 purchase of an additional ship similar in size to the <I>Odyssey Explorer</I>. In October 2006 we received a partial settlement from the insurance company of $.4 million in
regards to our outstanding Hurricane Katrina claim for our New Orleans attraction. The remaining insurance settlement of $.8 million was received in November 2006 for a final settlement of $1.2 million.</FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In November 2006, we completed a private placement of 500,000 shares of common stock and warrants to purchase 100,000 shares of common stock to three
accredited investors for an aggregate purchase price of $1.5 million. The warrants are exercisable at $4.00 per share through November&nbsp;22, 2008 and have not been exercised. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Off Balance Sheet Arrangements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We do not engage in off-balance sheet financing arrangements. In
particular, we do not have any interest in so-called limited purpose entities, which include special purpose entities (SPEs) and structured finance entities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Indemnification Provisions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under our bylaws and certain consulting agreements, we have agreed to indemnify our officers and
directors for certain events arising as a result of the officer&#146;s or director&#146;s serving in such capacity. The term of the indemnification agreement is as long as the officer or director remains in the employment of the company. The maximum
potential amount of future payments we could be required to make under these indemnification agreements is unlimited. However, our director and officer liability insurance policy limits its exposure and enables us to recover a portion of any future
amounts paid. As a result of our insurance policy coverage, we believe the estimated fair value of these indemnification agreements is minimal and no liabilities are recorded for these agreements as of December&nbsp;31, 2007. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Critical Accounting Estimates </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The discussion and
analysis of our financial position and results of operations is based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S. The preparation of these financial statements
requires us to make estimates and judgments that affect our financial position and results of operations. See Note A to the Financial Statements for a description of our significant accounting policies. Critical accounting estimates are defined as
those that are reflective of significant judgment and uncertainties, and potentially result in materially different results under different assumptions and conditions. We have identified the following critical accounting estimates. We have discussed
the development, selection and disclosure of these policies with our audit committee. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Long-Lived Assets </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of December&nbsp;31, 2007, we had approximately $10.3 million of property and equipment and related assets. Our policy is to recognize impairment
losses relating to long-lived assets in accordance with Financial Accounting Standards Board No.&nbsp;144, &#147;Accounting for the Impairment or Disposal of Long-Lived Assets,&#148; based on several factors, including, but not limited to,
management&#146;s plans for future operations, recent operating results and projected cash flows. Due to </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">21 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">reorganization of our themed attraction segment and the closing of our attraction in the New Orleans, we accelerated the estimated useful lives of certain
fixed assets and leasehold improvements resulting in additional depreciation and amortization for the periods ended December&nbsp;31, 2007 and 2006 of $928,427 and $874,434, respectively. Our focus in themed attractions will no longer be to operate
and manage themed attractions, but to partner with other attraction experts in order to build the Odyssey brand and promote and grow the themed attraction concept that has already been developed. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Realizability of Deferred Tax Assets </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have
recorded a net deferred tax asset of $0 at December&nbsp;31, 2007. In accordance with SFAS No.&nbsp;109, <I>&#147;Accounting for Income Taxes,&#148; </I>we have evaluated whether it is more likely than not that the deferred tax assets will be
realized. Based on the available evidence, we have concluded that it is more likely than not that those assets would not be realizable without the recovery and rights of ownership or salvage rights of high value shipwrecks and thus a valuation
allowance of $24.3 million has been recorded as of December&nbsp;31, 2007. While we have recovered more than 17 tons of silver and hundreds of gold coins and other artifacts from the <I>Black Swan</I> project, we do not have the ability to
immediately monetize the recovered cargo until we are awarded title or a salvage award by the U.S. District Court. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Contractual Obligations
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">At December&nbsp;31, 2007, the Company&#146;s contractual obligations including estimated payments due by period are as follows:
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>(Dollars in thousands)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Payments due by period</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:82pt"><FONT FACE="Times New Roman" SIZE="1"><B>Contractual Obligations</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Less&nbsp;than<BR>1 year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>1-3&nbsp;years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>3-5&nbsp;years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>More&nbsp;than<BR>5 years</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Long term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,050</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">449</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,601</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest on debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">298</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">217</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">81</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Operating leases</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total contractual obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,370</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">688</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,682</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Long term debt represents the amount due on our existing mortgage for our office building and note
payable. Operating leases consist primarily of our conservation lab in Tampa. See Note W to the Consolidated Financial Statements in Item&nbsp;8. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_12"></A>ITEM&nbsp;7A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Market risk is the exposure to loss resulting from changes in interest rates, foreign currency exchange rates, commodity prices and equity prices. We do not believe we have material market risk exposure and have not entered into any market
risk sensitive instruments to mitigate these risks or for trading or speculative purposes. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_13"></A>ITEM&nbsp;8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
information required by this item appears beginning on page 23. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_14"></A>ITEM&nbsp;9.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE </B></FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">None. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_15"></A>ITEM&nbsp;9A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CONTROLS AND PROCEDURES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Disclosure Controls and Procedures
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We maintain a set of disclosure controls and procedures designed to ensure that information we are required to disclose in reports
that we file or submit with the SEC is recorded, processed, summarized and reported within the time periods specified by the SEC. An evaluation was carried out under the supervision and with the participation of the Company&#146;s management,
including the Chief Executive Officer (&#147;CEO&#148;) and Chief Financial Officer (&#147;CFO&#148;), of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the
CEO and CFO have concluded that the Company&#146;s disclosure controls and procedures are effective to ensure that we are able to collect, process and disclose the information we are required to disclose in the reports we file with the SEC within
required time periods. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">22 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Internal Controls over Financial Reporting </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Management&#146;s report on our internal controls over financial reporting can be found in the financial statement section of this report. The Independent
Registered Public Accounting Firm&#146;s attestation report on management&#146;s assessment of the effectiveness of our internal control over financial reporting can also be found in the financial statement section of this report. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">There have been no significant changes in the Company&#146;s internal controls over financial reporting during the quarter ended December&nbsp;31, 2007
that have materially affected, or are reasonably likely to materially affect, the Company&#146;s internal control over financial reporting. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_16"></A>ITEM&nbsp;9B.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>OTHER INFORMATION </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">None. </FONT></P> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_17"></A>PART III </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_18"></A>ITEM&nbsp;10.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Information concerning Directors and Executive Officers is hereby incorporated by reference to the information under the headings &#147;Election of Directors&#148; and &#147;Executive Officers and Directors of the Company&#148; in the
Company&#146;s Proxy Statement (the &#147;Proxy Statement&#148;) for the Annual Meeting of Stockholders to be held on May&nbsp;7, 2008. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The Company has adopted a Code of Ethics that applies to all of its employees, including the principal executive officer, the principal financial officer and the principal accounting officer. The Code of Ethics and all committee charters
are posted on the Company&#146;s website (www.shipwreck.net). We will provide a copy of any of these documents to shareholders free of charge upon request to the Company. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_19"></A>ITEM&nbsp;11.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>EXECUTIVE COMPENSATION </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The information required by
this Item is hereby incorporated by reference to the information under the heading &#147;Executive Compensation&#148; of the Proxy Statement. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_20"></A>ITEM&nbsp;12.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS </B></FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">A portion of the information required by this Item pursuant to Item&nbsp;403 of Regulation S-K is hereby incorporated by reference to the information
under the heading &#147; Security Ownership of Certain Beneficial Owners and Management&#148; of the Proxy Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The information
required pursuant to Item&nbsp;201(d) of Regulation S-K is hereby incorporated by reference to the information under the heading &#147;Equity Compensation Plan Information&#148; of the Proxy Statement. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_21"></A>ITEM&nbsp;13.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
information required by this Item is hereby incorporated by reference to the information under the heading &#147;Certain Relationships and Related Transactions&#148; of the Proxy Statement. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_22"></A>ITEM&nbsp;14.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
information required by this Item is hereby incorporated by reference to the information under the heading &#147;Independent Auditor Fees&#148; of the Proxy Statement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">23 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_23"></A>PART IV </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_24"></A>ITEM&nbsp;15.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBITS AND FINANCIAL STATEMENT SCHEDULES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
following documents are filed as part of this Annual Report on Form 10-K: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consolidated Financial Statements</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">See
&#147;Index to Consolidated Financial Statements&#148; on page 25.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consolidated Financial Statement Schedules</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman"
SIZE="2">See &#147;Index to Consolidated Financial Statements&#148; on page 25.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT FACE="Times New Roman" SIZE="2">All other schedules have been omitted because the required information is not significant or is included in the financial statements or notes thereto, or is not
applicable.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT FACE="Times New Roman" SIZE="2">Exhibits</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT FACE="Times New Roman" SIZE="2">The Exhibits listed in the Exhibit&nbsp;Index, which appears immediately following the signature page and is incorporated herein by reference, are filed as part of this Annual Report
on Form 10-K.</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">24 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ODYSSEY MARINE EXPLORATION, INC. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>PAGE</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx72284_1">Management&#146;s Report on Internal Control over Financial Reporting</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx72284_2">Report of Independent Registered Public Accounting Firm</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx72284_3">Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consolidated Financial Statements:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx72284_4">Consolidated Balance Sheets at December&nbsp;31, 2007 and 2006</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx72284_5">Consolidated Statements of Income for the fiscal years ended December&nbsp;31, 2007, 2006 and 2005</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx72284_6">Consolidated Statements of Changes in Stockholders&#146; Equity and Comprehensive Income for the fiscal years ended December&nbsp;31, 2007, 2006, and 2005</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx72284_7">Consolidated Statements of Cash Flows for the fiscal years ended December&nbsp;31, 2007, 2006 and 2005</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32-33</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx72284_8">Notes to the Consolidated Financial Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34-50</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consolidated Financial Statement Schedules:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx72284_9">Schedule&nbsp;II &#150; Valuation and Qualifying Accounts </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">51</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">25 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx72284_1"></A>MANAGEMENT&#146;S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s management is
responsible for establishing and maintaining adequate internal control over financial reporting for the Company. With the participation of the Chief Executive Officer and the Chief Financial Officer, management conducted an evaluation of the
effectiveness of internal control over financial reporting based on the framework and the criteria established in <I>Internal Control </I>&#150; <I>Integrated Framework, </I>issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on this evaluation, management has concluded that internal control over financial reporting was effective as of December&nbsp;31, 2007. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company&#146;s independent auditor, Ferlita, Walsh&nbsp;&amp; Gonzalez, P.A., a registered public accounting firm, has issued an attestation report on management&#146;s assessment of internal control over
financial reporting, which is included herein. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">26 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx72284_2"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Board of Directors </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Odyssey Marine Exploration, Inc. and Subsidiaries </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We have audited the
accompanying consolidated balance sheets of Odyssey Marine Exploration, Inc. and subsidiaries as of December&nbsp;31, 2007 and 2006, and the related consolidated statements of income, changes in stockholders&#146; equity and comprehensive income and
cash flows for the years ended December&nbsp;31, 2007, 2006 and 2005. Odyssey Marine Exploration, Inc. and subsidiaries&#146; management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these
consolidated financial statements based on our audits. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In our opinion, the consolidated financial statements
referred to above present fairly, in all material respects, the financial position of Odyssey Marine Exploration, Inc. and subsidiaries as of December&nbsp;31, 2007 and 2006, and the results of their operations and their cash flows for each of the
years in the three-year period ended December&nbsp;31, 2007, 2006 and 2005, in conformity with accounting principles generally accepted in the United States of America. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Odyssey Marine Exploration, Inc. and subsidiaries&#146; internal control over financial
reporting as of December&nbsp;31, 2007, based on criteria established in <I>Internal Control&#151;Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February&nbsp;11,
2008 expressed an unqualified opinion on its internal control over financial reporting. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"><I>/s/&nbsp;Ferlita, Walsh &amp; Gonzalez, P.A.</I></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">FERLITA, WALSH&nbsp;&amp; GONZALEZ, P.A.</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certified Public Accountants</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Tampa, Florida</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">February&nbsp;11, 2008 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">27 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx72284_3"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Board of Directors </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Odyssey Marine Exploration, Inc. and Subsidiaries </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We have audited Odyssey
Marine Exploration, Inc. and subsidiaries&#146; internal control over financial reporting as of December&nbsp;31, 2007, based on criteria established in <I>Internal Control-Integrated Framework </I>issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). Odyssey Marine Exploration, Inc. and Subsidiaries&#146; management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control
over financial reporting, included in the accompanying Management&#146;s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Odyssey Marine Exploration, Inc. and Subsidiaries&#146; internal
control over financial reporting based on our audit. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A company&#146;s internal control over financial reporting is a process designed 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. A company&#146;s internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that degree of compliance with the policies or procedures may deteriorate. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In our opinion, Odyssey Marine Exploration, Inc and subsidiaries maintained, in all material respects, effective internal control over financial reporting as of
December&nbsp;31, 2007, based on criteria established in <I>Internal Control-Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Odyssey
Marine Exploration and Subsidiaries as of December&nbsp;31, 2007 and 2006, and the related consolidated statements of income, changes in stockholders&#146; equity and comprehensive income, and cash flows for the years ended December&nbsp;31, 2007,
2006 and 2005, and our report dated February&nbsp;11, 2008 expressed an unqualified opinion. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"><I>/s/&nbsp;Ferlita, Walsh&nbsp;&amp; Gonzalez, P.A.</I></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Ferlita, Walsh&nbsp;&amp; Gonzalez, P.A.</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certified Public Accountants</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Tampa, Florida</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">February&nbsp;11, 2008 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">28 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx72284_4"></A>ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CONSOLIDATED BALANCE SHEETS </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,<BR>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,<BR>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">ASSETS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CURRENT ASSETS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18,321,349</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,415,842</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts receivable, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">585,051</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">443,523</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventory</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,024,676</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,263,078</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other current assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">401,329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">359,665</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total current assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21,332,405</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,482,108</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">PROPERTY AND EQUIPMENT</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equipment and office fixtures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13,495,418</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12,764,389</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Building and land</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,709,873</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,709,873</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accumulated depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(6,875,121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4,539,855</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total property and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,330,170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,934,407</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">OTHER ASSETS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventory (non-current)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,746,970</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,353,159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Attraction development</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,261,573</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other long term assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,148,155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,176,606</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,895,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,791,338</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38,557,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27,207,853</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CURRENT LIABILITIES</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">776,378</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">498,482</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accrued expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,562,260</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,947,082</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Mortgage and loans payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">449,024</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,443,605</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">82,090</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,979</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total current liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,869,752</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,901,148</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">LONG TERM LIABILITIES</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Mortgage and loans payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,601,286</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,053,485</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred income from Revenue Participation Certificates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">887,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">887,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total long term liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,488,786</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,940,985</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,358,538</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,842,133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">STOCKHOLDERS&#146; EQUITY</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred stock&#151;$.0001 par value; 2,469,980 shares authorized; none outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred stock series D convertible&#151;$.0001 par value; 7,340,000 shares authorized; 6,900,000 and 2,500,000 issued and outstanding,
respectively</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">690</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred stock series E convertible&#151;$.0001 par value; 20 shares authorized; 13 issued and outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred stock series F convertible&#151;$.0001 par value; 30 shares authorized; 22 issued and outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common stock &#150; $.0001 par value; 100,000,000 shares authorized; 47,766,848 and 46,785,254 issued and outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,777</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,678</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Additional paid-in capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">92,441,209</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55,437,954</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accumulated deficit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(62,247,514</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(38,077,162</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total stockholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30,199,162</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,365,720</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total liabilities and stockholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38,557,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27,207,853</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">The accompanying notes are an integral part of these financial statements. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">29 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx72284_5"></A>ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CONSOLIDATED STATEMENTS OF INCOME </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">REVENUE</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,146,889</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,063,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,036,575</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">OPERATING EXPENSES</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,291,540</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,087,830</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,098,014</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Operations and research</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,282,070</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15,025,525</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,294,015</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Marketing, general&nbsp;and administrative</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13,333,177</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,695,309</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,294,056</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total operating expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29,906,787</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24,808,664</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21,686,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">LOSS FROM OPERATIONS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23,759,898</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,744,744</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(11,649,510</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">OTHER INCOME OR (EXPENSE)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">335,066</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">103,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">57,882</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(475,368</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(305,644</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(121,439</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">67,346</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">858,723</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">74,692</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total other income or (expense)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(72,956</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">656,659</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">LOSS BEFORE INCOME TAXES</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23,832,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,088,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(11,638,375</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax (provision) benefit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3,281,510</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">NET LOSS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23,832,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,088,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14,919,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">LOSS PER SHARE</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Basic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Weighted average number of common shares outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Basic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">47,139,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">46,150,593</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42,373,217</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">47,139,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">46,150,593</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42,373,217</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">The accompanying notes are an integral part of these financial statements. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">30 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx72284_6"></A>ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS&#146;
EQUITY AND </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>COMPREHENSIVE INCOME </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Preferred Stock, Series D &#150; Shares</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,900,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Preferred Stock, Series E &#150; Shares</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Preferred Stock, Series F &#150; Shares</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Common Stock &#150; Shares</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">46,785,254</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">45,823,224</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38,530,599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">887,547</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">830,954</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,252,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common stock issued for services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">94,047</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">131,076</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">47,766,848</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">46,785,254</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">45,823,224</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Preferred Stock , Series D</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">440</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">690</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Preferred Stock , Series E</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Preferred Stock , Series F</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Common Stock</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,678</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,582</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,853</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">729</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common stock issued for services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,777</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,678</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,582</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Paid-in Capital</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55,437,954</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43,870,228</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26,430,934</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Series D Preferred stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,255,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,749,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Series E Preferred stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,955,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Series F Preferred stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,880,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common stock issued for cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,048,721</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,889,109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16,848,083</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common stock issued for services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">349,386</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">391,275</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stock options issued for services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,177,650</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">537,592</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38,101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Beneficial conversion option on preferred stock issuance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">337,498</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax benefit on exercised employee stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">453,110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">92,441,209</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55,437,954</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43,870,228</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Accumulated Unrealized Loss in Investment</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">554</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net change in unrealized gain on investments, net of tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(554</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Accumulated Deficit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(38,077,162</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(18,989,077</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4,069,192</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23,832,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,088,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14,919,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Beneficial conversion option on preferred stock issuance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(337,498</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(62,247,514</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(38,077,162</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(18,989,077</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total stockholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30,199,162</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,365,720</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24,885,733</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Comprehensive Loss</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23,832,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,088,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14,919,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net change in unrealized gain on investments, net of tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(554</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">At end year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23,832,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,088,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14,920,439</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">The accompanying notes are an integral part of these financial statements. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">31 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx72284_7"></A>ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CASH FLOWS FROM OPERATING ACTIVITIES:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net Loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23,832,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,088,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14,919,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Adjustments to reconcile net loss to net cash used by operating activity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax benefit related to exercise of employee stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">453,110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Share based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,337,650</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">928,880</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38,101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,535,852</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,139,589</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,445,551</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">(Gain) Loss on disposal of equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18,576</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(139,659</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43,528</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">(Increase) decrease in:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts receivable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(141,528</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,047,642</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">210,004</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventory</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,844,591</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">952,071</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(717,110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(21,956</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">90,285</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(687,797</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred tax asset</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,828,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Increase (decrease) in:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">277,896</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(102,644</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,988</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accrued expenses and other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,874,681</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">66,266</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">319,041</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">NET CASH (USED) IN OPERATING ACTIVITIES</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(15,107,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(13,105,655</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(10,977,069</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CASH FLOWS FROM INVESTING ACTIVITIES:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Purchase of property, equipment and improvements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(679,874</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,310,954</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,869,532</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Attractions development</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(150,667</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3,656,982</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Proceeds from sale of equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">553,240</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">49,647</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">NET CASH (USED) IN INVESTING ACTIVITIES</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(679,874</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,908,381</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(5,476,867</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CASH FLOWS FROM FINANCING ACTIVITIES:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Proceeds from issuance of common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,049,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,946,193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16,848,813</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Proceeds from issuance of loan payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,185,485</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,433</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Proceeds from issuance of preferred stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33,135,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,750,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Broker commissions and fees on private offering</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(45,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(57,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Repayment of mortgage and loans payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3,446,777</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,678,161</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(173,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">NET CASH PROVIDED BY FINANCING ACTIVITIES</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31,692,473</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,146,517</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16,686,546</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15,905,507</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(867,489</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">232,610</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,415,842</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,283,331</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,050,721</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CASH AND CASH EQUIVALENTS AT END OF YEAR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18,321,349</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,415,842</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,283,331</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">SUPPLEMENTARY INFORMATION:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest paid</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">471,943</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">303,388</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">119,174</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income taxes paid</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">NON CASH TRANSACTIONS:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Depreciation reclassified as inventory</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">72,912</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Compensation paid by common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">349,395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Settlement of accounts receivable with accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53,539</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">317,350</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Building and equipment purchased with financing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,120,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">32 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Summary of Significant Non-Cash Transactions </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the quarter ended March&nbsp;31, 2005, warrants to purchase a total of 470,000 shares were issued to two persons associated with the placement
agent as part of the commission paid in connection with a private placement of securities during the period. These warrants are exercisable at a price of $3.50 per share for a period of two years. The fair value of these warrants as computed by the
Black-Scholes option pricing model was $.72 per warrant, or $336,504. Due to the high volatility of our stock, we do not believe that the Black-Scholes model provides a realistic fair value for the warrants. These warrants do not have the
characteristics of traded warrants, therefore, the warrant valuation models do not necessarily provide a reliable measure of the fair value. By agreement between the parties at the time of the offering, the Company used a fair value of $.50 per
warrant, or $235,000. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The ending balance in Attraction development on December&nbsp;31, 2004 for our New Orleans Attraction development in
the amount of $196,054 was transferred to Property and equipment for the period ended December&nbsp;31, 2005. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We previously reported
$1,888,742 in Attraction development purchases for the six month period ended June&nbsp;30, 2005. This amount was moved to Purchase of property and equipment for the fiscal year ended December&nbsp;31, 2005. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During June 2006, we entered into a mortgage loan for $2.5 million with Carolina First Bank for the refinancing of our corporate office building. At the
closing of this loan, the outstanding amount of approximately $1.8 million due on the original mortgage with Bank of Tampa was paid in full. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">During the period ended December&nbsp;31, 2007, $327,341 of Attraction development assets were activated and transferred into Property and Equipment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">The accompanying notes are an integral part of these financial statements. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">33 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx72284_8"></A>ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE A &#150; ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Organization </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Odyssey Marine Exploration, Inc. and subsidiaries (the &#147;Company,&#148;
&#147;Odyssey,&#148; &#147;us,&#148; &#147;we&#148; or &#147;our&#148;) is engaged in the archaeologically sensitive exploration and recovery of deep-ocean shipwrecks throughout the world. The corporate headquarters are located in Tampa, Florida.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Summary of Significant Accounting Policies </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">This summary of significant accounting policies of the Company is presented to assist in understanding our financial statements. The financial statements and notes are representations of the Company&#146;s management who are responsible for
their integrity and objectivity and have prepared them in accordance with our customary accounting practices. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Principles of Consolidation
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Odyssey Marine, Inc.,
Odyssey Marine Services, Inc., OVH, Inc., Odyssey Retriever, Inc. and Odyssey Marine Entertainment, Inc. All significant inter-company transactions and balances have been eliminated. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Shipwreck Heritage Press, LLC was created during 2005 to publish and distribute print media. The entity does not have activity and has not been
capitalized, and therefore, it is not consolidated. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Use of Estimates </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were used. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Advertising Costs </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Advertising costs are expensed as incurred. Advertising expense for the fiscal
years 2007, 2006, and 2005 was $1,321,000, $881,000, and $996,000, respectively. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Revenue Recognition and Accounts Receivable </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Revenue from sales is recognized at the point of sale when legal title transfers. Legal title transfers when product is shipped or is available for
shipment to customers. Bad debts are recorded as identified and no allowance for bad debts has been recorded. A return allowance is established for sales which have a right of return. Accounts receivable is stated net of any recorded allowance for
returns. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Cash and Cash Equivalents </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Cash and cash equivalents include cash on hand and cash in banks. We also consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Fair Value of Financial Instruments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The carrying
value of cash and cash equivalents, accounts receivable, prepaid expense, investments, accounts payable, accrued expense, loan payable and mortgage payable approximate fair value. Considerable judgment is necessarily required in interpreting market
data to develop the estimates of fair value, and, accordingly, the estimates are not necessarily indicative of the amounts that we could realize in a current market exchange. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Inventory </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our inventory consists of artifacts recovered from the SS <I>Republic</I> shipwreck,
general branded merchandise and related packaging material. The value of recovered artifacts in inventory includes the costs of recovery and conservation. The recovery costs also include the fee paid to an insurer to relinquish the insurer&#146;s
claim to the artifacts recovered from the shipwreck. The capitalized costs include direct costs of recovery such as vessel and related equipment operations and maintenance, crew and </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">34 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">technical labor, fuel, provisions and supplies, port fees and depreciation. Conservation costs include fees paid to conservators for cleaning and preparing
the artifacts for sale. We continually monitor the recorded aggregate costs of the artifacts in inventory to ensure these costs do not exceed the net realizable value. We use historical sales, publications or available public market data to assess
market value. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The packaging materials and merchandise are recorded at average cost. We record our inventory at the lower of cost or
market. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Long-Lived Assets </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our policy
is to recognize impairment losses relating to long-lived assets in accordance with Financial Accounting Standards Board No.&nbsp;144, &#147;Accounting for the Impairment or Disposal of Long-Lived Assets&#148; based on several factors, including, but
not limited to, management&#146;s plans for future operations, recent operating results and projected cash flows. Due to reorganization of our themed attraction segment and the closing of our attraction in the New Orleans, we accelerated the
estimated useful lives of certain fixed assets and leasehold improvements resulting in additional depreciation and amortization for the periods ended December&nbsp;31, 2007 and 2006 of $928,427 and $874,434, respectively. Our focus in themed
attractions will no longer be to operate and manage themed attractions, but to partner with other attraction experts in order to build the Odyssey brand and promote and grow the themed attraction concept that has already been developed. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Comprehensive Income </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">United States Treasury bills
with a maturity greater than three months from purchase date are deemed available-for-sale and carried at fair value. Unrealized gains and losses on these securities are excluded from earnings and reported as a separate component of
stockholders&#146; equity. At December&nbsp;31, 2007, we did not own United States Treasury Bills with a maturity greater than three months. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Property
and Equipment and Depreciation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Property and equipment is stated at historical cost. Depreciation is provided using the straight-line
method at rates based on the assets&#146; estimated useful lives which are normally between five and ten years. Leasehold improvements are amortized over their estimated useful lives or lease term, if shorter. Depreciation expense capitalized was
directly related to our vessel <I>Odyssey Explorer</I> and supporting equipment during the SS <I>Republic</I> recovery. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period&nbsp;Ended<BR>December&nbsp;31,<BR>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period&nbsp;Ended<BR>December&nbsp;31,<BR>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period&nbsp;Ended<BR>December&nbsp;31,<BR>2005</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,535,852</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,139,589</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,518,463</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Less depreciation capitalized to inventory</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">72,912</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net depreciation expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,535,852</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,139,589</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,445,551</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Earnings Per Share </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution
that would occur if dilutive securities and other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in our earnings. We use the treasury stock method to compute
potential common shares from stock options and warrants and the as-if-converted method to compute potential common shares from Preferred Stock or other convertible securities. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the Diluted EPS
calculation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">At December&nbsp;31, 2007 and 2006 weighted average common shares outstanding were 47,139,088 and 46,150,593 respectively.
For the periods ending December&nbsp;31, 2007 and 2006 in which net losses occurred, all potential common shares were excluded from Diluted EPS because the effect of including such shares would be anti-dilutive. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">35 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The potential common shares, in the table following, represent potential common shares calculated using
the treasury stock method from outstanding options and warrants that were excluded from the calculation of Diluted EPS:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Average market price during the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.09</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.99</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">In the money potential common shares excluded</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">723,091</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">343,503</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Potential common shares from out of the money options and warrants were also excluded from the
computation of diluted earnings per share because calculation of the associated potential common shares has an anti-dilutive effect. The following table lists options and warrants that were excluded from diluted EPS. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Out of the money options and warrants excluded:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stock Options with an exercise price of $3.50 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">729,166</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stock Options with an exercise price of $4.00 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">361,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stock Options with an exercise price of $5.00 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">495,000</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stock Options with an exercise price of $7.00 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Warrants with an exercise price of $3.50 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,170,000</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Warrants with an exercise price of $4.00 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Warrants with an exercise price of $5.25 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total anti dilutive warrants and options excluded from EPS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">200,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,955,166</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Weighted average potential common shares from outstanding Convertible Preferred Stock calculated
on as as-if converted basis having an anti-dilutive effect on diluted earnings per share were excluded from potential common shares as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Weighted average potential common shares from Preferred Stock excluded from computation of diluted earnings per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,410,209</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,000,000</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">36 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following is a reconciliation of the numerators and denominators used in computing basic and diluted
net income per share: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23,832,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,088,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14,919,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Beneficial conversion option on preferred stock issuance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(337,498</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Numerator, basic and diluted net loss available to stockholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(24,170,352</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,088,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14,919,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Denominator:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Shares used in computation &#150; basic:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Weighted average common shares outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">47,139,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">46,150,593</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42,373,217</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Shares used in computation &#150; diluted:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Weighted average common shares outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">47,139,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">46,150,593</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42,373,217</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Dilutive effect of options and warrants outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Shares used in computing diluted net loss per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">47,139,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">46,150,593</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42,373,217</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net loss per share &#150; basic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net loss per share &#150; diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Stock-Based Compensation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">On January&nbsp;1, 2006, we adopted Financial Accounting Standards No.&nbsp;123 (revised 2004), &#147;Share-Based Payment&#148; (FAS&nbsp;123(R)), that addresses the accounting for share-based payment transactions in
which an enterprise receives employee services in exchange for either equity instruments of the enterprise or liabilities that are based on the fair value of the enterprise&#146;s equity instruments or that may be settled by the issuance of such
equity instruments. The statement eliminates the ability to account for share-based compensation transactions, as we formerly did, using the intrinsic value method as prescribed by Accounting Principles Board, or APB, Opinion No.&nbsp;25,
&#147;Accounting for Stock Issued to Employees,&#148; and generally requires that such transactions be accounted for using a fair-value-based method and recognized as expenses in our consolidated statement of operations. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We adopted FAS&nbsp;123(R) using the modified prospective method which requires the application of the accounting standard as of January&nbsp;1, 2006.
Our consolidated financial statements for periods beginning on or after January&nbsp;1, 2006 reflect the impact of adopting FAS&nbsp;123(R). In accordance with the modified prospective method, the consolidated financial statements for prior periods
have not been restated to reflect, and do not include, the impact of FAS&nbsp;123(R). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Share-based compensation expense recognized during
the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest. As share-based compensation expense recognized in the statement of operations is based on awards ultimately expected to vest, it can
be reduced for estimated forfeitures. FAS&nbsp;123(R) requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The share based compensation charged against income for the periods ended December&nbsp;31, 2007 and 2006 was $1,177,650 and $537,593, respectively. For
the period ended December&nbsp;31, 2005, the following table illustrates the effect on net income and earnings per share had we applied the fair value recognition provisions of Statement of Financial Accounting Standards No.&nbsp;123,
&#147;Accounting for Share-Based Compensation,&#148; to share-based employee compensation. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">37 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period Ended<BR>December&nbsp;31,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net loss:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">As reported</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14,919,885&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Pro forma adjustment for compensation, net of tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,312,896</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Pro forma</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(16,232,781</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Basic loss per share:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">As reported</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Pro forma</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Diluted loss per share:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">As reported</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Pro forma</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The weighted average estimated fair value of stock options granted during the fiscal years ended
December&nbsp;31, 2007, 2006 and 2005 were $1.80, $1.49 and $2.10, respectively. These amounts were determined using the Black-Scholes option-pricing model, which values options based on the stock price at the grant date, the expected life of the
option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. The assumptions used in the Black-Scholes model were as follows for stock options granted in the years ended
December&nbsp;31, 2007, 2006 and 2005: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Risk-free interest rate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3.7-5.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4.8-5.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Expected volatility of common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">60.1-65.7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">60.4-62.6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">62.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Dividend yield</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Expected life of options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5-7&nbsp;years</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4-5&nbsp;years</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5&nbsp;years</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Black-Scholes option valuation model was developed for estimating the fair value of traded
options that have no vesting restrictions and are fully transferable. Because option valuation models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. Our options do not
have the characteristics of traded options, therefore, the option valuation models do not necessarily provide a reliable measure of the fair value of our options. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Income Taxes </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred
tax assets and liabilities for the expected future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is provided when it
is more likely than not that some portion or all of the deferred tax asset will not be realized. We adopted Financial Standards Board Interpretation No.&nbsp;48, Accounting for Income Taxes (&#147;FIN 48&#148;), an interpretation of SFAS 109, on
January&nbsp;1, 2007. (See NOTE Q) </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE B &#150; CONCENTRATION OF CREDIT RISK </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We maintain our cash in three financial institutions. The Federal Deposit Insurance Corporation insures up to $100,000 per legal entity per financial
institution. At December&nbsp;31, 2007 our uninsured cash balance was approximately $11,000,000. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE C &#150; CASH AND CASH EQUIVALENTS
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Cash and cash equivalents include cash on hand and United States Treasury Bills maturing in less than ninety days from the date of
purchase. At December&nbsp;31, 2007, we did not own any United States Treasury Bills with a maturity of ninety days or longer. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE D &#150; ACCOUNTS
RECEIVABLE </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Accounts receivable consists of trade accounts receivable resulting from customer sales of artifacts and merchandise. The
balances at December&nbsp;31, 2007 and 2006 are $585,051 and $443,523, respectively. The balances at December&nbsp;31, 2007 and 2006 are net of return reserves in the amounts of $33,020 and $8,445, respectively. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">38 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE E &#150; INVENTORY </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Our inventory consists of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Artifacts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,279,464</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,488,258</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Merchandise</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">661,899</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">583,318</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Packaging</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">389,381</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">544,661</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventory reserve</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(559,098</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total Inventory</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,771,646</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,616,237</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Based on our estimates of the timing of future sales, $5,746,970 and $7,353,159 of artifact
inventory for the fiscal years ended 2007 and 2006 were classified as non-current. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In the event we secure ownership rights to the
recovered artifacts of the &#147;<I>Black Swan</I>&#148; project, we will capitalize into inventory all related costs to recover and conserve these artifacts. Recovery costs include operating costs to recover, legal fees to defend and secure
ownership rights and other costs associated with bringing the artifacts into an appropriate archeological state. We have capitalized deferred costs of approximately $2.0 million related to recovery and conservation that have been reserved for at 100
%. When and if ownership rights are secured, these deferred costs will be allocated to inventory and the reserve eliminated. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE F &#150; OTHER
CURRENT ASSETS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our other current assets consist of the following: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Advances</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,409</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Prepaid expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">354,090</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">329,204</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">47,239</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27,052</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total Other current assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">401,329</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">359,665</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">For the period ended December&nbsp;31, 2007, prepaid expenses consist of $234,682 of prepaid
insurance premiums and $119,408 of other operating prepaid costs. For the period ended December&nbsp;31, 2006, prepaid expenses consist of $162,514 of prepaid insurance premiums and $166,689 of other operating prepaid costs. All prepaid expenses are
amortized on a straight-line basis over the term of the underlying agreements. Deposits are held by various entities for equipment, services, and in accordance with agreements in the normal course of business. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE G &#150; PROPERTY AND EQUIPMENT </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Property and
equipment consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:18pt"><FONT FACE="Times New Roman" SIZE="1"><B>Class</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Building, improvements and land</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,709,873</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,709,873</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Computers and peripherals</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">689,073</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">676,777</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Furniture and office equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">942,966</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">922,193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Vessels and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,817,111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,276,772</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Exhibits and related</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,046,268</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,888,647</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,205,291</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16,474,262</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Less: Accumulated depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(6,875,121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4,539,855</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Property and equipment, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,330,170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,934,407</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE H &#150; ATTRACTION DEVELOPMENT </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Attraction development balances at December&nbsp;31, 2007 and 2006 were $0 and $1,261,573, respectively. These amounts represented direct costs for
project engineering and design costs and fabrication/construction costs for attraction exhibits in process of completion. During 2005, we transferred $2,556,827 to property and equipment upon the opening of our New Orleans exhibit. Due to
reorganization of our themed attraction segment in the fourth quarter 2007, we wrote-off the </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">39 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">remaining balance of the attraction development costs in the amount of $928,427. Our focus in themed attractions will no longer be to operate and manage
themed attractions, but to partner with other attraction experts in order to build the Odyssey brand and promote and grow the themed attraction concept that has already been developed. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>NOTE I &#150; BUILDING AND LAND </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On July&nbsp;23, 2004, we purchased a 23,500 square foot two story
office building for $3,058,770 to serve as our corporate and operations headquarters. With tenant improvements the facility is recorded on the books at a cost of $3,470,523. We currently lease approximately 38% of the space to two tenants.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE J &#150; OTHER LONG TERM ASSETS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Other long term assets consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Artifacts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">573,112</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">572,670</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">548,813</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">568,962</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Image use rights, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26,230</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34,974</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total other long term assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,148,155</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,176,606</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The artifact balances for both reportable years consist of artifacts conserved specifically for
the Company and are not for resale. Deposits include $432,500 on account with the United Kingdom&#146;s Ministry of Defense relating to the expense deposits for HMS <I>Sussex</I> as well as a $100,000 deposit to fund conservation and documentation
of any artifacts recovered. These deposits are refundable from proceeds the United Kingdom would receive if HMS <I>Sussex</I> is discovered and its artifacts monetized. If HMS <I>Sussex</I> is not discovered, the Company is at risk for the entire
amounts. Other deposits are held by various vendors for equipment, services, and in accordance with agreements in the normal course of business. Image use rights are amounts paid to utilize, for a period up to five years, copyrighted images in our
themed attractions segment. The amount is net of $23,968 of amortization. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE K &#150; MORTGAGE AND LOANS PAYABLE </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s consolidated mortgages and notes payable consisted of the following at December&nbsp;31, 2007 and 2006: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Revolving credit facility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,000,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Mortgage payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,410,310</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,473,090</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Loan payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">640,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,024,000</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,050,310</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,497,090</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Revolving Credit Facility </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">On March&nbsp;29, 2006, we entered into an Amended and Restated Revolving Credit Agreement with Mercantile Bank. The Amended and Restated Credit Agreement replaced the Company&#146;s prior agreement with the Bank. The
Amended and Restated Agreement reduced the amount of the commitment from the Bank from a $6 million revolving credit facility to a $3 million revolving credit facility. The $4 million of gold coins previously collateralized were removed from the
amended agreement and silver coins collateralized and held by the custodian increased from 10,000 to 15,000 coins with a carrying value of $3,425,100. The credit facility had a floating interest rate equal to the &#147;LIBOR 30-Day Index Rate&#148;
plus two hundred sixty five basis points (2.65%), required monthly payments of interest only and was due in full on April&nbsp;21, 2008. The outstanding balance on this credit facility was repaid during December 2007. The Company was also required
to pay the Bank an unused line fee equal to 0.25%&nbsp;per annum of the unused portion of the credit line, payable quarterly. Additionally, the Company granted a first lien position on all corporate assets, including a provision not to pledge as
collateral our Company-owned vessels. The Company was required to comply with a number of covenants as stated in the Amended and Restated Agreement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Mortgage Payable </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During June 2006, we entered into a mortgage loan for $2.5 million with Carolina First Bank for the
refinancing of our corporate office building. This mortgage replaced the original mortgage held by the Bank of Tampa. The mortgage loan is due on June&nbsp;1, 2009 with monthly payments based on a 20-year amortization schedule. Interest is at a
fixed annual rate of </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">40 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">7.5%. Of the principal amount due on the mortgage, $65,024 is classified as a current liability. This debt is secured by the related mortgaged real property
with a carrying value of $3,028,269 as well as being cross-collateralized with the coins used to secure the Amended and Restated Revolving Credit Agreement with Mercantile Bank. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Maturities of long-term debt associated with the mortgage payable are as follows: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="4" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:92pt"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ending December&nbsp;31,</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65,024</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,345,286</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total mortgage payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,410,310</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Less current portion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65,024</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Long term portion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,345,286</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Loan Payable </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">During June 2006, we entered into a loan agreement for $1.12 million with Mercantile Bank for the purchase of a remotely operated vehicle (ROV) of which the purchase price was $1.4 million. This loan has a maturity
date of September&nbsp;1, 2009 and bears a variable LIBOR interest rate that is adjusted monthly. The variable rate is calculated by dividing LIBOR by an amount equal to 1.00 minus the Libor Reserve Percentage, plus 3.0%. The interest rate in effect
at the end of the period was 8.22%. The first three months of the agreement required interest only payments followed by principle payments of $32,000 plus interest over the remaining life of the loan. Of the principal amount due on the loan,
$384,000 is classified as a current liability. The ROV, with a carrying value of $933,333, is pledged as collateral for this loan.</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Maturities of long-term debt associated with the loan payable are as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="90%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:92pt"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ending December&nbsp;31,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">384,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">256,000</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total loan payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">640,000</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Less current portion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">384,000</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Long term portion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">256,000</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">See &#147;Note T &#150; Commitments and Contingencies&#148; and &#147;Note W &#150; Subsequent
Events&#148; for information pertaining to consolidated commitments. <B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE L &#150; ACCRUED EXPENSES </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Accrued expenses consist of following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Wages and bonuses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,828,489</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">400,418</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Vessel operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">766,657</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,093,276</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Professional services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">458,080</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other operating expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">509,035</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">366,419</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Themed attractions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">86,969</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total accrued expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,562,260</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,947,082</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Vessel operations relates to expenditures required to operate our ships such as fuel, repair and
maintenance and port fees. Professional fees is mainly attributable to <I>&#147;Black Swan&#148;</I> legal fees. Other operating expenses contain general costs related to, but not limited to marketing, book distribution fees and the attraction and
exhibits. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE M &#150; RELATED PARTY TRANSACTIONS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">On December&nbsp;9, 2002, a Georgia limited liability company acquired rights from an unrelated third party through a foreclosure sale to receive 5% of post-finance cost proceeds, if any, from shipwrecks that we may
recover within a predefined search area of the Mediterranean Sea. The shipwreck we believe to be HMS <I>Sussex</I> is located within this search area. Two of </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">41 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">our officers and directors at the time owned a 58% interest in the limited liability company until they sold their interests to an unrelated third party in
2005. If, at any time, Odyssey is forced to cancel or abandon the project due to political interference, the officers may be required to buy back their interests. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>NOTE N &#150; REVENUE PARTICIPATION CERTIFICATES </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have sold through private placements of Revenue Participation
Certificates (&#147;RPCs&#148;) the right to share in our future revenues derived from the &#147;<I>Cambridge</I>&#148; project, which is now referred to as the HMS <I>Sussex</I> shipwreck project. We also sold RPCs related to a project formerly
called the Republic project which we now call the Seattle project. The Seattle project refers to a shipwreck which we have not yet located. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Each $50,000 convertible <I>Cambridge</I> RPC entitles the holder to receive a percentage of the gross revenue received by us from the &#147;<I>Cambridge</I>&#148; project, which is defined as all cash proceeds payable to us as a result of
the &#147;<I>Cambridge</I>&#148; project, less any amounts paid to the British Government or their designee(s); provided, however, that all funds received by us to finance the project are excluded from gross revenue. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of April&nbsp;30, 1999, when the offering was closed, we had sold $825,000 of a maximum of $900,000 of the <I>Cambridge</I> RPCs. As a group, the
holders are entitled to 100% of the first $825,000 of gross revenue, 24.75% of gross revenue from $4&#151;35 million, and 12.375% of gross revenue above $35 million generated by the &#147;<I>Cambridge</I>&#148; project. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Distributions are to be made to each certificate holder within 15 days from the end of each quarterly reporting period in which we receive any cash
proceeds from, or as a result of, the &#147;<I>Cambridge</I>&#148; project. The <I>Cambridge</I> RPC units constitute restricted securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">In a private placement, which closed in September 2000, we sold &#147;units&#148; consisting of <I>Republic</I> Revenue Participation Certificates and Common Stock. Each $50,000 &#147;unit&#148; entitled the holder to 1% of the gross
revenue generated by the &#147;<I>Seattle</I>&#148; project (formerly referred to as the &#147;<I>Republic</I>&#148; project), and 100,000 shares of Common Stock. Gross revenue is defined as all cash proceeds payable to us as a result of the
&#147;<I>Seattle</I>&#148; project, excluding funds received by us to finance the project. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">When the offering was closed, in September
2000, a total of five $50,000 units consisting of one <I>Republic</I> RPC and 100,000 shares of Common Stock had been sold, and the cost of each unit was allocated as $37,500 for the stock and $12,500 for the RPC. Therefore, a total of $62,500 was
reflected on the books as deferred income from the sale of <I>Republic</I> Revenue Participation Certificates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of December&nbsp;31,
2005 we had sold, in total, $887,500 of RPCs, which are reflected on the books as Deferred RPC Income to be amortized under the units of revenue method once management can reasonably estimate potential revenue for these projects. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">These RPC issues do not have a termination date, therefore these liabilities will be carried on the books until revenue is recognized from these projects
or we permanently abandon either project. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE O &#150; PREFERRED STOCK </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Series D Preferred Stock </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On May&nbsp;2, 2007, we issued and sold an aggregate of 2.2&nbsp;million
shares of Series&nbsp;D Convertible Preferred Stock at a price of $3.50 per share, for an aggregate purchase price of $7.7 million in cash. The shares of Series D Preferred Stock were issued and sold upon the exercise of outstanding warrants, which
were set to expire on May&nbsp;15, 2007, to purchase the shares. The Series&nbsp;D Preferred Stock has no voting rights, except as required by Nevada law. Each share of Series&nbsp;D Preferred Stock is convertible into one share of the
Company&#146;s Common Stock. However, no holder may convert any or all of the shares of Series&nbsp;D Preferred Stock held by such holder if and to the extent that such conversion would cause such holder to be a beneficial owner of more than nine
and nine-tenths percent (9.9%)&nbsp;of the Common Stock, as determined under Rule 16a-1(a)(1) under the Securities Exchange Act of 1934, as amended. Holders of the Series&nbsp;D Preferred Stock have the right to participate in any dividends declared
by us on our Common Stock on an as-if-converted basis. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On January&nbsp;24, 2007, we issued and sold an aggregate of 2.2&nbsp;million
shares of Series D Preferred Stock at a price of $3.00 per share, for an aggregate purchase price of $6.6 million in cash, pursuant to a Series D Convertible Preferred Stock Purchase Agreement (the &#147;Purchase Agreement&#148;). In connection with
the transaction, the Company issued the investors warrants to purchase an aggregate of 440,000 additional shares of Series D Preferred Stock with an exercise price of $4.00 per share and an expiration date of January&nbsp;24, 2009. These warrants
constituted a beneficial conversion option, which is a discount on the preferred stock offering, since they added value to the offering. The Black-Scholes valuation method was </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">42 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">utilized in valuing these warrants. Since the related Series D Convertible Preferred Stock was immediately convertible, the entire discount on the preferred
stock offering of $337,498 was amortized to retained earnings thus decreasing the income available to stockholders. We also issued to certain of the investors warrants to purchase an aggregate of 2.2&nbsp;million shares of Series D Preferred Stock
with an exercise price of $3.50 per share and an expiration date of May&nbsp;15, 2007, in exchange for the cancellation and surrender of warrants to purchase Common Stock held by such investors with an exercise price of $3.50 per share of Common
Stock and an expiration date of March&nbsp;9, 2007. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On March&nbsp;13, 2006, the Company issued and sold an aggregate of 2.5&nbsp;million
shares of non-voting Series D Convertible Preferred Stock, par value $0.0001 per share (&#147;Series D Preferred Stock&#148;), at a price of $3.50 per share to two institutional accredited investors pursuant to the terms of a purchase agreement. The
Series D Preferred Stock is convertible into Common Stock at a ratio of one share of Common Stock for every one share of Series D Preferred Stock. Gross proceeds of the private offering were approximately $8.8 million. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Series E Preferred Stock </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On
September&nbsp;13, 2007, the Company issued and sold 13 shares of its Series E Convertible Preferred Stock, par value $0.0001 per share (&#147;Series E Preferred Stock&#148;), at a price of $535,000 per share, for an aggregate purchase price of $7.0
million in cash, pursuant to a Series E Convertible Preferred Stock Purchase Agreement between the Company and one institutional accredited investor. The Company expects to use the net proceeds of the transaction for general corporate purposes. The
Series E Preferred Stock has no voting rights, except as required by Nevada law. Each share of Series E Preferred Stock is convertible into 100,000 shares of the Company&#146;s Common Stock. However, the Company shall not effect any conversion of
the Series E Preferred Stock or any other preferred stock or warrant held by a holder of Series E Preferred Stock (a &#147;Holder&#148;), and no such Holder shall have the right to convert any Series E Preferred Stock or any other preferred stock or
warrant held by such Holder, to the extent that after giving effect to such conversion, the beneficial owner of such shares (together with such beneficial owner&#146;s affiliates) would beneficially own in excess of 9.9% of the shares of the
Company&#146;s Common Stock outstanding immediately after giving effect to such conversion or exercise. Holders of the Series E Preferred Stock have the right to participate in any dividends declared by the Company on the Company&#146;s Common Stock
on an as-if-converted basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Series F Preferred Stock </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">On December&nbsp;17, 2007, the Company issued and sold 22 shares of its Series F Convertible Preferred Stock, par value $0.0001 per share (&#147;Series F Preferred Stock&#148;), at a price of $540,000 per share, for
an aggregate purchase price of $11.9 million in cash, pursuant to a Series F Convertible Preferred Stock Purchase Agreement between the Company and the investors. The Company expects to use the net proceeds of the transaction for general corporate
purposes. The Series F Preferred Stock has no voting rights, except as required by Nevada law. Each share of Series F Preferred Stock is convertible into 100,000 shares of the Company&#146;s Common Stock. However, the Company shall not effect any
conversion of the Series F Preferred Stock or any other preferred stock or warrant held by a holder of Series F Preferred Stock (a &#147;Holder&#148;), and no such Holder shall have the right to convert any Series F Preferred Stock or any other
preferred stock or exercise any warrant held by such Holder, to the extent that after giving effect to such conversion or exercise, the beneficial owner of such shares (together with such beneficial owner&#146;s affiliates) would beneficially own in
excess of 9.9% of the shares of the Company&#146;s Common Stock outstanding immediately after giving effect to such conversion or exercise. Holders of the Series F Preferred Stock have the right to participate in any dividends declared by the
Company on the Company&#146;s Common Stock on an as-if-converted basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE P &#150; COMMON STOCK OPTIONS AND WARRANTS </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have two active stock incentive plans, the 1997 Stock Incentive Plan and the 2005 Stock Incentive Plan. The 1997 Stock Incentive Plan expired on
August&nbsp;17, 2007. As of that date, options cannot be granted from that plan but any granted and unexercised options will continue to exist until exercised or they expire. The 2005 Stock Incentive Plan was adopted by our Board of Directors on
August&nbsp;3, 2005 and approved by our stockholders at the Annual Meeting of Stockholders on May&nbsp;5, 2006. The 2005 Stock Incentive Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock awards,
restricted stock units and stock appreciation rights. This plan reserved 2,500,000 of our authorized but unissued shares of common stock for issuance under the plan, and not more than 500,000 of these shares may be used for restricted stock awards
and restricted stock units. Any incentive option and any non-qualified option granted under the plan must provide for an exercise price of not less than the fair market value of the underlying shares on the date of grant, but the exercise price of
any incentive option granted to an eligible employee owning more than 10% of our outstanding common stock must not be less than 110% of fair market value on the date of the grant. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">43 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Additional information with respect to both plan&#146;s stock option activity is as follows: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Number of<BR>Shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Weighted&nbsp;Average<BR>Exercise Price</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Outstanding at December&nbsp;31, 2004</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2,416,500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.79</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">245,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.43</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Exercised</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(602,625</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.12</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cancelled</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(67,500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.27</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Outstanding at December&nbsp;31, 2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,991,375</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.83</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,360,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.63</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Exercised</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(330,954</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.35</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cancelled</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(452,834</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.83</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Outstanding at December&nbsp;31, 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2,567,587</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.26</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,560,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.35</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Exercised</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(887,547</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.31</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cancelled</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(319,874</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.61</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Outstanding at December&nbsp;31, 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2,920,166</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.10</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Options exercisable at December&nbsp;31, 2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,850,250</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.86</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Options exercisable at December&nbsp;31, 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,615,921</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.07</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Options exercisable at December&nbsp;31, 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,412,500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.97</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The aggregate intrinsic values of options exercisable for the fiscal years ended December&nbsp;31,
2007, 2006 and 2005 were $3,129,250, $949,847 and $2,229,475, respectively. The aggregate intrinsic values of options outstanding for the fiscal years ended December&nbsp;31, 2007, 2006 and 2005 were $6,194,122, $958,299 and $2,316,185,
respectively. The aggregate intrinsic values of options exercised during the fiscal years ended December&nbsp;31, 2007, 2006 and 2005 are $2,998,583, $736,275 and $1,688,415, respectively, determined as of the date of the option exercise. Aggregate
intrinsic value represents the positive difference between our closing stock price at the end of a respective period and the exercise price multiplied by the number of relative options. The total fair value of shares vested during the fiscal years
ended December&nbsp;31, 2007, 2006 and 2005 was $1,103,174, $174,993 and $2,062,663, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of December&nbsp;31, 2007, there was
$2,298,542 of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the option plans. That cost is expected to be recognized over a weighted-average period of 2.4 years. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table summarizes information about stock options outstanding at December&nbsp;31, 2007: </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Stock Options Outstanding </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="27%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:84pt"><FONT FACE="Times New Roman" SIZE="1"><B>Range of Exercise Prices</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Number of</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>Shares</B></FONT><br><FONT FACE="Times New Roman"
SIZE="1"><B>Outstanding</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Weighted&nbsp;Average</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>Remaining</B></FONT><br><FONT FACE="Times New Roman"
SIZE="1"><B>Contractual</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>Life&nbsp;in&nbsp;Years</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Weighted</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>Average</B></FONT><br><FONT FACE="Times New Roman"
SIZE="1"><B>Exercise</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>Price</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">$1.00&nbsp;-&nbsp;$2.50</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">246,421</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.69</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.14</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">$2.51&nbsp;-&nbsp;$5.00</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,574,166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.34</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.17</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">$5.01&nbsp;-&nbsp;$7.50</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.85</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.00</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,920,166</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.10</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the fiscal year ended December&nbsp;31, 2005, all warrants outstanding at December&nbsp;31,
2004 were exercised. Proceeds of $9,869,750 were realized from the exercise of these warrants. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During March 2005, we issued 3,170,000
warrants to six entities in a private placement offering. During the quarter ended September&nbsp;30, 2005 we issued 100,000 warrants to a vendor for services relating to a marketing program. During three month period ended December&nbsp;31, 2006 we
issued 100,000 warrants to three accredited investors in a private placement offering. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">44 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During January 2007, we exchanged 2,200,000 warrants for the purchase of Common Stock for 2,200,000
warrants for the purchase of Series D Convertible Preferred stock held by two institutional investors taking part in a private placement of Series D Preferred stock. The 2,200,000 warrants for Series D Preferred Stock were exercised during May of
2007 and proceeds of $7,700,000 were realized. During the period ended March&nbsp;31, 2007, we cancelled 970,000 Common Stock warrants that were not exercised by the termination date. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In conjunction with the private placement offering in January 2007, we also issued 440,000 additional warrants for the purchase of Series D Preferred
Stock to the private placement participants. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Warrants outstanding at December&nbsp;31, 2007 are as follows: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Warrants</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Price</B></FONT><br><FONT FACE="Times New Roman"
SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per&nbsp;Share&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Expiration</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Date</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Common Stock:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.25</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(A)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.00</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11/22/08</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="border-bottom:3px double #000000"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">200,000</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Preferred Stock (B)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">440,000</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.00</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1/24/09</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(A):</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">During the quarter ended September&nbsp;30, 2005 we issued 100,000 warrants having an exercise price of $5.25 per share to a vendor for services relating to a marketing program.
These warrants become vested and earned based upon future performance of the program, and may not be exercised until vested and earned, therefore expense will not be recorded until the warrants are vested and earned. The warrants have a two-year
exercise period commencing on the date when the warrants would be vested and earned. At December&nbsp;31, 2007 these warrants have not been earned nor have they commenced with vesting. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(B):</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Preferred Stock warrants are for the purchase of Series D Convertible Preferred Stock as described in Note O. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE Q &#150; INCOME TAXES </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of December&nbsp;31,
2007, we had consolidated income tax net operating loss (&#147;NOL&#148;) carryforwards for federal income tax purposes of approximately $68,000,000. The federal NOL carryforward will expire in various years ending through the year 2027. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The components of the provision for income taxes (benefits) are attributable to continuing operations as follows: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period&nbsp;Ended<BR>December&nbsp;31,<BR>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period&nbsp;Ended<BR>December&nbsp;31,<BR>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period&nbsp;Ended<BR>December&nbsp;31,<BR>2005</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Current</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Federal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">State</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Federal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,180,768</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">State</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,742</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,281,510</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">45 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Deferred income taxes reflect the net tax effects of the temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company&#146;s deferred tax assets and liabilities are as follows: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred tax assets:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net operating loss carryforwards</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24,800,274</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accrued expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">349,754</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reserve for accounts receivable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,646</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reserve for inventory return</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">197,197</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stock option expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">558,583</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Start-up costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">107,944</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Excess of book over tax depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">44,413</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Less: valuation allowance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(24,265,356</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,804,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred tax liability:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Prepaid expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">90,966</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventory capitalization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,643,666</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Property and equipment basis</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">69,823</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,804,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net deferred tax asset</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As reflected above, we have recorded a net deferred tax asset of $0 at December&nbsp;31, 2007. In
accordance with SFAS No.&nbsp;109, <I>&#147;Accounting for Income Taxes,&#148; </I>we have evaluated whether it is more likely than not that the deferred tax assets will be realized. Based on the available evidence, we have concluded that it is more
likely than not that those assets would not be realizable without the recovery and rights of ownership or salvage rights of high value shipwrecks and thus a valuation allowance has been recorded as of December&nbsp;31, 2007. While we have recovered
more than 17 tons of silver and hundreds of gold coins and other artifacts from the &#147;<I>Black Swan&#148;</I> project, we do not have the ability to immediately monetize the recovered cargo until we are awarded title or a salvage award by the
U.S. District Court. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The change in the valuation allowance is as follow: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">December&nbsp;31, 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24,265,356</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">December&nbsp;31,&nbsp;2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,857,487</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">December&nbsp;31, 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,857,487</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">December&nbsp;31, 2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,791,859</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Change in valuation allowance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,407,869</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Change&nbsp;in&nbsp;valuation&nbsp;allowance</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,065,628</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Income taxes for the twelve month periods ended December&nbsp;31, 2007, 2006 and 2005 differ from
the amounts computed by applying the effective income tax rate of 34.0% to income taxes as a result of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period&nbsp;Ended<BR>December&nbsp;31,<BR>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period&nbsp;Ended<BR>December&nbsp;31,<BR>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>12 Month<BR>Period&nbsp;Ended<BR>December&nbsp;31,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Expected benefit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(8,103,170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(6,489,949</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3,956,231</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Effects of:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">State income taxes net of federal benefits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(337,621</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(243,360</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(258,626</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Nondeductible expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,278</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12,486</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23,205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stock options exercised</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(941,846</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(232,127</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Change in valuation allowance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,407,869</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,065,628</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,780,866</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Change in net operating loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">560,545</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventory capitalization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(559,648</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Change in rate estimate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(39,270</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(118,363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(321,937</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,137</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,685</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,233</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax provision (benefit)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,281,510</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the twelve-month periods ended December&nbsp;31, 2007 and 2006, we recognized certain tax
benefits, prior to any valuation allowances, related to stock option plans in the amount of $561,685 and $51,136, respectively. If we did not have a full valuation allowance, such benefits would be recorded as an increase in the deferred tax asset
and an increase in additional paid-in capital. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">46 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Effective January&nbsp;1, 2006, we are required to capitalize inventory costs under Internal Revenue Code
Section&nbsp;263A. This adjustment created a deferred tax liability in the amount of $3,314,407 on January&nbsp;1, 2006 and will be recognized over the four year period beginning January&nbsp;1, 2006. The remaining deferred tax liability as of
December&nbsp;31, 2007 is $1,643,666. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We adopted Financial Standards Board Interpretation No.&nbsp;48, Accounting for Income Taxes
(&#147;FIN 48&#148;), an interpretation of SFAS 109, on January&nbsp;1, 2007. As a result of the adoption of FIN 48, we have not recognized a material adjustment in the liability for unrecognized tax benefits and have not recorded any provisions for
accrued interest and penalties related to uncertain tax positions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s tax years 2004 through 2007 remain open to
examination by the major taxing jurisdictions. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE R &#150; MAJOR CUSTOMERS </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the fiscal year ended December&nbsp;31, 2007, we had two customers who accounted for 30.7% and 27.2% of our total sales. For the fiscal year ended
December&nbsp;31, 2006 we had two customers who accounted for 41.3% and 23.7% of our total sales. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE S &#150; SEGMENT REPORTING </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">SFAS 131, Disclosures about Segments of an Enterprise and Related information, establishes standards for reporting information about operating segments.
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing
performance. Our chief operating decision maker is our Chief Executive Officer. The Company manages and evaluates the operating results of the business in two primary segments, shipwreck exploration and themed attractions. Because of the expansion
of our themed attractions, we began reporting segment information for the three and nine months ended September&nbsp;30, 2005. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B><I>Shipwreck Exploration</I></B> &#150; This segment includes all operating activities for exploration and recovery of deep-water shipwrecks including the marketing, promotion and distribution of recovered artifacts, related replicas,
merchandise and books through various retail and wholesale sales channels. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Themed Attractions</I></B> &#150; This segment is
responsible for the development and operation of interactive attractions and exhibits which will entertain and educate multi-generational audiences, and present our unique shipwreck stories and artifacts. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The accounting policies of the business segments are the same as those described in the summary of significant accounting policies included in Note A.
Management evaluates the operating results of each of its reportable segments based upon revenues and operating income (loss) before taxes. Corporate overhead supporting segments including legal, finance, human resources, information technology,
real estate facilities, as well as stock based compensation is included within the shipwreck exploration segment and not allocated to themed attractions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">We opened our first themed attraction, <I>Odyssey&#146;s Shipwreck&nbsp;&amp; Treasure Adventure</I>, in August 2005, in New Orleans. The attraction was closed early on the grand opening day due to Hurricane Katrina.
We re-opened the attraction in February 2006 and closed it again in September 2006 because of market conditions in New Orleans. Odyssey received approximately $1.2 million in the fourth quarter 2006 as final insurance settlement on our claim for
damages and business interruption due to the hurricane. As a result of our lease termination in New Orleans, we accelerated the estimated useful lives of certain assets and leasehold improvements in 2006. This acceleration resulted in additional
expenses of $874,000 during 2006. As a result of our reorganization effort of our themed attractions segment, we accelerated the estimated useful lives of our attraction development assets in 2007. This acceleration resulted in additional expenses
of $928,000 in 2007. In addition, inventory reserves of $360,000 were recorded for our attraction merchandise inventory. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>(Amounts in thousands)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Shipwreck<BR>Exploration</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Themed<BR>Attractions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Consolidated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Segment Information</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><I>Twelve months ended December&nbsp;31, 2007</I></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Revenues from external customers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,719</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">428</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,147</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Loss before income taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(21,142</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,691</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23,833</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36,840</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,718</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38,558</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><I>Twelve months ended December&nbsp;31, 2006</I></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Revenues from external customers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">220</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,064</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Loss before income taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(17,073</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,015</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(19,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23,907</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,301</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27,208</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">47 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE T &#150; COMMITMENTS AND CONTINGENCIES </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Rights to Future Revenues, If Any </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have sold the rights to share in future revenues, if any, with
respect to the &#147;<I>Seattle</I>&#148; (formerly &#147;Republic&#148;) and &#147;<I>Cambridge</I>&#148; projects and have recorded $887,500 as Deferred Income From Revenue Participation Certificates (See NOTE N). We are contingently liable to
share the future revenue of these projects only if revenue is derived from these specific projects. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">To date, the only income derived from
these projects resulted in a one time revenue distribution payment of $12,986 to the holders of the <I>Cambridge</I> RPC&#146;s. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Revenue
from the SS <I>Republic</I> shipwreck or its cargo are not subject to revenue sharing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, on May&nbsp;26, 1998, we signed an
agreement with a subcontractor that entitled it to receive 5% of the post finance cost proceeds from any shipwrecks in a predefined search area of the Mediterranean Sea. A shipwreck we have found, which we believe to be HMS <I>Sussex</I>, is located
within the specified search area and we will be responsible to share future revenues, if any, from this shipwreck. On December&nbsp;9, 2002, a Georgia limited liability company acquired the 5% interest from the subcontractor through a foreclosure
sale (see NOTE M). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Legal Proceedings </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">On or about December&nbsp;14, 2004, a complaint was filed against seven defendants, including the Company, in the Court of Common Pleas in the Ninth Judicial Circuit, County of Charleston, in the State of South Carolina. The complaint was
filed by Republic&nbsp;&amp; Eagle Associates, Inc. and Sea Miners, Inc. against John Morris, Greg Stemm, John Lawrence, John Balch, Daniel Bagley, Seahawk Deep Sea Technologies, Inc. (&#147;Seahawk&#148;) and the Company. The plaintiffs&#146;
allegations include breach of fiduciary duty, civil conspiracy and breach of contract based primarily upon an alleged contract(s) between the plaintiffs and Seahawk dated May&nbsp;16, 1995 dealing with the search for the SS <I>Republic</I>. The
plaintiffs allege that their research, which was provided to Seahawk, led to the discovery of the SS <I>Republic</I> and they seek an unspecified amount of damages and public recognition of their contribution. On February&nbsp;18, 2005, John Morris,
Greg Stemm, Daniel Bagley, and the Company filed their Notice of Motion and Motion to Dismiss Defendants John Morris, Greg Stemm, Daniel Bagley and Odyssey Marine Exploration, Inc. (the &#147;Motion&#148;). In the Motion, the defendants allege that
the complaint should be dismissed because, among other things, the South Carolina court does not have jurisdiction over them, the action was filed in an improper venue, plaintiffs lack the capacity to maintain the action, and the action should be
barred based on the Doctrine of Forum Non Conveniens. The court granted the Motion and dismissed the case for lack of personal jurisdiction on June&nbsp;9, 2006. The Plaintiffs subsequently filed a Motion for Rehearing, and after further argument on
the issues, the judge reversed his decision and entered an order denying the Defendants&#146; motion to dismiss on February&nbsp;27, 2007. The Defendants filed a Motion to Reconsider the order granting the Plaintiffs&#146; Motion for Reconsideration
and denying Defendants&#146; Motion to Dismiss on March&nbsp;12, 2007.&nbsp;On March&nbsp;23, 2007, the Court denied that Motion.&nbsp;On June&nbsp;25, 2007 Odyssey filed its appeal of the order denying its Motion to Dismiss with the South Carolina
Court of Appeals. On October&nbsp;15, 2007, the Appellate Court denied the appeal but ruled that determinations of fact in the trial court&#146;s order denying the Motion to Dismiss are not binding in future proceedings, and the case was remanded to
the trial court. Counsel for the Plaintiffs has filed a Motion to Withdraw. We expect the Motion will ultimately be granted, in which case the Plaintiffs will either have to find new legal representation or represent themselves in the case. The
Company believes this lawsuit is without merit and will not have a material adverse impact on our financial position or results of operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The Company may be subject to a variety of claims and suits that arise from time to time in the ordinary course of business. Management currently believes that these claims and suits will not have a material adverse impact on its financial
position or its results of operations. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Partnering Agreement </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">On September&nbsp;27, 2002, we entered into an agreement (the &#147;Agreement&#148;) with the Government of the United Kingdom of Great Britain and Northern Ireland (the &#147;British Government&#148;). The Agreement
allows us to conduct an archaeologically sensitive exploration of the shipwreck believed to be HMS <I>Sussex</I> and to recover artifacts and cargoes from the wreck site. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Agreement required us to submit a Project Plan (the &#147;Plan&#148;) to the British Government concerning the equipment, personnel and methodologies we intend to use in the exploration of the shipwreck, and the
conservation and documentation of any artifacts and cargo that may be recovered. We submitted our Plan to the government on November&nbsp;11, 2002, and received approval on May&nbsp;22, 2003. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">48 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We have paid a 5,000 pounds (approximately $7,845) refundable license fee and an expense deposit of
250,000 pounds ($432,500) for the British Government&#146;s expenses in connection with the project. The deposit is not refundable if the project is not successful. At such time as we represent to the British Government that we have recovered $3.5
million worth of cargo and/or artifacts, all funds advanced for the British Government&#146;s expenses will be returned to us. We were also required to fund a $100,000 deposit to ensure that funds are available for the conservation and documentation
of any artifacts recovered. The Agreement provides a mechanism for raising or lowering the deposit amount depending upon the quantity and condition of the artifacts that need to be conserved and documented. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following sharing arrangements have been agreed upon with respect to the aggregate amount of the appraised values and/or selling prices of the
artifacts, net of agreed selling expenses: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:21pt"><FONT FACE="Times New Roman" SIZE="1"><B>Range</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>British</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>Government</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Odyssey</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">$0 - $45 million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">80</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">$45 million to $500 million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">50</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">50</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Above $500 million</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">60</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition to the percentages specified above, we will also pay the British Government 10% of any
net income we derive from intellectual property rights associated with the project. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We also received the exclusive worldwide right to use
the name &#147;HMS <I>Sussex</I>&#148; in connection with sales and marketing of merchandise (exclusive of artifacts) related to the wreck, and the British Government will receive 3% of the gross sales of such merchandise. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Agreement is for a period of 20 years, and may only be terminated if the shipwreck is not the HMS <I>Sussex</I> or if we are in serious breach of our
obligations under the Agreement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Other commitments and contingencies </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">At December&nbsp;31, 2007, the Company&#146;s future contractual obligations are as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>(dollars in thousands)</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:82pt"><FONT FACE="Times New Roman" SIZE="1"><B>Contractual Obligations</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="20" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Payments due by period</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>More&nbsp;than&nbsp;5<BR>years</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,050,310</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">449,024</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,601,286</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest&nbsp;on&nbsp;debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">297,564</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">216,732</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">80,832</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Operating&nbsp;leases</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22,146</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22,146</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total contractual obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,370,020</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">687,902</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,682,118</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Long term debt represents amounts due on our existing mortgage for our office building and note
payable. Operating leases consists of our lease on our conservation lab in Tampa. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">See &#147;NOTE K &#150; Mortgage and Loans Payable&#148;
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Material Trends and Uncertainties </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Our
current 2008 business plan estimates our net cash requirements for operations and capital expenditures will range from $18 million to $23 million. Based upon our current expectations, we believe our cash and cash equivalents, cash generated from
operations and existing credit facility will satisfy our working capital requirements through 2008. However, we anticipate we will continue to incur net losses in 2008. Our capacity to generate net income in future periods is dependent upon the
success of our ability to recover and monetize high-value shipwrecks. While we have recovered more than 17 tons of silver coins and hundreds of gold coins and other artifacts from the &#147;<I>Black Swan&#148;</I> project, we do not have the ability
to immediately monetize the recovered cargo until we are awarded title or a salvage award by the U.S. District Court. At the present time we cannot determine how long that process will take. The <I>&#147;Black Swan&#148;</I> project has placed
additional cash requirements on us in 2007 and will continue to do so in 2008. If cash flow is not sufficient to meet our projected business plan requirements, we will be required to raise additional capital or curtail expenses. While we have been
successful in raising the necessary funds in the past, there can be no assurance that we can continue to do so. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">49 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE U &#150; RECENTLY ISSUED ACCOUNTING STANDARDS </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In September&nbsp;2006, the FASB issued Statement of Financial Accounting Standards No.&nbsp;157, <I>Fair Value Measurements</I> (&#147;FAS 157&#148;).
This Standard defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. FAS 157 is effective for financial statements issued for fiscal
years beginning after November&nbsp;15, 2007 and interim periods within those fiscal years. The adoption of FAS 157 is not expected to have a material impact on the Company&#146;s financial position, results of operations or cash flows. <B> </B>
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE V &#150; QUARTERLY FINANCIAL DATA &#150; UNAUDITED </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The following tables present certain unaudited consolidated quarterly financial information for each of the past eight quarters ended December&nbsp;31, 2007 and 2006. This quarterly information has been prepared on
the same basis as the Consolidated Financial Statements and includes all adjustments necessary to state fairly the information for the periods presented. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Fiscal Year Ended December&nbsp;31, 2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter Ending</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>March 31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>June 30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>December 31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Revenue - net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,149,197</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,732,348</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,314,248</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">951,096</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gross profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,663,167</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,206,409</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">907,823</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">77,950</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3,810,159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(6,317,620</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(5,411,635</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(8,293,440</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Basic and diluted net income per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="16"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" COLSPAN="13" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Fiscal Year Ended December 31, 2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter Ending</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>March 31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>June 30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>September 30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>December 31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Revenue - net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">865,179</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,957,834</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">586,778</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,654,129</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gross profit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">750,849</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,698,227</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">283,589</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,243,425</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3,928,687</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4,191,439</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(6,190,777</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4,777,182</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Basic and diluted net loss per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(0.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>NOTE W &#150; SUBSEQUENT EVENTS </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On February&nbsp;7, 2008, Odyssey entered into a $5 million revolving credit facility with Fifth Third Bank (the &#147;Bank&#148;). We used a portion of
this credit facility to pay off all amounts owed to Mercantile Bank under our prior credit facility, which has been terminated. The new credit facility has a floating interest rate equal to the &#147;Prime Rate&#148; plus fifty basis points (.50%),
requires monthly payments of interest only and is due in full February&nbsp;7, 2010. Odyssey will also be required to pay the Bank an unused line fee commencing in the second year of the agreement equal to 0.50%&nbsp;per annum of the unused portion
of the credit line, payable quarterly in the second year. The line of credit will be initially secured by approximately 33,000 coins recovered from the SS <I>Republic</I> shipwreck, which amount will be reduced over the term by the amount of coins
sold. The borrowing base will be equal to thirty percent (30%)&nbsp;of the eligible coin inventory valued on a rolling twelve month wholesale average value. Odyssey will be required to comply with a number of customary covenants and intend to use
the line of credit as a means to fund ongoing operations. Initially the line of credit was used to payoff our first mortgage with Carolina First Bank for approximately $2,400,000 as well as the equipment loan payable due Mercantile Bank of
approximately $600,000 plus any closing costs of the transaction. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">50 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx72284_9"></A>SCHEDULE II &#150; VALUATION and QUALIFYING ACCOUNTS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>For the Fiscal Years of 2005, 2006 and 2007
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Balance&nbsp;at<BR>Beginning<BR>of&nbsp;Year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Charged<BR>(Credited)<BR>to&nbsp;Expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Charged<BR>(Credited)<BR>to&nbsp;Other<BR>Accounts</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Deductions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Balance&nbsp;at<BR>End&nbsp;of<BR>Year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred recovery cost reserve</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2,002,945</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2,002,945</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventory reserve</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(11,732</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(11,732</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(11,732</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">9,948</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1,784</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1,784</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">560,882</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">559,098</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">51 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_25"></A>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunder duly authorized. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">ODYSSEY MARINE EXPLORATION, INC.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Dated: March&nbsp;13, 2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/ G<SMALL>REGORY</SMALL> P. S<SMALL>TEMM</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Chairman of the Board and Chief&nbsp;Executive&nbsp;Officer </B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed
by the following persons on behalf of the Registrant and in the capacities and on the dates indicated: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>SIGNATURE</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>TITLE</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>DATE</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/&nbsp;G<SMALL>REGORY</SMALL> P. S<SMALL>TEMM</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT FACE="Times New Roman" SIZE="2">Chairman of the Board and Chief Executive&nbsp;Officer&nbsp;(Principal&nbsp;Executive&nbsp;Officer)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">March&nbsp;13,&nbsp;2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Gregory P. Stemm</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/&nbsp;M<SMALL>ICHAEL</SMALL> J. H<SMALL>OLMES</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">(Principal
Financial Officer)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">March 13, 2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Michael J. Holmes</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/&nbsp;M<SMALL>ARK</SMALL> D. G<SMALL>ORDON</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">President and Chief Operating Officer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">March 13, 2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Mark D. Gordon</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/&nbsp;J<SMALL>AY</SMALL> A. N<SMALL>UDI</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Controller</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">(Principal Accounting Officer)
</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">March 13, 2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Jay A. Nudi</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/&nbsp;D<SMALL>AVID</SMALL> J. B<SMALL>EDERMAN</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Lead Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">March 13, 2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>David J. Bederman</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/&nbsp;G<SMALL>EORGE</SMALL> K<SMALL>NUTSSON</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">March 13, 2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>George Knutsson</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/&nbsp;D<SMALL>AVID</SMALL> J. S<SMALL>AUL</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">March 13, 2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>David J. Saul</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/&nbsp;G<SMALL>EORGE</SMALL> E. L<SMALL>ACKMAN</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">March 13, 2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>George E. Lackman, Jr.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/&nbsp;B<SMALL>RADFORD</SMALL> B. B<SMALL>AKER</SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">March 13, 2008</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Bradford B. Baker</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">52 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc72284_26"></A>EXHIBITS INDEX </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:28pt"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit<BR>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">3.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Articles of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Company&#146;s Annual Report on Form 10-KSB for the year ended February 28, 2001)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">3.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Bylaws (incorporated by reference to Exhibit 3.1 to the Company&#146;s Report on Form 8-K dated February 28, 2006)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">3.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Designation of Series B Convertible Preferred Stock (incorporated by reference to Exhibit 3.3 to the Company&#146;s Report on Form 8-K dated February 28, 2001)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">3.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amended Certificate of Designation of Series C Convertible Preferred Stock (incorporated by reference to Exhibit 3.4 to the Company&#146;s Report on Form 8-K dated September 19,
2002)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">3.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certificate of Designation of Series D Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company&#146;s Report on Form 8-K dated March 13, 2006)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">3.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certificate of Amendment to Certificate of Designation of Series D Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company&#146;s Report on Form 8-K dated January
22, 2007)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">3.7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certificate of Designation of Series E Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company&#146;s Report on Form 8-K dated September 14, 2007)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">3.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certificate of Withdrawal of Certificate of Designation of Series A Convertible Preferred Stock (incorporated by reference to Exhibit 3.2 to the Company&#146;s Report on Form 8-K dated September
14, 2007)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">3.9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certificate of Designation of Series F Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company&#146;s Report on Form 8-K dated December 18, 2007)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">4.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company&#146;s Report on Form 8-K filed November 22, 2006)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">4.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Form of Warrant to Purchase Common Stock (incorporated by reference to Exhibit 10.1 to the Company&#146;s Report on Form 8-K filed November 22, 2006)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">1997 Stock Option Plan (incorporated by reference to Exhibit 10.5 to the Company&#146;s Annual Report on Form 10-KSB for the year ended February 28, 2001)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Partnering Agreement Memorandum Concerning the Shipwreck of HMS <I>Sussex</I>, dated September 27, 2002 (incorporated by reference to Exhibit 10.9 to the Company&#146;s Quarterly Report on Form
10-QSB For the quarter ended August 31, 2002)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Revolving Credit Agreement with Mercantile Bank dated April 21, 2005( incorporated by reference to Exhibit 10.12 to the Company&#146;s Annual Report on Form 10-K For the year ended December 31,
2005)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Revolving Credit Note to Mercantile Bank dated April 21, 2005 (incorporated by reference to Exhibit 10.13 to the Company&#146;s Annual Report on Form 10-K For the year ended December 31, 2005)
</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Security Agreement with Mercantile Bank dated April 21, 2005 (incorporated by reference to Exhibit 10.14 to the Company&#146;s Annual Report on Form 10-K For the year ended December 31, 2005)
</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.14 to the Company&#146;s Report on Form 8-K dated August 3, 2005)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amended and Restated Revolving Credit Agreement with Mercantile Bank dated March 29, 2006 (incorporated by reference to Exhibit 10.1 to the Company&#146;s Report on Form 8-K dated April 3, 2006)
</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amended and Restated Credit Note with Mercantile Bank dated March 29, 2006 (incorporated by reference to Exhibit 10.2 to the Company&#146;s Report on Form 8-K dated April 3,
2006)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amended and Restated Security Agreement with Mercantile Bank dated March 29, 2006 (incorporated by reference to Exhibit 10.3 to the Company&#146;s Report on Form 8-K dated April 3,
2006)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Series D Convertible Preferred Stock Purchase Agreement (incorporated by reference to Exhibit 10.11 to the Company&#146;s Annual Report on Form 10-K For the year ended December 31,
2006)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.11</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Warrant to Purchase Series D Convertible Preferred Stock (D1) (incorporated by reference to Exhibit 10.12 to the Company&#146;s Annual Report on Form 10-K For the year ended December 31, 2006)
</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Warrant to Purchase Series D Convertible Preferred Stock (D2) (incorporated by reference to Exhibit 10.13 to the Company&#146;s Annual Report on Form 10-K For the year ended December 31, 2006)
</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">53 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:28pt"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit<BR>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Series E Convertible Preferred Stock Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company&#146;s Report on Form 8-K dated September 14, 2007)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.14</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Transition Agreement &#150; Departing Executive Vice President (incorporated by reference to Exhibit 10.1 to the Company&#146;s Quarterly Report on Form 10-Q dated November 7,
2007)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.15</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Transition Agreement &#150; Departing Chief Operating Officer (incorporated by reference to Exhibit 10.2 to the Company&#146;s Quarterly Report on Form 10-Q dated November 7,
2007)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.16</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Series F Convertible Preferred Stock Purchase Agreement (incorporated by reference to Exhibit 4.1 to the Company&#146;s Registration Statement on Form S-3 dated November 27,
2007)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Transition Agreement &#150; Departing Chief Executive Officer (filed herewith electronically)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Revolving Credit Loan and Security Agreement with Fifth Third Bank dated February 7, 2008 (incorporated by reference to Exhibit 10.1 to the Company&#146;s Report on Form 8-K dated February 8,
2008)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.19</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Revolving Credit Note with Fifth Third Bank dated February 7, 2008 (incorporated by reference to Exhibit 10.2 to the Company&#146;s Report on Form 8-K dated February 8, 2008)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Subsidiaries of the Registrant (incorporated by reference to Exhibit 21 to the Company&#146;s Annual Report on Form 10-K For the year ended December 31, 2005)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">23.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consent of Ferlita, Walsh &amp; Gonzalez, P.A., Independent Accountants (filed herewith electronically)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">31.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith electronically)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">31.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith electronically)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">32.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 (filed herewith electronically)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">32.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (filed herewith electronically)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">54 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>2
<FILENAME>dex1017.htm
<DESCRIPTION>EXHIBIT 10.17
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 10.17</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.17 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>TRANSITION AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This Transition Agreement (&#147;Agreement&#148;) is made effective this 2nd day of
January, 2008 by and between Odyssey Marine Exploration, Inc., (&#147;Odyssey&#148;), of 5215 West Laurel Street, Tampa, FL, 33607, and John C. Morris (&#147;Morris&#148;), together referred to as the &#147;Parties.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Morris served as President and Chief Executive Officer of Odyssey since May 1994 (with a hiatus for medical treatment from November 2005 until July 2006) and has served as Chairman
of the Board of Directors since May 1994 and as Co-Chairman since February&nbsp;24, 2006; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Parties mutually desire to transition Morris from his current status as an officer and director to that of an independent consultant as of January&nbsp;3, 2008, and further
agree that Morris has earned and will be paid his full bonus for 2007 as determined by the Compensation Committee of the Company; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">C.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Odyssey desires to have the services of Morris in the capacity of Consultant and to restrict Morris from competing with Odyssey; and </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">D.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Morris is willing to provide such services and not compete with Odyssey based on the consideration and the terms described herein. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Therefore, the parties agree as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>1</B>. <B>TERMINATION OF
EMPLOYMENT. </B>The Parties agree that on and including January&nbsp;3, 2008, Morris will no longer be employed by or be a Director of Odyssey Marine Exploration, Inc. or any of Odyssey&#146;s subsidiary or related corporations. The Parties further
agree that on or by January&nbsp;10, 2008, Morris shall be paid a cash separation payment of $325,000.00. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>2. 2007 BONUS PAYMENT. </B>The Parties agree
that Morris has earned a bonus for the year ended December&nbsp;31, 2007, as determined by the Compensation Committee. Such bonus will be paid no later than February&nbsp;28, 2008 and may be paid by cash or a combination of cash and a stock award
from the Company&#146;s 2005 Stock Incentive Plan as determined between the Parties, provided shares are available in the Plan for such an award. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>3.
STOCK OPTIONS. </B>Morris holds an option to purchase 112,500 shares of Odyssey&#146;s common stock, par value $0.0001 per share, at an exercise price of $3.50 per share which designated options were granted to Morris on June&nbsp;28, 2006 pursuant
to the Company&#146;s 2005 Stock Incentive Plan; and an option to purchase 250,000 shares of Odyssey&#146;s common stock, par value $0.0001 per share, at an exercise price of $5.00 per share, which designated options were granted to Morris on
February&nbsp;6, 2007 pursuant to the Company&#146;s 2005 Stock Incentive Plan. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Parties understand and agree that all Morris&#146; outstanding options in Odyssey which have not vested prior to the
close of business on December&nbsp;31, 2007, shall vest on January&nbsp;2, 2008. Expiration dates and other conditions regarding the options will be governed by the language in the individual option grants; provided, however, that the Compensation
Committee, upon acceptance of this Transition Agreement, grants to Morris an extension of time to exercise all of his stock options at any time on or before their scheduled expiration dates. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>4</B>. <B>TRANSITION AND DUTIES OF CONSULTANT. </B>Beginning on January&nbsp;3, 2008, Morris, pursuant to the terms of this Agreement, shall perform services for
Odyssey as an independent consultant. Odyssey agrees to include Morris in its listing of directors and officers on the company&#146;s website and in its publications as &#147;Chairman Emeritus and Co-Founder.&#148; Morris&#146; duties as an
independent consultant shall include the following: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Develop financial plans to meet Odyssey&#146;s cash flow needs; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consult regarding strategic planning; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">C.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Explore and develop potential business relationships; </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>5. TERM AND
TERMINATION. </B>The term of this Agreement shall be three years beginning on January&nbsp;3, 2008 and ending on December&nbsp;31, 2010 (the &#147;Consulting Period&#148;). Upon written agreement of both Parties prior to or at the termination of
this Agreement, the term of this Agreement may be extended. In the event of a Change of Control, termination of the Agreement by Morris for Cause, or the death of Morris during the Consulting Period, Odyssey shall, within forty-five (45)&nbsp;days
thereafter, pay to Morris, or Morris&#146; estate in the event of his death, in cash an amount equal to the product of the number of months remaining in the Consulting Period and Twenty-Seven Thousand, Eighty-Three and 33/100 Dollars ($27,083.33).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Agreement may be terminated at any time upon mutual agreement by both Parties or by either Party for Cause with thirty (30)&nbsp;days
written notice to the other Party. Odyssey may terminate Morris for &#147;Cause&#148; if Morris (i)&nbsp;engages in willful, intentional, reckless, or grossly negligent misconduct the purpose or effect of which is to materially and adversely affect
Odyssey; (ii)&nbsp;knowingly and without authorization takes Company funds or property; or (iii)&nbsp;is convicted of, or enters a plea of guilty or no contest to, a felony involving moral turpitude or materially violates any federal or state
securities law. Morris may terminate this Agreement for &#147;Cause&#148; if Odyssey fails to make any of the compensation, benefit, expense, indemnification, insurance or other payments provided for in Sections 5, 6, or 14 below. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;Change in Control&#148; means the occurrence of any of the following: (i)&nbsp;the acquisition, directly or indirectly, by any individual or entity
or group of beneficial ownership of more than 50% of the total outstanding voting power of capital stock of Odyssey in respect of the general power to elect directors; (ii)&nbsp;during any two consecutive years, individuals who at the beginning of
the period constituted Odyssey&#146;s board of directors (together with individuals elected to the board with the approval of at least 66 2/3% of the directors then still in office who were either directors at the beginning of the period, or whose
election or nomination for election was previously so approved) cease for any reason to constitute a majority of the board then in office, provided however, that the current approved additions of Brad Baker and Mark Gordon to the Board and
resignation of Morris from the Board are considered to have occurred prior to any period under which this determination is made; and (iii)&nbsp;(A)&nbsp;Odyssey consolidates with or merges into another entity or sells all or substantially all of its
assets to any individual or entity, </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">or (B)&nbsp;any corporation or other entity consolidates with or merges into Odyssey, which in either event (A)&nbsp;or (B)&nbsp;is pursuant to a transaction
in which the holders of Odyssey&#146;s voting capital stock in respect of the general power to elect directors immediately prior to the transaction do not own, immediately following such transaction, at least a majority of the voting capital stock
in respect of the general power to elect directors of the surviving corporation or the person or entity which owns the assets so sold. The terms &#147;group&#148; and &#147;beneficial ownership&#148; have the meanings ascribed to them in the
Securities Exchange Act of 1934, as amended, and rules promulgated by the Securities and Exchange Commission thereunder (except that an individual or entity will be deemed to be the beneficial owner of all shares that the individual or entity has
the right to acquire without the happening or failure to happen of a material condition or contingency, other than the passage of time). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>6.
COMPENSATION OF CONSULTANT. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(a) Compensation for Consultation Services. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">(i)&nbsp;During each calendar year of the Consulting Period, Morris shall be entitled to compensation in an amount equal to the greater of (A)&nbsp;Three Hundred and Twenty-Five Thousand Dollars ($325,000.00); or
(B)&nbsp;four percent (4.0%)&nbsp;of the aggregate value of any equity financing, sale or acquisition of assets, or new business venture or project obtained or consummated by Odyssey during the year (the &#147;aggregate value of financing
transactions&#148;).&nbsp;The sum of all payments will be referred to as &#147;Consulting Payments.&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(ii)&nbsp;During each year of the Consulting
Period, Consulting Payments will be payable as follows: Odyssey shall pay to Morris the sum of Twenty-Seven Thousand, Eighty-Three and 33/100 Dollars ($27,083.33) within 10 days of the last day of each calendar month beginning January&nbsp;1, 2008
(the &#147;Monthly Payment&#148;).&nbsp;Within 10 days of receipt of proceeds from any financing transaction from which Morris is entitled to be compensated, Morris shall be paid an amount equal to the percent of the funds received, as determined in
the previous sub-paragraph, less the sum of all Monthly Payments made since the most recent Consulting Payment during the year.&nbsp;No further Monthly Payments will be made for a calendar year in which total compensation paid to Morris under this
Agreement exceeds $325,000.&nbsp;To the extent that Morris has not received the full amount to which he is entitled pursuant to Section&nbsp;6(a)(i) during any calendar year of the Consulting Period, such sum shall be paid to Morris no later than
January&nbsp;10 of the year following the most recently completed calendar year. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(iii)&nbsp;Morris shall be entitled to such additional compensation, based
upon his efforts and performance in carrying out his duties under this Agreement, as the Board of Directors in its sole discretion shall determine. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(b) Insurance. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">In addition, during the Consulting Period, Morris shall remain covered, at Odyssey&#146;s expense, under Odyssey&#146;s health, dental or other medical insurance plans. Morris&#146;s dental coverage and any coverage for his wife shall be at
Morris&#146;s expense, pursuant to Odyssey&#146;s existing health and benefits policies. If, at any time during the Consulting Period, Morris becomes ineligible under any of Odyssey&#146;s health, dental or other medical insurance plans, Odyssey
shall pay Morris&#146; premium payments for COBRA medical and dental coverage for the maximum COBRA period and, thereafter, through the end of the Consulting Period, Odyssey shall provide alternative insurance coverages as substantially similar as
possible to those provided under Odyssey&#146;s plans. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>7. CONSULTANT EXPENSES. </B>Odyssey will reimburse Morris for reasonable
&#147;out-of-pocket&#148; expenses in accordance with Odyssey&#146;s policies in effect from time to time in connection with providing the services hereunder. Such expenses shall include, but not be limited to, cellular telephone and e-mail
services. Odyssey shall provide Morris with office space and secretarial and other administrative services as reasonably requested by him in the performance of his duties under this Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>8. CONFIDENTIALITY. </B>Morris recognizes that he has and will have information regarding the following: products, prices, costs, discounts, future plans, business
affairs, processes, trade secrets, technical matters, customer lists, research, projects, product design, copyrights and other vital information (collectively, &#147;Information&#148;) which are valuable, special and unique assets of Odyssey. Morris
agrees that he will not at any time or in any manner, either directly or indirectly, divulge, disclose, or communicate in any manner any Information to any third party except for the purpose of fulfilling his obligations as Consultant hereunder. If
Morris deems it necessary to disclose Information to a third party in furtherance of his duties hereunder, he shall first obtain the approval of Odyssey and an appropriate nondisclosure agreement from any party to whom the Information is to be
disclosed. Morris acknowledges and understands that a violation of this paragraph shall be a material violation of this Agreement and will justify legal and/or equitable relief. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>9. MATERIAL NON PUBLIC INFORMATION &#150; INSIDER TRADING. </B>Morris acknowledges that during the course of the work conducted prior to and pursuant to this Agreement he may have or may come into possession of
&#147;material non-public information&#148; as defined by the State and Federal Securities Laws. Morris agrees to keep all such information confidential and understands that the release of such information or the trading in the Company&#146;s
securities while in possession of such information may constitute a federal crime. Morris acknowledges that he has been furnished a copy of Odyssey&#146;s INSIDER TRADING POLICY and that he understands and will comply with the provisions of the
policy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>10. UNAUTHORIZED DISCLOSURE OF INFORMATION.</B> If it appears that Morris has disclosed (or has threatened to disclose) Information in
violation of this Agreement, Odyssey shall be entitled to an injunction to restrain him from disclosing, in whole or in part, such Information, or from providing any services to any party to whom such Information has been disclosed or may be
disclosed. Odyssey shall not be prohibited by this provision from pursuing other remedies, including a claim for losses and damages (as well as Odyssey&#146;s termination of this agreement, pursuant to paragraph 5 above). </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>11. CONFIDENTIALITY AFTER TERMINATION OF EMPLOYMENT.</B> With the exception of material, non public information which
may never be disclosed by Morris, the confidentiality provisions of this Agreement shall survive this Agreement and shall remain in full force for three (3)&nbsp;years following the termination of the Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>12. NON-COMPETE AGREEMENT.</B> Morris agrees and covenants that during the Consulting Period, he will not directly or indirectly engage in any activity related to
shipwreck search and recovery, shipwreck financing (including the sale, marketing or collateralization of shipwreck artifacts or the promotion of investment products related to shipwreck artifacts or coins), or shipwreck attraction business not
affiliated with Odyssey. This covenant shall apply to shipwreck businesses worldwide. Directly or indirectly engaging in any competitive business includes, but is not limited to, (i)&nbsp;engaging in a business as owner, partner, or agent,
(ii)&nbsp;becoming a Consultant to any third party that is engaged in such business, (iii)&nbsp;becoming interested directly or indirectly in any such business, or (iv)&nbsp;soliciting any customer of Odyssey for the benefit of a third party that is
engaged in such business. Since the nature of Morris&#146;s services are not strictly related to shipwreck businesses, Morris agrees that this non-compete provision will not adversely affect his livelihood. Notwithstanding the foregoing, if Odyssey
fails to make any compensation, benefit, expense, indemnification, insurance or other payments provided for in Sections 5, 6, or 14 of this Agreement within forty-five (45)&nbsp;days following the date such payment is due, Morris shall be relieved
of the non-compete restrictions contained in this Section&nbsp;11. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>13</B>. <B>NON-INTERFERENCE.</B> Morris agrees and covenants for the duration of
this Agreement not to actively recruit employees or consultants of Odyssey for employment or for contract with any business, including businesses in which he may now have or may subsequent to this Agreement obtain an interest, or for or on behalf of
any other individual or business including those unrelated to this Agreement, unless specifically approved in advance by Odyssey. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>14. RELEASE OF
CLAIMS. </B>In exchange for the consideration described herein, the sufficiency of which is hereby acknowledged, except as set forth in Section&nbsp;14 below, Morris hereby releases Odyssey from any and all claims which he has or may have against
Odyssey as of the date of execution of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>15. CONTINUING ODYSSEY INDEMNIFICATION.</B> During the Consulting Period, Odyssey shall continue
to protect, defend, indemnify and hold Morris harmless from any and all claims and liabilities incurred by him to the same extent that Odyssey was obligated to provide such indemnification (including without limitation, advancement of
attorneys&#146; fees and other expenses, and costs of settlement) in connection with his services as an officer and director of Odyssey prior to the Consulting Period, whether pursuant to the terms of its articles of incorporation, bylaws,
resolutions of he board of directors, company policies or Officer/Director Indemnification Agreements in effect at the time of execution of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Odyssey agrees that, for a continuous period of six (6)&nbsp;years from the date hereof, it shall maintain directors&#146; and officers&#146; liability insurance covering Morris in such amount as currently in effect,
increased as necessary so that insurance coverage is similar to that for publicly-traded companies of comparable size and international scope of operations, to the extent such insurance coverage is reasonably commercially available. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Upon a reasonable showing by Morris that his interests or defenses in connection with any investigation,
litigation, arbitration, enforcement or regulatory action or proceeding brought by the Securities and Exchange Commission, any self-regulatory organization or any other state, federal or foreign securities regulatory or law enforcement commission,
agency or other governmental or quasi-governmental authority are different than those of Odyssey, Morris shall have the right to select and engage, at Odyssey&#146;s expense, his own counsel for legal representation in connection with any
investigation, litigation, arbitration, enforcement or regulatory action or other proceeding. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>16. INABILITY TO CONTRACT FOR ODYSSEY. </B>Morris, as
Consultant, shall not have the right to make any contracts or commitments for or on behalf of Odyssey without first obtaining the express written consent of Odyssey. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>17. COMPLIANCE WITH ODYSSEY&#146;S POLICIES AND PROCEDURES. </B>Odyssey shall provide Morris with copies of all of its general policies and procedures, as the same shall be amended from time to time, and Morris
agrees to comply with all of such general policies and procedures to the extent applicable to his activities pursuant to this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>18. RETURN OF
PROPERTY. </B>Within thirty (30)&nbsp;days of execution of this Agreement, Morris shall deliver all property (including keys, records, notes, data, memoranda, models, and equipment) that is in his possession or under his control which is
Odyssey&#146;s property or related to Odyssey&#146;s business. Upon termination of this Agreement, Morris shall deliver all property as described above, to Odyssey of which he may have come into possession or control during the term of this
Agreement. Any separate confidentiality or proprietary rights agreement signed by Morris shall govern such obligation. Notwithstanding the forgoing, Morris shall be allowed to retain any computers, computer equipment, cellular telephones and other
property necessary to perform his consulting obligations to Odyssey during the Consulting Period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>19. ENTIRE AGREEMENT. </B>This Agreement contains the
entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written except as contained or referred to herein. This Agreement supersedes any prior written or oral agreements between the
parties. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>20. AMENDMENT. </B>This Agreement may be modified or amended, if the amendment is made in writing and is signed by both parties. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>21. SEVERABILITY. </B>If any provisions of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to
be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and
enforced as so limited. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>22. WAIVER OF CONTRACTUAL RIGHT. </B>The failure of either party to enforce any provision of this Agreement shall not be
construed as a waiver or limitation of that party&#146;s right to subsequently enforce and compel strict compliance with every provision of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>23. APPLICABLE LAW, ARBITRATION AND JURISDICTION. </B>This Agreement shall be governed by the laws of the State of Florida. The Parties agree that any disputes arising from or in connection with this Agreement shall be decided by binding
arbitration which shall be conducted, upon request by either Party, in Tampa, Florida, before one arbitrator designated by the </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">American Arbitration Association (the &#147;AAA&#148;), in accordance with the terms of the Commercial Arbitration Rules of the AAA. The prevailing party
shall be entitled to reasonable attorneys&#146; fees and costs. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance of any award and an
order of enforcement, as the case may be. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[Remainder of page intentionally left blank. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Next page is signature page.] </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="5"><FONT FACE="Times New Roman" SIZE="2">Odyssey Marine Exploration, Inc.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5"><FONT FACE="Times New Roman" SIZE="2">John C. Morris</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Mark D. Gordon</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ John C. Morris</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">MARK D. GORDON</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">DATE</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">JOHN C. MORRIS, INDIVIDUALLY</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">DATE</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">PRESIDENT</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ David J. Bederman</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">DAVID J. BEDERMAN</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">DATE</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">LEAD DIRECTOR AND CHAIRMAN, COMPENSATION COMMITTEE</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>dex231.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 23.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We consent to the incorporation by reference in
Registration Statements on Form S-3, SEC File Nos. 333-140166, 333-141920, 333-147641, and 333-148300 and on Form S-8, SEC file Nos. 333-50325, 333-76038, 333-50343 and 333-134631 of our reports dated February&nbsp;11, 2008, relating to the
financial statements of Odyssey Marine Exploration, Inc. and Subsidiaries, and management&#146;s report on the effectiveness of internal control over financial reporting appearing in this Annual Report on Form 10-K of Odyssey Marine Exploration,
Inc. and Subsidiaries for the year ended December&nbsp;31, 2007. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Ferlita, Walsh &amp; Gonzalez, P.A.</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Ferlita, Walsh&nbsp;&amp; Gonzalez, P.A.</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">3302 Azeele Street</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tampa, Florida 33609</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">March&nbsp;13, 2008 </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>dex311.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 31.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 31.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I. Gregory P. Stemm, certify that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">I have reviewed this annual report on Form 10-K of Odyssey Marine Exploration, Inc.: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The registrant&#146;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(e) 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></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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&#146;s, 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></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Designed such internal control over financial reporting, or caused 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></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Evaluated the effectiveness of the registrant&#146;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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the
registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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&#146;s ability to record, process, summarize and report financial information; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Date: March&nbsp;13, 2008 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/S/ Gregory P. Stemm</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Gregory P. Stemm</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Chairman&nbsp;of&nbsp;the&nbsp;Board&nbsp;and&nbsp;Chief&nbsp;Executive&nbsp;Officer</B></FONT></P></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>dex312.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 31.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 31.2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I, Michael J. Holmes, certify that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">I have reviewed this annual report on Form 10-K of Odyssey Marine Exploration, Inc.: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The registrant&#146;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(e) 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></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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&#146;s, 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></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Designed such internal control over financial reporting, or caused 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></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Evaluated the effectiveness of the registrant&#146;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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the
registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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&#146;s ability to record, process, summarize and report financial information; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Date: March&nbsp;13, 2008 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/ M<SMALL>ICHAEL</SMALL> J. H<SMALL>OLMES</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Michael J. Holmes</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Chief&nbsp;Financial&nbsp;Officer&nbsp;(Principal&nbsp;Financial&nbsp;Officer)</B></FONT></P></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>6
<FILENAME>dex321.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 32.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 32.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ODYSSEY MARINE EXPLORATION, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PURSUANT TO 18 U.S.C. SECTION 1350 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>AS ADOPTED PURSUANT TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">I hereby certify that, to the best of my knowledge, the annual report on Form 10-K of Odyssey Marine Exploration, Inc. for the period ending
December&nbsp;31, 2007, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of Odyssey Marine Exploration, Inc.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/ Gregory P. Stemm</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Gregory P. Stemm</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Chairman&nbsp;of&nbsp;the&nbsp;Board&nbsp;and&nbsp;Chief&nbsp;Executive&nbsp;Officer</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">March&nbsp;13, 2008 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">A signed original of this written statement required by Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 has been provided to Odyssey Marine Exploration, Inc. and will be retained by Odyssey Marine Exploration, Inc.
and furnished to the Securities and Exchange Commission upon request. </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>7
<FILENAME>dex322.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 32.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 32.2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ODYSSEY MARINE EXPLORATION, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PURSUANT TO 18 U.S.C. SECTION 1350 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>AS ADOPTED PURSUANT TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">I hereby certify that, to the best of my knowledge, the annual report on Form 10-K of Odyssey Marine Exploration, Inc. for the period ending
December&nbsp;31, 2007, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of Odyssey Marine Exploration, Inc.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/<SMALL>S</SMALL>/ M<SMALL>ICHAEL</SMALL> J. H<SMALL>OLMES</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Michael J. Holmes</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Chief Financial Officer</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">March&nbsp;13, 2008 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">A signed original of this written statement required by Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 has been provided to Odyssey Marine Exploration, Inc. and will be retained by Odyssey Marine Exploration, Inc.
and furnished to the Securities and Exchange Commission upon request. </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g72284img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g72284img001.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`.P#H`P$1``(1`0,1`?_$`,\```(#``,!`0$`````
M``````D*!@<(!`4+`0(#`0`"`P$!`0$````````````%!@,$!P(!``@0```%
M`@0$!`($"`8-#0$```$"`P0%!@<`$1(((1,5"3$4%A=!(E%A(Q@R,R0E-289
M"G%#4S8G-X&1H;%"4M,T1;755G?P<K+28X-49)25=H<H6!$``0($`P0%"`@$
M!`<!`````0(#`!$$!2$Q$D%1$P9A<:$R%(&1L2)2<C,5\,'1X4*2-!9BLB,'
M\8)3<Z)#@R14)34V_]H`#`,!``(1`Q$`/P!W?<KN7M5M0M?)W9N_-'B*:CEF
M[-(C9(%W\E(.C:4&+!`QB$.N<`$WS&*4"E'C\,7K=;JFZU(I:5,W#CCD`-IB
M)YY#".(X<(3>[B_>KW7UC5;BE;4!-64M=5T%&3E,@=Q'KST]2<@0JK!]()I-
M'2#%P_*3F&(DZ.`<,AQL'+O)UL8;#E2$OU2"0<P`K;++T0JW.[U",&@4),B.
MKI@"E37ENS6,NXJ"I+A59(RSDX'6=#.22&HX&U!DDW<)I\/X,/K5+34[7!90
M@-[I#[(5GZDU*^*N>O#;NC45@.Y-O$VWNRJV]N_42<<<Z0NX=\Y3<MGA$C:N
M2HL];OE"D.7,!R#/+X8$7#EVTW%/]=I.O8=T]N$HO4]XJ6"G2HZ!F,YPY1VQ
M>\S:W?`[2M/6,4^MY>Z/A47HLI%5HX@:K%N5))^:#D&RG.!RFH)E1*X00`4P
MX#GPQD',O)U194^+IU<2C)\J9[^C9AMATMMU:KTR&#@[>J,^?O"6Z2^^VRB[
M$/+*7`E:%=5#54TTF%HPK<QGK9"'%PDFISTE0R(KQX8M\A6JAN;[XK6PXE*!
M*<\,8JW^I>ID(+*BF9/HA713NI;]U""0VX:JQ`1U9:&`?,'@.8-,:=^TK`)?
M]NCSF%#YM7S']5<O)$FI_N^]PNFU058[AJF$-9#G3.C&"4XD\`S,P4R#'R^4
M+`M,O#(\Y^V)TWRO2?B+EY(WIMW_`'BO=!;NHD5;VQ'NY3"I"(O$TY!DPE6^
M1BZG#-$(IFW54$F?`RQ`S^.`%P_M_;'VCX,\%W9F0>O'T05IN9%:@ET$B6>7
MF^^46+OK[INX*KV4-N8V=W_J>FK452>/85/:YZQCT*DMU-J-D&G+E"D0D8]P
MU?S*2_+.W<JY%R$P%\`AL7+-O:)M]VIT*J43DN9DL9X;9RW@18N-;4*:364;
MJDMJS3(3'7`T![Q?<6TYAN-J?(0^#>*'P\,LX\!\<,G[1Y=!D*9&>4S`$7RX
M3D7EX9X"&K.R-W$ZIW1[>;F(WUJ=Y/7*L_,/GLM-OQ9E-(T@,(VE6[P>21N"
M:B;DCE+2)?\```<^.6,MYSY?;MEP:-"D)IGA(`3P5,B7HAQL]:JKI=;A)4-I
MVB%Q]RG>LWG5->^XDK9^]E24M;52I)5*D89-",,5M"%D7)X_\)FJ8I@:'(40
M$P^'CC0[;R99VZ)M%8PA50$C4<<52QA;K[S5BH5P'%)1.0E+?%94;W8.Y/7%
M2QU,1>Y"HD7,BKD9TX0C"MF;9,-:[EP8L:<X)IE^@!',0Q:>Y5Y=:;*S3),M
MQ./;$5-<KG4K"$/*GTRC4.X/OJ[F5*+@+-6@K">CG=+P98&L;KR(Q:,Y650F
M5=+3KA"-1:OFZ#%%=T+5$_-3.=)`IA*43"4!=!R1;N.JLJT)*5F:4">E(R\^
M$SGC.+U=?G4)X+2CK`D3A.>_=*!2S.]C=5/21Y:4O15J[XQM9E0=B3,P"`_@
MI@0F8#]6&E-DMC:0E+2=`$L!.!";O5YS)ZR(U+8_O'[Z+&K%\K=:5JJ`3.W6
M<4],G:)MW!6HZN69P,:]73%1+,HB''(<#*_E&R5H*EM)0J7>&?FG$])?:MMV
M:U%6K(&4I^GLAP2=[K])V@V`VOW>WRH^1@ZLN0PC&L-;F#6;/Y&1F7Z+HZ"Z
M3AXI'M@CE4&9EC'$0,4%"@!1XY9&CE==9?G;51+!8;F2I6`EANGCLAR7<$L4
M8J'Q)1&0WD?0PI/N=[T^]#<'.U&6&KV5MM;^4?*'C*,B'#1R5DP(82MR*NPC
MD%O,*$*!CY',`&$0`1#(<:O:^3K/;VTZVTK?`[QSGU90H57,%4XH%M10-PE(
MQBJ*WJ;IX:0)*Q]YZN2>)K$7*KYP3B"J9M1!TJ`).!LARRRP8-FM:YI4TF75
M%4WFK`U(5([YB<&H[<_>IWJRM\;=V?KQ9>]\96]10-,I)2+QI'/(="1E&C!5
MZGR8HI501*OX&5#X83^8N3;.*-=4R`RM`*B1,SD)R@U:[Q5/N!M04LD@8RWY
MQG[=]W6]^]OMS5Y:-IB_=1PU/P%:S4?%PZ*$89.,;MG[A$K),QV)C&*W`FC,
M1'\'XXNVCEBQ5-L:=<IT*64B9F<<(K7*YUU/4J0VZKA@X2EAT1G']L9W$_\`
M^C*H_P#3Q7^S\$ARCR]/&E1YS`_YW</]5?9'P>\;W%`X_>,JCA_Y>*_V?CW]
MH\N?^,GSF/OG=P_U5]D=RY[M7<O90T;43B_M7)0LNJX1CI$6T0*#A5F<A'"1
M1!B)BF3,H7,!`/'$?[5Y:*RC@(U@93,2_-;J&PX5KTSSPCI@[QW<53,0P[C*
MG$"JI'$/+10ZB$.4QB"/3_\`"*`A_9QW^T>7SW:9$Y;SA'`O=?JD7ED3Z/-#
M@UCNXW&U7VI%]VLW,/W5<49:Q6-JYT<&8O@N>4G0FZQ2@<J)D59YTB;4)2_*
M(_+\!R.LY>+?-`MC8`IUN33G+1GZ(=F*S7;_`!)[X1B.G_&%#9[O-]PV4G9N
M28;@JECF#^4>NF,>5").1BT66,9!J4W3QS!%/(,\:TUR?R\EM*5TZ"H`8S./
M3"6[>J[BG2XL">6&$:HV/;W>Y_O(W!47:"GMQ51(QKZ6C#57*NFK`647!N7R
M35=RN*$8=80*!AS*4,Q#PP+O=FY7L]"JJ73)U`'2)G$@99B+ULK+G6U(1QE!
M`D3EE'#[W.^"H]RNZ0+)PM1/'MGK156H@UBXE)XFQF9!)8B8S#AFF!EI!RW8
M*K$*82`(`/X./N3+&W;[;XMP#Q3R,3,3$_P^6)[Q7+6^*9K\"L<\M\:ZWBT7
MVZ]X.U*UI+07LHZGMREJ+:4E34.RJ)O-40:70IUBFU=TU-+5!"1K4BY&QU02
M%=1,G-`IM6!=G>O]JNKOBF5JM[SJB2"%:9G.0)PRGT1<K6Z&X4J0E8#H3A/#
M+89RA7NJ*<DJ/GI*FY=2//(QBYVZYXJ4CYABKI$VE5M(1;EVQ<)G`N8"10V-
M,;6'6PXGNGHEV'&$BH:X3A09Z1M&/:(Z$?AE_P`A#'<\MXB`'&>1$3&WU?U5
M:VLH*O*+F9"`J*GWJ3MG(QCE5HZ`I3E,J@*J1B&,FN0-)BB.0@/'$52PFH8+
M+R0IM0R.(BU2ON4[H6T2"-T,.=X7<DUW:[`]A-\0<<R>J!\_8UDD).2=&KHZ
MF?+SP`CJ-I1%\D?2("(#].,\Y1MQM5_KZ(]P`%/NE6'9#-?7^/1,.*^(09]<
ML86P^CZQ`/[(B`!_='&CPI)25*"1F3!**.[2&_"X=G(>^E!6=2JNWTXR?/X]
M[&UG1/4E6L>X7:N3$@5I]*9$Q56Y@*7D:S9<`\,+SO-5E8K%4#[P2^G,%*I8
MX]Z4NV#0L5:ML.(1,'I'VP.V;@INFY5]`5'$R$'-QCE5I(Q4JT68OV3I`YB+
M(.&K@B:J:B:A1`0R^&&%"D/("VSJ3*8(R(WB!#K+C"M+@D8LJS55*Q-4(TQ)
M/?U/K@#4Y4;!V)U8TJ;_`#(VE#-P`P$=QBHZTE"@)B&,(Y#BI6-!2.,/BH$P
M1T?;%V@?7Q/#J)X:A+Z=4?B^-H:HL=<>6H.K(Y2-<D:1%0PNHY%DW]+55%-*
MBI>1072,9-0CV"DD%1#/403:3`!@$`]H:MJKIPZ@SS'E22DCSB.*ZD73O$2.
MB4YQ(+(;E+L;?6U?,K:51)T^RN5`$INJVS%P9%*3CD_-`5-8"B7/+S1PS`<\
ML15EMI:]39JD36V9IPR,>T=P>HPH(F"1C%`\$B9&,(`4OB8<_P`$,LS#\1R#
MB."(,B3MBDM16=6_9]-D$I;;3:CM+L`F-X%6,7,1(7+JZD:'MEK7`%W%.S3N
MH$*F?G:$#G,@$(EJ9$Z@D$Y#YDU`(X6OFJ*N^"U,GX:5*7T$`:1VF&!-)X"W
M>,6/660!OQS^Z!KES'\(QC&,(F,8PZCF,;B8QC".9C&'B(^(X9"3LPA>)U&9
M@FFPG9SMYW1QU0FN[N4HVS%1LYOI$%3U3OY>'-(H&9MEDI/J*<.[B@;J.EC)
MY'7*<!3',``0$5N_7>OMI2:2G<=;D"2F1W[)@]D'+70T=4V2^M(5JE(F7;&T
MY/L-WMAKU6P;4!4E`7_LA-5%%A6-84'6\)((4]$FD&H.F\JT=+M)17GQZR@E
M,D@H4V@V0^&89//-$NB<+Z76*Q*3I"T$$R&!W9Y@F"0L&FI2MO2MDG&1$@-W
M3$2[\]PYA'<A3>VN-<G96PL!34/3E&4XW)Y:.;)$IBG$2KF;IY)K."\@V2@A
MGF<WTCB;D9E"K>JXN`&I?45*.T^L8AYB?4%"G:F$(PELR^J`3D#4=(AC@F0R
MJ9#J#GDF0QR@=3@`F$"%'/(`S$`X!AW)`$QB!L^F4*R$A2TA1`!,H/%MT[4.
MW3<A9JGJGI7>5:>(NC+Q2KA[253U1(4ZJQF#E4\K$F9RT.U*JH8Q0`3)G.F(
MF#(WCA%N/,]QM]6IMRC>53I5@I(!F-^!,-K-IH'V$R<1QE)PF98]4$B[-_:,
MO/M]W1UK='<52=/#!43#1K>W$JPJ"!J6-GY%_(&?$FXL\(]D"(GC@B$Q$%A2
M4+SP^4>.2[S=S91U]L12T*U<19.H2*92P(,P,YP1M%I51.J<6,A@9@S^R4+7
M[\3";>)N%$?$;F52.8\1XS+[/C\<QQHMB_\`D,;^&GT0L7K]8H])C.U!4R2M
M:YHZCE)%I#IU54T+3YY>05Y#",++2+=B9^]7R-R6K4%]:ALATE`1P1?=X%.X
M](J*4$R&9D)R$#66PXX$G*8'GAA1EV"J<>,6CS[]&V-'S+9%P*2MPRE.D*R8
M'%,X"P$`,GGQQG9Y]?!_0U.?L^@SAG%A3GQ6?/!!6O8]8.>WW6=IHZN+?W;N
M)'5$\KJV5;49)B[;B]9Q$HW&F6\XJS12\O(R#I`ZI!$$Q,D748,L`QSJH7U-
M6XAQE@ITJ2K#`D>L1/9C!46G50EA>DKV%.4)FSD-*4W-2U.SC-:.F(.0>Q4D
MS<D,FJW=L'*K5<ARF#/\:D(@(9@(8V-M:7$!Q/<(F#UPAO,KIW"A6^+DI_<;
M=>F;'5CMZAZIE65M*[>,7M00"+E0K)XK'SC*H6^I+4)0`LBP3-P`,\L55VVF
M=K4URTI-2C(RZ)>B+B+@ZW2&DGZAV11J""SE=!HT2.X=.EDFS9NB45%%W*ZA
M4TDDB@&9SG.<```\1'%TR2"K$`=D4&T+<<"!B3#_`!V+]@#S:98*4N#<RFXQ
MK=R[;]G+*K+<A]*P-.,D%$(^.3=IE.DV2?@8K@Q$SF'5EJR'AC!>=K\+M7AB
MG432-"6Z9.9ET91I%IH11L3('$5"=>UJIK72.]NGZPW32B[2WA*GJ%]6T@X0
M<CH/R7R+/SJ:"9U$D#NC)E$1#+CEC7[JW4(LY1:P"\$C3]-\)]N?XM:A=6<9
M'5#2-?W`_=^ZD7>5))$M8Z?OM"KE*CE'IGCA42$*)B1T2=945SY?,`%S$<^&
M,PIF.?6QPT<33_%*7;#6XNRI)+FB>[?Y('C?VWO8^O1&2T1:J6NK:.N%FW*I
MRMTX*OU*-3?B43-RR3>3AT84&9ELBJ+*N"D(01,(@`89*%WG2C4ARK#+S>U,
MT:Y;\#/L@:\FSU'J!*T$@XR(3YSA*%W[N6W-:JM9*D0J&"JMJV`BS"?IR6C)
MF,D&JH:B'3>1#IXRYY"B`'3`XF(;@(`.'ZE?55,ATI*5;0<#V_0PKU=,*=S0
MVH+1O!G%:"&8#F`<0RR\0S^(9YXLDE6!W13RQ@A-S9>6>=M_;E&/#*GC(V\5
MQQC1.40(43JO"G(0W@;(O@'P#"[3(2.8JA8[Q90/-*#;RBNUMD^THP/3_%_Y
MY/\`IEP?5+29[H$L?&1[P],>EOVE``VP.PX"`"`Q<\&0\0R]22O#C\,L?G3F
MT_\`OZCK'\HC4J+]*CJA1G]X&M90UL][C9>B6#2/4K:D%ZJJ)!F<HD/-O*@D
MO,N#IE$03,(``:<OAC5^0:FHJ++_`%B2$*TIGN`$)O,B$IJQ*7<GVP#))0Z2
MR"B)M*J;A)1,2YY@H4Y=(AE\?HP[J$T'82(7F\%C'9YH:8WU['7%]>V18_>M
M'PLJM>2WEI::;5N+1JH'5;?TJFO&M960;9E,92/I]JV3*H!1'E$*.,OLEY11
M<SO6<E/AG'3IGL6K&7E),.-92^)M"*E4^*E$CU#+_&%9<^(^("4<LL^("'B`
M_6`\,:@3/"$H@@R],;3V![0ZFWJ[C*8M#`(*'C$0)/U<Z!1%%-M3S-ZW(\(=
M=PJ@FF=RB<Y2`!M1A+\H#@'?KLW9K<NJ7GD-\SE!>T4"JRH$^Z##MW<[V!$N
M[V[$-N]B:9$TK:@]"RU#PD8D3SDDA1#):/.T*D)R"Y>2*"W,4$-2AU`$<A$<
M8SRU?32W\U]:N27@H*4<@5&<^H0\5U$BHH_#I3E*6S*//JKF@JVMC4DK1UPZ
M6GJ-J6$>+,9&(J.*>Q#Q%PB<Q/Q#Y%$YDU0#40P`)3$$!`<AQO;%2Q4-AYE:
M5-G(@@S/7&=U%(\RX4E*B>K'/=LZXBA3B0P*)G.F<H@('3.8@E$H@8HAI$.(
M#QS^O$TL-_7G$`4I!D#+H^GDC9.WCN`[LML$\QF;87<J-*.:N&;A[2LPN$K3
MTF@Q4*HFU<,'(:0*<I3$U9\"B(8$7"P6RZ(*:AI)5OR5CG(P3H[O5,+$U'3N
MV03[N2VBJC>W:&UW<DLS2\O5SJNXYC'7LI*C6;JHEZ(G$8YM$IR+I@R(M),(
MI9U!KB*AT@2(*A2ZN)<UCEZJ:LM8YR_5J"$H/]-2C+4)S(&\B8ZX.75CYA2I
MJ6,5*SEOA?E=-1NNHT=(JM7:!C)+MG*2B"[=4@B4Z2J*I2J)G(/`0$`$,/H4
MDF:2#AAM]$**VEH)*@2`9&.PB9N9I]ZE(P,M(1#]LH19N[CW2C==)4@YD4(8
MHY%,4P<.&/'$!8*5@2.<?(?<;4%I.(RZ/O@Y/;'[QFX"P5WZ9HF]5Q7]?V6J
MV5AH67"KORY_2A%I!N@I+1TJ5,[E!!LQ45$Z66DXE*(CPPC\R\I45?2*=I&P
MBK2"1IPF99$=.^&>TWATN!IY1*>G.!G[XWS.4W:7SE8Y8CJ-EZZFI:.=)F*8
MCF/DWSA\R7*)1$!!9JX(;ZL\,EB2I%K90OO!`!ZP)0+O1!JU:<IQE9-51!0B
MR*ATEDCE4253'2HFH0=1#D,'$#E,&8#]."Y`TY9P(22%>KG$C4KZM@(8H5G4
M(`"9@RZJL```%'@&8AD'][%0TE*9J*$RZI2BZBJJ=0P]68V1Z('9"D7TGV][
M8O)%ZXD7)Y^K2G<NE3++&`KU#2!E#9B(%^&,#YU2E%^<2D2&A/5E&AVPJ52C
M7@J9A?W]X([>L=92KHC=5;"$(QHNXU2/8FN&+$J16D95,DB[EV[M-F105FS5
M9"/5`Q@(">L^6>8@&'SD&_JK&56JI,W6TS2?X<!Y=D`.8J"8\0V,S+RPLWGF
M`#X\`'/C]'UXTHDSGMA-EC!JNR5L12W=;DXFM:UA9!]:6T4ZQG)Y5)(X1KV=
MC$@FX>(>K@(`9L\=MB)*$#,!*80'"9SI?/E5N+39'B700-\C@3*&;E^A#SW&
M7.23E'H2,FC:/:-F+-$C=HS13;-FZ8:4T4$2`1)(@?`I"%``Q@145$J5WCG#
MW"IVRKMZ4=17=7W6T;<N$;S%NS6SF9>B$)IHFBA+D/6]+-C.6OF$>2<Z:3L^
M8I9B`9XU&\7]QSE:F>I24U/%2%D;/54?JA?I[>D7)PN`<+3AYQ!PF>V+8KM5
M@7U8R=)VZHRGV1A4>S57+1:S)L+I<"AK6DRZ"`=94"E^L<L):[G?+LL,I4XM
MP[$@S[(*<"D9!6I*=.\RC&ET^[!VO;8R;F#3+;JM0:ETG5I"/H5^T,.8E,F7
M4X3S$N7$,L%Z?E;F5](6>(@_Q%0,5OF-OF6TE)'D@46XIIVA>XPM*2='W-2V
MV7B3:'3@YF8E*48TS,.CDT,63V*-(&2;-BN``3*(!KR^&&FWJYML`2VZWXFC
MGB`%$@;YP/JV;768%00Y+#$>B%P[][:;J[<Z^3M[<2"<M9&344-3$DBU=IQU
M51XNA:MI.$4<))F=M')M(E,4!S`P8T2AN5+<&>,PJ:0,1,32?9(V&%6IMKU*
MZ$JQ0<ND=&^<%8W];>9#;CVQ-A%,U&@HUJZJJAJ"NIQFLDHW78'JJ$4ERL'"
M"Q$UDUVHN`*<!#QPJ6&X)N/,U>XW\)"$I&XE)D907NK'A[:P@8$ZB?-`*_H^
M.1BC_:,`C_>P\*[IW2A::4$N)4<@1#@NT#OH;7MK>SVW-KI:G:QJ>O*2B)M)
M1E%'AO(*/7,J_?M"JG._*\20,1P4#?9B;@.6,GN_)-QNEX=J4+;2PM0SG/(=
M$/;5ZIJ>D29%1`R$H6@WB[K:UWE7OJ"]%<1S"&=2BSU*+@XU5TX:0\4XD'#]
M%BFN[^V6Y)EQ`#&R$0#&C6FTLVFA32-3*1M.!)E*>$*-RK?&O\08"(!MWM3,
MWQOE;&U-/MUG4E6551T:!4455SHMS*ZG+DQ$2G/RT2!F8<L@^.+%QJ445(Y4
MJP"!.9.<<VZG-0^$$'0<X]$3=Y1"=M>U/>:@")%2-1VU)Y3K@A0$H"ZB:1:L
MGAQ`0*("HX1.(YAGQQ^?[2_XKFIE\Y+JY^=6$:#7I#=L<0G(-R[(\U8PYJ+<
M,LEU^'_>GQ^C$@!`W1FU3\8C9(>@0PG^[<"'WV*Q_P"&A@#^'J*^,^_N+(VA
M'^Y]4-7+`[T-S]P_=$IL^VH7)O8P(BI4$2@QAZ53="4&RE1RZPD8%<%.8HJ)
M\M!01*7,PY!PQE'+]M%VNC=$LR;,RH]`AHJWN`P71+4,H5XMGW9-H&[RF6E$
M=Q.PT62JBO76FXM#.D(9&1;F=++,%9I9XJT.W7;MG?)'EF,402*8>(CC3G^5
M[O:5\6P/G@D#U%XR]W/.4X76;M1UJBBJ1(XX]6'VP-+N.PW;MC9*F%]DS^L%
M'SM)PI4T?(2L-.4ZU3YI?)BVD6CE5^#PWVG,(<H%`H$RXB.&+EU=^4E1O.B0
M[I$P3Y#A`>Z-VMMM/@R3,X[1Y8%QJ^(Y!F'P\,O#AE]&&DF<+\IX8SG!U=N?
M<7N1L(V;VQB*`BJ:J23N152$M,P-4)J+LG5)P3BH$)*-,BGJ.GYMQ)-U`4`H
MB42?0.$:X<O4]\NKBGM0#:2`4G\1E(^21ASI[BFBMZ!^,[#Z(V>;=IV<=Y<0
MK6>X>T,K:ZZLO&!ZG""J"+@XE.7:H%1,O!H+O$!526Y8&*"B8"8PCG@.+5S?
M9G.#;7DN4P(TZA,R.^)Q46BO3.H&D]<H7/W)M;*LKSUFUV\N9QW:5%X0E,+5
M$HR5DC):/M=2T>HJV51`P_*8#"(\<:%;S5FD0:X)%5+UI93\L*EP33)?(IYZ
M=DXJ"":.'\W#L61#'>.Y)JW:E(!C',NJH!$@(4H"83"8>&7'%M:@A!6HR`[!
M$5*A:W@E'>.79%M[CV;N/O'5+-\!BO&R,*BX*8#`8%"1#,I@,!LA`Q1#B'PQ
M4MJ@JE"T2D2?-.+-S24U!"L_N$5];U:F&]?44O6S=9U1J%40:M5-FZ@(KN*>
M3DFQY=%%4P@5-55B!RE$1``$<6*@NFG6EDR=TG3URPBI3A!<`7W2H=&$\<88
MT:71[!PL6I'=HKH"Y!JDFYT5C&:3KBF`+&#.4#+,^8^`8SLTO/4S_P!PU^79
M/JAR"++IRZ,_OACWM;7ZVJ7?LC-TOM(AIV!MW:^=;L'$;/O&C]VE(5(DZ>@<
MJ[5TZ$2*!'FSU"'U?'&=\ST-SHZQ+MU4E=0X,TC#U<.C?!ZE6RI&EG!`^N,>
M?O&PY;#H[Z[JP?Q^F"J#P_MX*_V_'_NR=S1](BG>?TGE^HPA"'@'\`8WHB<R
M,HS14R>F'+_W7C^J7<=_\ZAO]78Q_P#N9B]3>Z?3#YRY\%8ZH:JQEL,L#D[C
MVP2(WSVH94_%5(G;RYU*R99>CZ]2;+'<-_R9TV=1#Q5F=-YTYX1R)A`@CDH4
MHY988>7K\NR5.I8*Z50DI/E&(Z?JBK54R:E`29:DF8ZX00W=;8=U.W&NZAH:
M^S2HY0D%)*-$JA2?/)."E&R?%I(HG!98$$ET\A`JN1B^`XW>U7.V7"G#U&1(
MI&$I$??"/<:>M:</$$P"9$3E]WEC%OR%S*.0"`Y"!N`_1QSXB.#(Q'JXCI@&
MH+*IJQ,=W"4U-U0]2C:>AG\R]54(F1O'-E7*@J'$`(4>44PEU"..''&V4E2U
M`)`VY=42LLO*.I$\\\_1#9W:=[.UX9>0I2]6[N1;>@:=20E+>VFEA/..U'SM
MJ06TVZ5.JLQ9HM&Q]!4_QH*?#+&4\T\W4K:%T-J$ZA6"UC``;0-N<.MNMCJM
M+M7BA.*1T[XGO[SE!2LE0&W!&&B7S\K>L)T#)L&BC@$DRP.@N942F`A0R``^
M&*W]M%H34U)41,H&,^F(^94%3382)XD=6$*`^C:P_P!U:@RRS'\U._[7XK&O
M<5KVAYQ"5PER.!\T?LE$5FH.1*2J$QS?XL0[$<_`/XKB/''O'9"22I,X^+2N
MGS&+YM#LRW*WRGFE.V^M?-OGSPY"D4D2EBFR93G`G,.L^Y)!`NK,0`<\L#ZV
M]6ZC07*AP2`V8^B+K%MJ'Q-`PGU0ZAVD.STGL8<C>&ZTU`5;>:>IHC1-",CE
M00H?JJ1AEHML_>"8Z[D$#E;JJ)_9G,01*.G+&-<U\VF]#PE(%(I0J<R>]+(D
M#LVRAXM=K%"G6O%TCS01#N0-G#S8=NQ:M$%7+E>R5;)HMT"&5664-&GTD33*
M`F.<WP`..`'+A";[2$X`/I],6KF":!T#/08\RD:%K7F+?JE47%=<?T2\\.:?
M_LL?I)#[*D#UDY;Q&:U"5EXF1V;.@0P)^[D4U4<5O2K!Q*04M'-QML)07>L7
M#=(3C(KB!-:I"E$V0^'CA`_N&X@VE("@3Q-\-'+0*2H'.#.?O!=D=RM\]O-&
M05EZ=+4=&055MJAKY@E(I-GQUF(&+"KMVJJA2.4T#+K:N`F#,,L*'(59;:*N
M6Y6'2^4R3U'/SP8O5.]4TO#:Q$Q.$:JCMO7](O7,;4E'3\4]:J"BX2<Q[G(I
MR_`%.7H.`!\0'XXVUNIIUIU)4DI.6,X0%TCZ'"W+$'JB.HPLRN<J:$+)JG,(
M%*FFQ7,83&#(-(%)GF;ZL=<9OVI&//"U"<0,H)-L=[5.X_>E6B4:QA34'0$<
M>/6JBL:D153Y,>]<<LR,='%%-VY=J-B*&(.0D`2\?$,+M\YJM]G;U*.M\I]5
M(QQ@I069^H(6K!!.9BV.Y1VX]R]A[FKJ-K?+R]H(=!E3]$S,"LBZ*Z91T:P9
M*/UHI$ZCEHK**-!64`2A\XCBORYS#;:VG']0"J,RH'"4SE/(]$7+Q;ZI(D/T
MZ0)8YX;A`B'U-5#'K'0D*?EVBR)Q*=-Q'+D.0Q<RZ1`Z899B']S#4762)`B4
M+Z:1Y29@'Z=<<V%HFL*C=HL8.EIR2=.%2(H)-8YRIJ54,!"$U%3$"YF$/''B
MZAE(UK4`D"/O"/ZDI4F15A#.W9W[+]RI&OZ?W-;C6T=2U,T?*Q<C1E".$2R,
MS-R[!ZVDR23E0AS,F3)J5N4@E,'-,*W`,BCC,^;><:=+)M]O)4ZM)"CL`(EY
M3#=9;.IB;[X$YX0#C?;2=5.=W]_UFU,3:B!KCU,")D8UR=,42R[P$03$J>D4
MRIY`7ZL.E@>:%J925)GPT[<<H!WALFJ4<93W&,F>C:P#QI2H/_:G?^3P9XS6
MQ0\\".&K8#/J,?/1M7?[JU!EGG^BG8CXY_R6.2ZUL4F76(^X;D\C]\.<?NQ4
M1*1%CMRA)2,>QBBU?4"9(KULJV,J4L)4H&$A5"E$VD3``_PXQ[^Y*TKJ:72H
M'U%Y8[4P_P!A"@PJ8EBF-'_O%$=(RFQ2.0C6+M^N6Z<(<R+-!1PJ5,(.?#6)
M$RF-IU"`9_2.!?(2THO1U$`%L[>D19NX)I)#VOMA#DM&U@(?S5J#P#ATIY_D
ML;N'FM/>3CTQG!:6,P<]QAQW]V(AY:(M/N*+*QCZ-,K7$.9(KYLJV,H4(_(3
M$!4I1,&?T8R'^Y*T+>IB@@@)5MZ8>>7D%+2IY80TQC,(8XR]N$WD[=]K;B!:
MWNK]G1KBI2+*0R;ENNN9V1`#<TX`B4VDI=(\1P0H;777&9HVRO3G+9%.JKJ:
MCD:@D`]$8\K?N<=L*Y<&ZIJX=PJ!KBGW@:7<+55)I3L:X`,C`"K.29N$3Y"`
M"'#/,,%*>P\R4RPY3-NMKV%)*3V&**[W:EITK4"DX2E.<#^J1/\`=]JGEW,T
MYA+3QZ[E;G*M86CFT5'@;5J-H9-(]-`@&SX@`<0P?14<]-IT`O$#:23%,U?+
MQ5W48_P?=&B[+;H>RGM]^UM*G9ND9(%2+&FXRWT:A.G.D("B)I8D:5X()CQ)
M\_`<#ZVDYQK\*OQ"T`9%1EYIRB9FYV2G^$4I)_AE&IP[O?;^`,@OK$```.0!
M'O0``R^&1,L"_P!L7W/@+BQ\^MF9<[#$:J/ND]M&L$VZ55W-HJI$FIC*MDIZ
MF0E4VYS!I,=`CUHL5(XEX"(9#CMOE[F!DGA-.),L9&7HCDWVU$R4O+H,10.X
M=VFO'U!:4/\`Z_C?'ZOS9B867F;V7OS'[8\^=6GVAG[,?W0[BW:C:GYC>IK5
MH'`<P.C04>F;,!\=18T!X#CSY-S/EI?E[Q^V/?G5IVJ'Y8GC/NT]NZ.3*E'W
MEIUBB7P2:0JS8A<N'X**!"AEEEX8@5RW?58J96>N.OGMKE@O+H,<[]K[L`#Q
MOM$\/'\@>_\`4QR.6+W+X"X^%]MA_P"9V&.*^[M_;SDF;EA)7J@7S!XD=!VS
M=Q3EPU<H'#(Z3A!5(Z:J2@<!*8!`<>IY:OJ%A2&5A8R(V1X;[:R)%<P>@Q`?
MVC7:F'/]:;7>(Y_J(PS'CGGGT[XXLBR\S^R]^8_;''SBS`S!3/W?NCNX+N?=
ML:EW2CZF[BT'`O%2`BJ[AJ42CG"B8")@3.LS9HJ&(`B(Y".68XC<L',;PDXT
MZH#>28]3>[0D^HL#J$2PW=[[?QLRFOI$FX\2FCGH@.67#(4Q#$/[8O<I\!<C
M'?SVV?ZG88K>K>XQVI:].*E;U1:VK5!`"F/4=",)@XE`/E`QG\<N8<L\66;)
MS.Q(,(>3[I(]!CE5ZM*S)2@3[L0F/WG=F.(<$>Q;&P<<Z3.4Z;EG:>GFRY%"
M"!BG*JE#%.!B#D("`\,3FV\W$2/B.K6K[8Y^;V<8@IP_AB]6G=O[><>@FU87
MJ@&39(I2)-VD0X;HD(0``I4TDD2$*4H>``&6*!Y:OJS-;"]73G$GSZV9<3L,
M?T7[N?;X=)F2<WO@W"1@$ITG$6Z6((#PR,11(Q1`?HRQ\.6;XF2@PL1]\]MG
M^IAU&*8G=\O9XJ=TN]J0UD9UXX/S'#N5MA"/W"R@@&9U5G,2H<YA^D1'%U%K
MYL;2$H\0$Y2UJ^V.#=K0K$D?ECM*4[@7:2H-P5W14O:&DW29M9'%/6\BXA8A
M@*(`8JC&,0.4P`/CGCAVT<TO)TO)?4G<5$^DQXB]6A/=4!Y(M@.[WV_BAD6^
MD04.'`L<\#AD(_`GU8J?MB]S^`N9PB3Y];#DYV&*Z>]QSM42;M>0D:KM>^?.
MU#*N7CNA6+ATX5..9U%UU8XZBAS&'B)A$<\6!9.94"24/!/6?MC@WNTX$J&/
M1'%_:'=IO+^<%I\O^'\;\/'_`$9\,=?)>9Y3T/2WS/VQ[\ZM/M#\L?/VAO::
MS_3]IL_'^K^-^G+/]&?2.//DO,WLO?F/VQX;W:`)E8\T2^G>Z;VU:/07:4I=
M*C*;;.E"*N6\#3?2D5U2`8$SKILFJ)5#D*80`1`1#,<0N<O\P/$%YIQ1&4\9
M>>.A?+6,$K\P,<B?[K';?JAETRIKM4G4$=S`6\A,P!Y)IS29E(J+9XW62YA0
M,(`.6?$<>M\N<P-JU-,N)5O'W1\;W:U8%<QGE$)_:&]IO++U!:7+X![?QN7^
MK<L3_)N:/9?E[Q^V//G-IP&H?E^Z+KL;O]V#UE6,5;&R5<4>WJ:K7J;=A!T[
M3J<*62>JF*DES/*M6Z1U3&,``)N/'%*KLU[0T:BK;<X2!B5&<O/$]-=*"H6$
M,*FH]$H(O@'!.`X]RJ^6VZUETMOU/;D;'4-<JBZQ?R;*3K.J8I>3=T(U(R>*
MHNVI$\TB-G3U(B1Q4*8OVGTX:^7[?<*ND?=M[[C;R)$)29!1F,_)`^M-.%-A
M]*5!2I8]1C-UAIGM_;A]Z5P-L=O=IMCIN@:+A%GS.Z,=!&5"=D&K0'3A&/,8
M>GNV13<`4(7CD/'!*NI[[065%SJ*I\/K/<*LAT[1%5NGH'*HLI9;*0,Y1WF_
M>.V3[-Y"B(.FMF5F;B5#4(=>J.)5IX!7IN@(MZB-5U6LFS42,FA"095W7S9@
M()#P$/&.Q"[W@+==K'FVT8)];O+EZJ<=YD/+'E73T%*$Z&$%14)X9">)^V-U
MT5LT[?=P;=QEQZ1V^68GX*6ANJ-7D3!LG;)50B',6;)K$+Q,@L`D,'B4P98!
M/W6^T]067:A]+@,I%1]'HBTB@MSB`M#39!Z(7NIC>1MDFGL,=WL3V>JL)BJ"
M4^G3<*O*O+B"FH]%J#AO3PK9JF;E#4KEF4@`/PQH3ECN+:53KZS!$YGN993@
M2VY1+TJ4RS)1E+;!D]V]BMF.VFUM&W&C=GMGY]>J[B6TH92+F:<*U,Q1K^H8
M^"4<F*VT*@ZCBO1,!3#IU%R$,L)5KK+O<*A;)JWDZ6UKP5GI23VP0JZ2A89#
MA901J2,O:,HZ#>'9W:-MEV\0-Z:8V36EN%/3L]1,&C1J=,"JNZ]6.$$EDXY)
MD*3ER^0*H(HDU?,8,AQ)::JZ7*X&D<K7FT!*C/5[.^<<U--04[270P@DD#`8
MX[HJ6WLQVY+OW1LC0EKMK=E9Z+NA%**U4HZIT6M2T#/I3+F*4@Y2,,"8M%U$
M6_/3!4HB9,P#GD.+E4US!14[SM54OI+:O5DKU5B4]0,>)8MJW$H0TV2KHQSB
MM=^U0;4=HE]:$LK2VS':]+#5]'N*K6J.X[=U`L&G(<+H>31<1YBI&4,".8`8
MHCBS8V+G=J%=8Y65*0EP)DDS)\\<5;5#2N)0&6I$;1&VMI.TNP-\+:1U?78V
M6;>J+Z^T0EJ;-1C`)>(F(1^91:/D4'+PZJID7<<*2Q1X?A^&`]UN-=0U/`IJ
MRH64X*U&1!&8,66:"D=;#CC+8GE(;(TM/=OO9%#0<U+EVQVH6-%14C)%2-33
M0"JF8M%G0)F$I<P!04LARX\<#47N\.+2WXEV1,N]OB4VVA&(:1.6Z`"62OC9
MR_EP&%$4'L&V:K/)"KS4VC!.WLHA5ZK9!R5-P[2C3K`D*H-P.<H:LA$N'NNM
MM70M<1^X58`1JGF!AE/K@6R*5]SA)99F#+I@JV\C;%MTVY6S97.MSL<LW<J.
MBYI$E?Q[B!(1Y"4GHYKV=CT6JB"CD[!%%0Q@S$```X#GA7LU?75]5P*BM?:<
M(]0ZC(JW'=%ZHH:1IO6VPVHC/#9$)V46IV@;R8VJ+D0NRVT,%9`3MT[:5<I3
M9$I6KA(N[:RIG3-P8PH$8N&@E#(I/POCB>]O7.T*13JK'EUGXDZL$[L>F<>4
M])15']0,M\(Y&6)\D#ZW.7WVQV+W(7JL=`['=IDA'V?<0B)7E7A)1M2U,G*4
MW3U0*(Q<<R/R';S.>%-$A"AK%/Z<\,%NMEQJ[:Q6N5U4%/SP29@2)3B3LP@<
MZY0M5#E.6F06R,QG,`_7&ZJEHG9O`["3[S0V26K9RI:9;SQJ%GJ35CTRJ*SP
MPHI'*;2_*@)?M""(YB'U8!-JNJ[[\F\8Z4%6G4%3R$^J"*:.@+`>2P@=!$;)
MM-L@V2W)ME05P%]K=I(Y:LZ4A*D5CT:;;'19GEF*+PS=(R@"H9-(5<@$1SP'
MJKM=Z6I73BI=.A9$Y[HF3;J!0"^$B9&Z!^7TIC;PSW`2>VC:9L)L?=^Z%&Q#
MF<N.%60:L/!T['D3BU&J39\V6;)N'CP)5,"ES-Q`<'K>:Q5"+E=JYYJE69(T
MJF2<<QN$HJO4U)Q.#3L-J<&<QA%T[3K-[/K]4-7ZEQ-EMI+:WDM--3E.7%MV
M2FP,G%S$2Q0E$1:*NC+JKLWL:^;*E4`XY\WABG=G[G15#8IZUYVE=2%(7JV'
M#'I!$2,45$Z@EQA"7$F1$L)P**N-V>V&E*TKJ$1V.[.0BZ,N"-$)1$LZDVMP
M9U-,T1S',5`D6`CQVL$II1(3@=0H!EAK9LMR>:0M5;6:EMZB1+2,\"?)`\JH
MDE4V60$KT].S9![&VSK8(SM.VNY5NVRU%+4^6CT:QG#2=,M6XPK`(\LD\!T5
M8O,3,S2U:BC\V91#"(;I?#5FE:J'5NZ](]8X[!*"QM]OT:RTB6>48,V##L>W
MDU;=6AJGV:68MU5-$O5Y&D(M"GA%>L:!3D5&)*L(5ZHJ)DA!RQ,(IB!?RH.&
M#E]:O%H8:>;K'W&EB2O6[JI3T^GS15I&**H4I*V$)*3AALWQTV^VA*(VD2))
MND.W-MOKJU#R6I>G(^J9ELZ:2BU0U1+,(-DT.T9.4B%2ZC(IEST^`YXDL:W+
MJDAVX5#=4`20#AI`)G'%8PQ2IXB*=I2)C/I('I,:GLOM,LG4%@ZHNG?78O8:
MW590D55501]+0$6$A&OH2&A3RD2X6<.%%G!%7_+.4X`;Y0`,L"ZRXU;=:FEH
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MU!M*F.DF`AJ4(`#PP!MSUXK+O\LJ*MUHC4"K5EI23]4HM5--04].7T,(4<)"
M6)F0/KBO]O\`=79))70VTNK([:[4T]7%>/)-E5P$@U8FM+2U=`2#=D]C%6!^
M6LU62<F$R9E`-J``$!^.)KA0WAMBI36U#RF6Y%.,TK!&<^J/*8404A3+:`Z<
MQM2=H(Z(/@`9828,0`/N^]/]S[3]3]!>3]%U+SO<GU-Z6RYP:?-^D?SYS=>7
M+Y''F9:OESP^<I3\*]IXD^(GN2GVX>>!M;+6F>F6.>671C&1^T7TK[VEM.E>
MW?(^[A&ZO;WUGY;F=)D]75_6GYQZS_+Z?LL\M.#G-VOY,YKXGZC\>F>8RT[-
MT5[?+BIEIEPQE/Z\?/C$G[D/IW[[MRO6'M/H]D&W3?O%^Z?2>5Z1E=7H3V+_
M`"CI6K_/NK?;<S/3\N*?+W$^2-<'BSXV/"T3[X[W%[-,5[EI\5_4TREAKU2R
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MSQQ9?US_`/L.^B/JSX+>7?3`H;-=%_;#L^E>TO/Z)3'4/:OW`\KYCGCH]2^L
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M_=23R]JO8[+_`#\O,\M[A?G[\'/G9_Q>K1\V6-;YBX?#5KX,^"/B<3I]G#JZ
M>B`5-JD>_+5LTSV9;90;WNW><^[7#_SUZ;ZVB^L=)Z'Z,Y&@^GW1S_6OTU^%
MGT+\IT\W5_%X1^4Y?,%=S5PC*<]7^3\.KWL-T$+A/@[93\GEZ.K&,T]E;D^6
MO%T3E^F>I%\C[7^>^[KJZM,Y^W_N#_2YS]6?-ZA\G,U9?+IP4YTS9U?$ECK^
M+D.]I]3\L5[9D93T]'<\D\>N?DB+41Y']H_O:\U[-:_5](Y>Y_J+S?\`5E;/
M+RO1_L<_\3/XYYXGJ]7[:HI<66E7<T^VO?%5F7S*I^'WQWO<3&W^YYH_9R7M
MSZ#H])QN71>?T/\`3C#3T_3]OHSRT9_X?X7#/`#EC_\`1L=[OG/O9'/Z906J
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M$M%W79YZS.?>R_%+"?5A`5[N=$]JYOF^Q?6_OM.^D]5]P?>WS'6;19>B_)_T
M>^:UY<OK7Y-J\?EU8<J/5XT?'T>#$Y:=&3G>_%+W8$JEPE?#^+TSS3V[MD'M
M[FGF_N`RW.]7Z^D,^H^6Z'YCD^F)GS/K/R'V'0O_`!_2OM_Y#"+RY+]P8:93
M,L_:'=GC/=/RP9K/TBIZLO+Y9?5`J-@'IW[\=C_1_M1G['S'6/NS^Z7XC327
M]:_OI\G1^=IRZ%^4^;Y7\5S,,E[U_)'^+Q9<<2XVC^+N</;[W3T0+MVGQ"=&
MGNGN:NC/5VR@J7>#T_=KI;7RLO?&R7X[FZ,_=*D<LN3\^O/P^&?U9X6N4I^-
M=_V'-WL&"%T_2'WD?SIC=-2Y?=IJOPR]F*G\<].7HZ0\<OFR_NX!-?\`T$?[
MR?YA%X=SR0.[8WY/]FA5OG/2_D\[K^9]5=<]*<KGGYG7>A_G[I>7X[ROVVC/
M1QPQWR?[E1+7J_I]V6KR3PGUQ5I?TQGO5GU]$!^J7U!^S_@?.^_7H7U-"<OU
M;[9_='Y?6%N1R.@__HSHN>7D^;]KJT\[AGAO:X7[@7+PW'TGN\3Q&6V?]&>^
M7D@2Y/PIU<3AX=Z7#SZ/7E!L=T/E?N'6;\GZ7\IZPVR>6],=9](\OW/HGE]&
MZ]^>^F?R?FOM<OP_CA)M\_G3T]<]+V<M7<5NPGU06JOTPEO1_,(%C`]'_;0V
MW\A[9><Z.TZA[<>N=7-\@IEZM]2?F+U%E^,Z7]AK\>.&M[7^SEZN+*9EKT?\
<,L=/O8P),OG:9:9RV3G_`)MD^J&I\97#''__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>g72284tx14.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g72284tx14.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@!J`*\`P$1``(1`0,1`?_$`,4``0`"`@(#`0``````
M```````("08'!`4"`PH!`0$``@(#`0``````````````!@<#!0($"`$0```&
M`@$!`P<'"`8&!@<$"P(#!`4&!P$(``D1$A,A%!76EU@9,=46%U<8F$$BTY9X
MN%F9,B,WM]@Y46$DUWD*0E)B,R4Z<30F)\A)B7*E*!J!D:%#1%1%5H=(*A$!
M``(!`P,#!``$!`<```````$"`Q$$!1(&!R$Q$T$B%`A1,B,68;%"%X$S4R0T
M%0G_V@`,`P$``A$#$0`_`/KZZDL/BUAT#`X!.H^TRV$3?;S1^*S")R!$2YL$
MGC3UMM3J)W87QL5!,2N32YI#!%GD&A$4:#.0BQG&>S@<?X3O3*]PO5'V(P+Y
MFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O
M3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5
M'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+Y
MFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O
M3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5
M'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+Y
MFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O
M3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5
M'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+Y
MFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O
M3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5
M'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+Y
MFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O
M3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5
M'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+Y
MFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O
M3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5
M'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+Y
MFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O
M3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5
M'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+Y
MFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O
M3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5
M'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+Y
MFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O3*]PO5'V(P+YFX#X3O
M3*]PO5'V(P+YFX&K:QU6UKU@ZBU;)-=**JRD4\TTJV/42XFL(8R0TJ3',%YZ
MFEL1KV4R)4A3B8S@>5F$PC0B$3A4;@.<8'G@6L<"$F^?]E]-_MMZ%_O@4SP)
MM\!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'
M`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'
M`<!P'`<!P'`<!P'`<!P'`<"$DG_S'J0_8DVF_OWT[X$V^!"3?/\`LOIO]MO0
MO]\"F>!-O@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X'6O+=AX:'5H$
MJ5(@NK:N;A+$)F"EJ3"Y*:FRJ2&Y"+!:I/@WOEBSC.,#QC/9P/DBMW6JJ*L_
MY@OIJ:>QIODAVO3YH%;Z^:5X]SN;O+38DGBK9="!JG%@87R`X<MG(?0R8X;J
MLR8L$H)`9W\"++R$,U@X'2S^O6W=+RQ7R<.>DV@^A$<LBGZ7F$ND+NQ7;/G$
M=9-B&QK=,7+O.+F%!VJQ%34@(?!.*1,K9<*NYYX)0:8'NJU7(VGKA[Z=(ABD
MM@F:+7MI:T7DJKAAF<C3_=MFCXG@L?F"6H9%Z0.>JKBMC$216:>UMBA*E2+W
M(@Y`6E\/RA@=1:T51:G_`#`_4QT\DK?)"->V/0:G5T*KUDG<V9FJNI-+&BF$
M#K.*^PAD!0XE.1>F5)P'5'DM9A0<,S(\B,,R();=?K9B_J/U=^A^G]OQ^%W/
MK:WU)M]8!,A?P(978M85'9C-EGK)D(*7(%+VXSM?&G-]=TX`F@6LL45MYA6<
M.I7:$6>OMMO'=G/^7VKO=Z@),^Q7-F2G728Q"21.2.C#+88?+I#ADGL+'((\
ML;EQ*]D="UK([$!,\(:E&/`@YR`.<!]4<**C,0AM>QM%Z)CZ-0T-3)&6<)Q"
M/"M4GCZAX&VM2<TS!JY86UMBI6,`.^;DD@TT7;@`Q8#YA.LM(4\1ZSW1Q3KX
MG8UAP":0G<ESMZFZP"O=7.YVNMZKR_QML5P(J0Q]JG[O&E(C53<E/&-3DP/<
M3A,-R44((QZ:S"<73TC.NUL]&;;D3CJ%.&C:F4:*T;*K.D,TN34,%7U_9[@L
M1/[BJ?7EZJ![5."A@=&6-IG4_P!#)TQ2D@>"U8##@EAT0*_CM\ZYZ<S>RJNL
M.KYY2>N5#W5&MHG.Q3/2FR,MNI5L+6$\0/AS5/9`EED9:6UI;R1(I2E(=2GA
M6E4DI@!+2FF!K.Y]9ZIJ3K^=*_3^+HI,HU_D&D-ZJIW`GZ=S9[;;-D</B-QD
M,\VL?T@_G"F,V+/:$ZD3FL\15YR4`S`L"++[H99?U5,U&]?SHI:XP]]G2RIT
MFL&P:5TC<BG$J?$TQ^K."VNIKM?/RUKJ,B=O4,\W3X2+W4"M9VI21F&#&4`6
M`DGU5(ZT1_6[KCSI@3*&28L>J-2RMADS0YNS<\1V4M\,GCDG?XVM1KB1QMZ\
M]1$'''H?-S5(RP".R9V8X%1&F-H2BU-N>A11>M#_`&KJ_>T/U`K#8S=V5V_-
M7N+PG>"C'ZM*X=EC1!(GF8REJV.F<E/3R!5AV4)$R]F$)4J-,":WJ0(PDGM@
MEVSZ8.TU[]6?6A=8EUZ=HK[E53[_`&EHWQQ>8_%*F2-D*<";WI:/+U1Z"/KH
MZO?5:UR\/!1:%4:,9F0M"UPRA"_7IXKZ6OS1LN=48Z*RJDV+E>STHB,L9/2S
M,_'P^<7G;+?&')+Z9R8[L;FQQ021,D3&8QAKPD+3E@`62`&`HSGNM]2PO_F+
M-0M.&9F?A:W+^ES*GI_JYQG<[<6&5RYEEUPQ]'/I4%7)#%#[8.6QJ3!,>SQB
M<AC(+,R=X@`"P&>U::\W7U[91TVK9?)H_:;].K02N)#2%*S.4/3K'[FG*YJI
M5F#<=P%*EO\`[YWB.-5@K&Q-Z<\_2)E:`*L)0%N3SC`V1I+;]C41_P`P'O5T
MW(&\25]T[/UK@VT,/KMU>7.1,6MMD.26JT\A8:^4.ZA<IB$#L!7.EB[+`2:!
MN2*AD90D)RPFA&':]7A=N72>WM<;<0S5@GJ0:10/7A=7%U:D1I_-'9M'3-XF
MCM)W+9:&5\2%RQ)Y"_0Q"F:DRP+6X+$25K5%%#;BSS5@@U3;2'3_`&-Z'FQ.
M_&L\MO"8E1;1W:!II1[MZPK`46/23\SS*VI^]-K@!=*7%5BU(',7@+,%_4*W
M%<-L8T/FRTQ.,1B@(V3.?3/27_EP:PZE&NITN:]NY1HO1]52>SL2.0OY8\7;
M8U7(7RYI2Q/:]U9G6R8AD:KT2^&I\JDZAT%@\9I`0%@#;G44JMFTXZ$%9[O:
M[V!,()M_1U?ZGW4S[1D3:1.MI6].;0DE8--E8MV4.[LO4V]&K.)G:\Y6R/PG
M!H[<DA*3`*(*`$/7(=IK;ZB'5JZ=FD=\'2BK=9Y#TYX+O=;E$1Y[?H4V[`7/
M/(0:^E02?K6M<W/\EK"M7;\X,>,491+%C2L"X%*2^P!06&]4G42K:.T/ZAMZ
MTX=*:T4-6@]XL[7741E,A:*RCDNC;0.:Q2UH-#DCJ4RU]9+*M9<$&.;,0C/7
M$>#@_(\IP9R%2O2HV[K7;2'Z,]+_`'"8+.I)&/4ZBME:K5S9]&C<>HC-NQRE
M$H?FVX6&4GO[=&(ZY-&3SF`E6!ZEV$Z].YFID2-4SK@VSJ)(I`Q=>OK4UNUT
MG9E_5Y$8#KBVQ.LHK,:Z21*KT$VK&,N,O.9HW<=KU[&F5/,UPQ"4>APFG#,"
M/)@0!'VC"E2D-P=EJIZ&6OS/7MH65")1NCU:GW5FY=C@S!^7VG":=-]'Y%&(
M]8KBZ.+W%7-6@1B)2K$JL`DJ-.MP0()AXC>!?-UMC@]*=+TX=FM%&U=5\_%N
M'6^M,WK&(N[Z./[*4Y.8W)7)YA%IQM2XK"+(D>%T13A;WYR`K?D*QP,/)5A/
M,[W`S&K\G'?\U3L5"SE[N;"VCIOQFSVJ%FO;P9#6VQW&=58S+IT@B8UXHZDE
M:IJ5'$#7%I@J,@.-SWN\88(0<3_F9)%EO@'3C5Q"3+FEZ7]4K7BGYZHB4F<6
M9R60R71:7/DBK>6&,#BC4GLC^B$W+%#:KSD!I0B#>YV#"+(8_)9M,-5.OQ'>
MG_5\@E$DTTW.T5GEPV+KU)Y+(9I!*4L6*MUP"*G5;(I"Y.BBM6:5BJ](C5-C
M<:E:CE;L8;@CQ@ILDA"[_EZ8LBVCU`UZ8[QKJT53DFEFPU])MY'BT5^'U-,]
M;=A:;406KTDA26&KEXVTMC?%HWA#(V].RN#,0801YR'*GP@X^W]XT_KYUCNK
MY*M@JLO2[]=*UT#IV?"K>FG!\6A@4SFJ2JFE7:+0UI)Q%PU\>J<G7&'"3-0<
M'M?G1BX\0"\'G<#:T(K'JOJ^COTU[%B5B5]U(+!KZPW[8VSM<7>Y%[^':K6%
MT9GHF`UTXV2K6-RZVGZEA2=`M/;E^524+R%&2:0Y&-2=(L"WGHN;6ZZ[40_9
M=YINN[OUSLF*6TP->P^G=Z*'T;KK-8&(8B8TT>@2%Y'@IBK25D18]<C0I$S8
MG*<@KQ^CT8S1%Y"[#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X$))/
M_F/4A^Q)M-_?OIWP)M\"$F^?]E]-_MMZ%_O@4SP)M\!P'`<!P'`<!P'`<!P'
M`<!P'`<!P'`<!P'`<!P'`<""$\Z>-'6+N_5/4%?WZTRMAJ5@[E6M>J6N7(4<
M):8(^$R4E_CBF'BCYR-U3OF)>O$>>I&8KP,T&2CB\DD^&&57?HW2%W795^SA
M^)=6.S-.M#K%X+?M3/:.-V`1!7W"O+W74G(>&F20RP8`X'KC3PM4@:'1,C5C
MRH283GB$9D.1KII%1NM5@7-<\52R>;7[L.[-3K==^VB^AEMJSXJ/(BFN+1X]
MU)0M+'&(5$VI,4F;6)B;VIH2E$@R%-WPX'P,.@/3QHZN=WK8Z@C`_6F=L+=D
M(;*VL-0Z2]$LA+O!F(F-$1^.IH>%@(1-2=B#$4&4YZ89:O(BAY--,R<=X@;L
MBNN<8BSAL`XYET_DYVQ[Z>_3<F9.;!(D30(R'ML#3LL.1JXSA.T19OB[.G3D
M-9X5:'`PF'"+&>I5&'A6<3T"]&B=*UO3X]-[%':I*[/(MLNMU5PFJA-DL(/P
MO\)ED)\>,D#1'CGO&7(QN(4`2#<1#4=SQ#3<C"=D5TPC#%;M6W/);HV*M.24
MPP2IBKICL:Q6Y=!V0V9,949?)(IB49BL6;7V7CCP#$1#DX85*4J=4H"2('G!
MW?#&[RZ>U'[!;5:Y[D3I]M!+<^J0)*"D5$;E;>U1B+@FR#T5-,*H\;'UI#[]
M*FKL3*O/!G9"5C&"?"SC&>!IDSH\:@H7[=9T@P[;JMAZ@T>>V#:*N*XL(3)6
M<T,E#6K:)1)&>'KF=V0PV7R-(ZN'G;DUB2J#!.:K.,A[X>X&3U'TNJ9I>"Z]
M5)$KCVC.I?6*3Q:5U?3SI;Y68'E="'H4DA[=,R&B+M#_`#R.QN0X+6I6YU<%
M*,"E.0/)8LDE=T,[L7IXT=9^[-/;_P`B?K3(V#H>'N]?UHI9Y>A0PMFALC1R
M1#)F)5$1,"A&[DR%/+5V%!RH9JD.3`9*-*R23DL.PVDT!I#:RS:%O62NECUC
ML%K*ZR%QI2]J:E*.*6)$$4P08:IA&#_33)*HC*(C*FW&2%C>[M*\C)0S`EX+
MP<=X@>RR-":<MO7B[=<+!D=IR*.;)`/*OB=*I>C!:%F)5+4W1\UO=9*2Q%M[
M&TEQQH2MQ")F0-B1&C)[B<HK)APC`T/+^CKI[-*_TSA3CBUVU^T`/80ZK7%&
MK"-C=TUPQQIO0-C5$!3MH:4ILCB04C.B"<B<4ZH*KS0'C"'WSL&A."LZ"B];
M(;5:S)!+[$;+DF;_`#B9MMF*V&2-QCC*&I$ROS6@;TD=:$9$9<6QO))&WF%G
M)L`#G`0XP,SO`UMURJ74JF8GK_14<'$*G@BN7'0V*97JW)/&T4QFLCGBUD;5
M*\PY8%E;'>3J"4))@QY3(P%$]X6`8SD-!R3IX4;*MZX3U$W1_M3&QM>UL=3T
M64)9>B)@J&L5:F0KE\/-AF6`:)6B<'"5+E!J@P8E_C&AR$\."BL`#)KGT7I&
MX[VKK:<L<QJG9ZK8ZYPB+7W4;T@CLZ4UV]C//=:WF*)\991![$@BE:H$J*;G
M]G<BT"S_`&A'E.?G)F0YVMVD=%:P3.Y;7A2"12R\MB7]OD=YWS9CY]+;7LM6
MQI,-L9:W5["D;6ICB43:@A2M3&RH6QE;R`!P2E#GM%D.VF.JC#([O>]AHU;%
MWU79<EK2+5)(3Z^F#+F)/4-A;Y-)''`N%>3B*3:!GR)K=I^Y#)>?1V'8HH[P
M"U`",C+&&!+>GGK@/2^5:%,;7*X?K_/([-8W.4L:DQQ<TF":SG9X?[0<G^9O
M"5Y=%;_8K[(5ZMT6A[AXC58\$"(+P```RRKM):"K'4-HT8-CJRR];&>NCZC)
M@ML*4<Q"MK4U&-N*B#JL]'-QCF@1(1^&0:;@2LKNA%@[O@`((1P-Z1VL3W5]
M1Z]V+*+UN#5RBG]@?ZQUAM*R"))4+3F&=_ZOH_)3"(XVV1:$*KP`@`9V.62%
M]:2"R"`&)S0IR<%ANS9G0'7S:.>TU<LI22^N]@->5:U126P=,R<R`VW7R)V3
M'HGN-)7<M(Y,4EA+ZA5G$*V-];G5H.*4'8RFQXQO?#QL;12O[DJ&Z*>N"U+Z
MLILOZ!JZMLF3R"=,R&0JZW<DQZ1WAT<:HK$8[7D)0/9*LW"Y4SL2)R6=_'C*
M1^$3X01<LGHB:56G1FHU!R,ZZ$$?T9<@.>LTYBEEBBEP5R-*%%Z)2M]H,;&C
ME&4;(:V)3DP,&@SE0D(--$:802(`;OIWIITE1NR.PFVD'GMX?7OM%%HY%+FF
M#W,V!V*DB:&L:"/1%T3,1D-+8F9ZCC<W%X3G)4Y0!#R+)P#>^+&0UA5O1<T1
MK#3F?:%#A,OL;66PIFNL9?#+.FBZ0O,=GS@8A5&S*$SAO3LDSB<D(<6TE4G6
M)5P3DR@(LE"`$TX)@;@*Z<M+R"SJ*MN\9O<^T$KUBR:MU_*V`F#'(X_6<J-)
M1I<V(GCT2B,(;)I9R=(WD@32*3@?'=&,.3DYY2@0SA!C[UTQ:4<=RYIONS69
ML'"-E9Y7">H'V5P^?L2-E^K!&H9UR.&)(FZPMX8"FU,XL"12`T9)BSQRN_D[
M.1#[P:UM?HTZLW=7$#K6SISLC*T5?;+.>WS;*G.X#%,[=MAUXCP(;!D$G/CY
MJA<.,MY_F+2VE@(:4"$LL@M+X91>`A(BN^GW0%;6-;UZ-V9Y)-DKOB0(!.-E
M)Y+1S.X2(*F*)*;X7#'%[0J(I7L1;AIRS@-C&T($)ZH`3U!1QP0F8"-=.=&/
M6N@M>ONGU/;NV</US/E"V5.U6-5W82-C^<\.B9VDK&\2%+%2)N=%):I39`ZM
MI3H2E7$''%&!R6<8$0;V9>FUKJT;?7CNPI.GTDMS8VKPTK<+)*W]I?JNE]3D
MM[,UI((KKY7'/113*D0L*<O&0"PH/#XF#S#<'G8,#3]#]'35_6!AK^,4#/-E
MJRC]06-9%G4ZS-%TN#JU5<\VT@2MD]8(VURAH?FYRKY]3)`F&1UY*=6;SX0U
MWF_GPLJ>!-*B]7JSH&1W+/HR)_DMJ;#S!DG%W6O-5K>XSBQ7N*Q1K@L-*=36
M5IC\>:V.%PMF3-K4VMC>@0)"`#'@K)YZ@TT)&<!P'`<!P'`<!P'`<!P'`<!P
M'`<!P'`<!P'`<!P'`A))_P#,>I#]B3:;^_?3O@3;X$)-\_[+Z;_;;T+_`'P*
M9X$V^`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X$3+NVL8:NN_7S
M62,L8IS?.QRB9.\8BV''T2SP^K*P;T3E9MNSQX`C<CFR-1_+J@;6],4G,5/3
MZYI4A7A$^=K$8:FWEZDM#Z"S/4*%W(<H"MV\V$9:)CRPA42C10E,[-RO!]CR
ME0I*&05%6>3JV9L4]HRAAR[X/QG)28_L"7]EW73M,)FE9;UK5S5J1].7$,JJ
MPYK'(:G=3&M+A<Z8;SI"XMQ:L+6AS@Y4(&<A3DY[YF0A\O`ZYPV"H9IF;#7+
MI=53MU@2E.R*HS"5UAQ))*Y`GDXC`1DUE8#W<MT<PR7)!GH[P2AY78*,R1XF
M"Q]T,?#M=JX(O!V-D:%\(5A8J/Q<V]7^"\6P+!>0U<(>9#@(+&%@T.<,><X=
M,]O_`''`ZP6Y&H89$AB`MI]<PRQSFRRM6Z+BNVM0R);8S?@.7"`IV3,FPYFS
M5#WPX.:L%>?%"$'`BL9%C&0[%LVQU;>H<_V&R[(40]0**2L<$DTS9[;@3K%V
M"<@&`O,+>'QO?U#:WRX0S`X"VFF!6CR,/=+SW@]H9'(-@*(B<,BMCR>Z:HC]
M>SK*'Z$SIYL*)-T/F&'-`<[-XXM)%;L4SOY2MH3FK`#2'&ARC*&?V^$`0\!K
MC:?;2N-6-1K=W)>B'*QJQJFJ'"W`E5J-OD*N:QXIM)<68<57DJ_0RM"_`5D"
M+<,GX0E)3<J1F>"`0N!'+2;>VP-NVUQG+14E?2JDW1OLM=7-TT#=1%GQ.1O-
M>O\`%6@NO70$JAM:!;)')D<E,4MJ_"@3>?Z+6E*L-YI(`FAIG77K)5I<&H6^
M>YUD5%+J0KO1"Y;TJ.915TD<=F4XD:JB(K%G=Z,3`CXRXLDD$BDDA$T($)#D
MO2"/`4/SX0#NT`8''^N)5\78+O6[)5FIJJ1U+T_*GZE#7&XC+"9^.7T5;:+S
M=%"DC@N9(>2FM6*SE8W1Y44(/HM:I=4JDA2$D1P"0D=IEU)D>R]\276*P:U3
M51=3=J_0FXD=9V>8_3E@D%,WTVE&@2^EC8_&%:27UE)5!+2\EY2B1J\J4RI(
M;D!IA*<-MO.XJF*[CS^A9BTTK$Z%K;6=%=\POQ_V;JQKE\5EA\U3,*B(S&@E
MZI-.HE!D\:<$SE],5PR67)AQ:;O>(8'@;13;J:<K4\G6(]L=:EB.$QZ.2Z9K
M$MZ5@H21**3!4D11.3R943*!D,,>DRQ>G*0+50BDRLQ04$H8LF`P(-EH;LIM
MSRVX;;8K9?Z9@!]L,^44XC*H+K5B810%%E-PB7,85L`($>7@;R5D3<'Q`=IW
MYP>T.NCVP=#2R"R6SXQ=542"MH88M*F$_:+"B;A"XH-N1)7)>&2R=,[&,K%Y
MHV+B%0_.CBL!2GE'?]V8`0@C3L%U--)-;JT@]JSK8*LW*+V7;\1HN!FQ*;16
M0BD5D2M]8&=0T`4)'C+<VIH0@D)3M(U*PY.2R-(!'J<@R,D!H;BE.YFH,'\]
MQ-=J=<8AEMC\>EK@&3W=6C"-%%9:!"9%9.J`ZR9*,B.R8#FFRWK18PF68/+R
M2,??#VAD[/LMKG(9#,XDP7[2KW*JYB9$\L&-M%I0=R?H+!U*8"U/,9BTHWPY
M?&8L<C,`<%P6EDI,E#"/Q.Z(.<@2[*:[+:Y>KA37O3QM31IQ,:))9N+)AP8!
M''4HU&0:VO\`+QO`6!E7@.<4P<E*5!1F,J"O)_6`[P:7M/J+:/U#4MUW5)MH
M*4<X1KU'VZ06N*%63#9N^QD#^C$KA[.HC\:>G!T^D<]%W2&%"(L)SLH,"!/@
M><Y[`WY1MTU]L14T$N:KY`TR2&3^.-4A:UK0\LSZ6C&X(B%*MC<%S`O=&L#X
MPJC1)%Y!9YF4ZLDPL6>T.>!QHIL-0D[<96T0BZZGF+K!4*]SF;;%["B;^OBK
M8UK5C8YN3^D:G96>U-S:Z-RE(H/."`HE6F.(&()I1@`ACT&VSU7M"4L$'K39
M:@+$FDJ97:21>)06XZ[ETED<>851R)[?6)CC\B<'-V:&=8F-*5*4Y1A)!A0P
MC$'(!8P$4^I]U%0]-JH*_M=714KN9!8=RU[2:8]FET3B#!%9%8[F:WLSA)UC
MLH<).<BP%*>,(&QF7]\980&F)PCP:$.BZG&^6Q6B57/]PTQH[(]K*^JF&.%J
M[`RSZXX=3C+7=:,YQXG91&2GQHE$BLB6M[2W+'%:B0-X$[:W$!-.4",/*($&
MP"-^6:95AT];#JF`.KXMZ@[Y7:^%0R6K<QF20RJWRFY#?MC3=]2)4;OA6M@-
M>QHP@*4K.$ZUY7H2`J`EJ`F\#3U2]16_9!U$@Z)W?H_(*;:YK1LCV#J*VV2Y
M(Q;.3(#&9*5%C<7;$8U'$":H'EW=#<$)BP.SRFRN$6E+4*!"&:4&?:Q=14&R
M.]6[>DAM&2NK7G2IDIEQD$KELMB;RHG*BYFUZD+*8T,<.4/S8T,Y$:0I%(#3
MG8Y68-9DHY,F,)$$0:FL[JR,\$EH(4U5BGD#W:'429NG1K.(Z5G-B"P9PSQJ
M-J+QMF8*/0"L<<KFF)NK>V(XI`%S7.:]DP2#!&57?3AU\-ZI-O;`:K3&U].M
M+)!L7L16=ZW?KG:5"AN*&US$H%8FO[P:V354ON"6-I:9T:)$E4-JJ-)DK0)S
M=@NI8#"$@4ZTY.'4Z\]:&O+HTDUPW]EU02:H:$MJVRZ%N)5(GY*X.6O5C.MF
MF4S&I&\J`M;:W2^G7&T/-FE:^$"1JVK+FF//0^$4O\S"ZW@.`X#@.`X#@.`X
M#@.`X#@.`X#@.`X#@.`X#@.`X#@.!"23_P"8]2'[$FTW]^^G?`FWP(2;Y_V7
MTW^VWH7^^!3/`FWP'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`HV
MNR`R.N>OOIWLK*C%)=/W3H9=VG41>3@C]`L-^L=GM=[-\9<%N0X1M+Q9%?HG
M'+2`T03'(UC4$E=X8`@R&H>HKT^;BZF^LN]"*;,,[K&:R("%GUKK%ZC-0OKZ
M(S7Q4[OU%R6.SIOFB_$5)M:>/#HL>?$7(5B)E?/,U(`F)>!$38K53J7[7:B:
M2V=**:OVB.J/JK1%M0(J>1.>:^6)6-D31P)@\3<:OOJ"N]GJX9-::VUC;&F7
MNKKWE1$;7)5A+FWJ4@B`F!NN8:(;K,/41HG9RCX@[0MUF,XTSC>^,$=%5;S+
M1FYJUI.H8B6]796+(]2C-FTY<M!21$KCD.2$LPU"P:=&N2JB$YSN$X(&W)TR
M.H*9*]H8)&-49!,(_,?^81K3J71VS&BQZ1011XUO_P#&%;B<S-LAL5FEZN>,
MF%^0.#8<W).Z/.<$FGY%C`@Z:]NE+NK/8#U!$C;INO>Y7?W7)A6Y%>GJW^@\
M.,FU7:'E]<W-Y6NKE8Y0FW(2E"C_`,!6FDKA#<\XPGSXJC(0Y5K=-;J0Q7J0
M7;NO4VMUB.](QCJ'U[L'%:8@5GT3`Y7:U:+:!D](R2RZT1ODT415DL:L3W12
M<A02`MK/6IG<0B3"\^.(L)];4=,"8IM-M0H/IU6&V&N%PZN/.R%O:U2Z"7-6
M=IS_`%]G]F&*'(%:7#'9C.6N&V!7=ZADS@V/B%C=71#&<"\WP8M9S%H3PN=@
MS-L1".GO7D;F%)U+9&R4;UL@,=GVOD0/C43IV631%#65IGM7Q0;P,B$LD67%
MA6M[>6H$!D+#X8!=U'\@4^]+/IY6=J7OKLWL!2E:6QJ[I'8\5M5!)-2Y@LC2
M2/OERI;-9U=626F*S89')&V.-<?K-"N3+'03B6B5*G`"9LR<B[XDH:NU:Z8&
MS\YZ:'65TQN6LW:B9[N=MCM==]$.DOD,%>X\YL-G8A3_`%&L?E]=2Z:G,8C)
M5#0%/"0XO"E&E'D8`'9S@/`U3*^BYLSMXU[%2:=Q8%%21PZ*.N?3DK2.S61,
M+AZ?V'K1ZC-J3-]4KH6Z21,FJQGF]>-3&0ZC[3'(E8I5ITPB22\G!8-T[=%K
MTC._#SO!<T!<*C;XQTV-6=&(Q"7][C;Q('Z=P<ACD=S28&(F\/C:5$(X_P`:
M1M+4K,/[SQD2A244%.$@TX-%;UZ/[9VKU#.HI=%>T)(I=6-Y]#:U-(:OE:62
MU<A3RG8F621Q?6>(>C'Z>-3ZTLJE$YE@-=UR1,W%'$C`(SL"$0@CSJ3TEKR'
ML/IY'=@]6U<3UQQT#B^G;M0XIGRH,IB[R>9H[2&7,JU!&)FZ/+^8)-@"U+(D
MJ1:G]*B3G8.P<'(RPVVDZ3N^;]T.]D]+IS/(Z];>9K)3JYK](4[LA9D[MJQK
M_=BQ]J2!N\DPJ4I6Q3=D&2*DRPPX\@D#2X-2-Q"7E`=G`;>9="5%^Z5[F'W1
MI;MA7=N[L0_5B(;#5NZ[0TTZ6I(9-1*R-1-MGU+G1N4JZ4C!=-QUM3+V0]S4
MM2F7IV,A"Y(2"0DC."'=@=/3J>3S3#5AHM.)YV0M+6#K5U)M&F>W4JI:[V.N
M_32K6\$3;K&N!,KF88(]7\XHP%@5)UTB-<5;(B1Y7*CEA1G:&U][.G_M1>>\
MW4>NN,ZK+91#;TZ(\OT_HY]4/M+G]W9N3K`.".*-P'J<(W2-I4:-U$E-?C4Z
M1O`),;@!P@^'DP*T=ENBQU&+A@>M$'IRAU-4NL(Z'U5ZD6FN-F=.Q]@E6Q%=
MW9&+=F5+RA0Q3T]8],EB-T0/2^G,D*654O7$85J`%&*3"@M_N'2ZZKKZ9_4V
M60?42_ZUV[W[KBO&^851=6P526!))C;,+C3)`27AIS&ID"G(-%F>.MR=$6YY
M7-KF^(FPHY8WIQD)@GA7)=/2/WGL1%MO&8!K%B*--J=$;4?5:%@6RVG6!A=]
MFJ.E%02^8P@Y&SS98-$Y8;XRY(D#TI3EM!ZL'<PM`28$X0?5#7]:V=,^GNVT
MN8SO6NEM2#54ZI$871?'5S_6DY6U2.%(I*K5U^]R!C\^97\85X?,%ZD6,%AS
MW\&=H0A0_H+TY]QJNN#I82":U2Y5`Q=.31C:&AK^.32*#."*^YU9SJY(H;"J
MVQ&I*I/ET96+"B9D->Z%MZ-.J$049W''QP$!%OI]=*_>"@EO0053351PA3WI
MG>G46D^V3^VRND3U,7C6R!WHNI'%0YQZPU*^?)5C,H`4J+;O/SVY(1DLPO&`
M@`(+DNOOK1L1MOJC3]2:U4](K<FS%MO0EQ/B)I?H!&435!ZS=GAQDBM2Z3^8
M1)":O$4L+`F2D#-./&+Y,!"(6`YO5V>MUK.B-9Z^:^=/:Q=MJ`LP":1;:-[9
ML/2.NJJ205`J+6-VNH7Z<R-7($R*=.J,O$S/0(<!,C@3&Q*K\1Q/.1AM*E(5
MLY/+\B.R%S:U-=2J]=M"&N&TY0+'+X>MB[??M^/ILRN&NXK,FU08R`#6,(J"
M!0WT[E(D:S%3BYB1E^98SP(S5MIQ8U^=2G5'J<HM=K?T)L:'US=,.W@@L]LF
M%RQ->H':(I8I4%>,Q5:SZ:Q>7LT3DJ]8_"?1)FA.8F0HL>;B6]S"(.OUSI3;
M&CNJ/UH-S5.L<\<*[V&J"A%FLXA2&KA*K6F>O%,.3(Z0XYH06$L?8DIE<M"4
MC:CG1.D3GEC\4TP@/`Z2Y.F#<J*DNC3+XNA%/K?Z?NT,%V*V2C*1V;27RQ5=
MMK5$MVSED/4N2I$UODO26F^JGU&@-4D9<4>%!!!@E.2"C0TO5VLW48T+T(V:
M9=<=8IG;VS^_^]VQNPLKCD+N2EJX?-9:8N"0H41)^)U8,C'$S+G#6[(1Z*]'
M)WI$UR!RR>HP>2VY*5AU^ZE<V])>@.]Z3"TH9-+;:NZQ*1U,U,TVC]IQV['I
M`F!=]9.[:_R*Q8B`;,_N^&2+2.;2%T#C(T;6D/6N!PE`5)X@^H^,-2EBC4>8
MUC@<[+&9C:6I4ZJ/_6'-2W($Z0]P/[>W/C+#2<F"_P"T+/`[S@.`X#@.`X#@
M.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@0DD_\`F/4A^Q)M-_?OIWP)M\"$F^?]
ME]-_MMZ%_O@4SP)M\!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P.
MDD$:CLL;1,TI8F>1M(E2!?EL?&U&ZH//FI:G<VI=A*N)/("M;')(4H3'8#@P
M@\H!@,A&$(L!W?`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`
M<!P'`Z13&HZM?FN4K&%G5R5C1N+<RR!2VHU#TSH'?*;+LB:G0TD:UN2NN41/
MG)9(P!/\$'?P+N![`[O@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@
M.!"23_YCU(?L2;3?W[Z=\";?`A)OG_9?3?[;>A?[X%,\";?`<!P'`<!P'`<!
MP'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!
MP'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!
MP'`<!P'`A))_\QZD/V)-IO[]].^!-O@0DWS_`++Z;_;;T+_?`IG@3;X#@.`X
M%>74:NZWJK@-"5W1)H&:S=KMI*QUF:IT:I;D/U;QZ3,LUL&PI@VK7EFD3*EE
M@:[K1U;V`Q6@7D$OR]&:)*KP7YL<$(X-LN[7O?>GNKQ#+:--Q%#;._U>;11%
MQMJ8R:2RFX-3HC7*:(1Q!?*-U:9E,(3,T=PXG*562<VJUN&HDI6F(RF6(^!H
M/6O9J^-I6^JX;;=K3R,1N(].+;ZY45C1B0.$(>[$LNK=L7[76O;N>W9@/;2W
MM;#:Q@:&1X2F8&SJ7"7X5*$QN,)<%A>#H[;$VOC2_4N[K*1A06';VMM)67.$
MI:0M`4&63>MXW)'\PA`4$):!,H='(TPLC&,>"6/`.S'=X$.=R^HCL'1VV]7:
M9:L:1#V_MRPM?YEL<XEK-CH+KVTQJ"0R>L5=K\!<)Q%7]"\K\O<C29R4$X@S
M!9V,@`/`3!`"SZ!.\J?X-#GV=1`%?39YBS`ZR^!ER)#+BX5)W!J2JWV*`E;6
MG1MLE!'G,TU)A>G**(68*\4``A'C&`RS@.`X#@.`X#@.`X#@.`X#@.`X#@.`
MX#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`
MX#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X$))/_F/4A^Q)M-_?OIWP)M\"
M$F^?]E]-_MMZ%_O@4SP)M\!P'`<#7UF557]Q1HN(V3&DDF8TS]')6VE''KF]
MP9)7$'E'(8I*HX^-"IO?(W)HV^("52%P0*4ZQ,<7@19@?+VA@:K5ZB%<788B
M*`)DK;%YA(K"8')K>Y.RS%KGLP*D">8S5-8+0]H9YB63%++',EW<,N65;H0X
M*"E1AI9PPB#B2C4W7.81*%P1YJ>-`B%>0IVK.&L+%Z1BJ%EK*0M+8Q22LRPQ
M=<SF*ZXD[.R(D[HPJ!&M+D6C(PI3FY)+R$-_HD2-M1I&YN2)4#>@2D(D"!$0
M4E1HD:4H!"5(D2D`+(3)4Q!80%E@"$``!QC&,8QP*49S_P"8CU[_`.$=L-^]
M;2O`NWX#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.
M`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.
M`X#@.`X#@.`X$))/_F/4A^Q)M-_?OIWP)M\"$F^?]E]-_MMZ%_O@4SP)M\!P
M'`<!P'`<!P*2)S_YB/7O_A';#?O6TKP+M^`X#@.`X#@.`X#@.`X#@.`X#@.`
MX#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`
MX#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.!"23_`.8]2'[$FTW]^^G?
M`FWP(2;Y_P!E]-_MMZ%_O@4SP)M\!P'`<!P'`<!P*2)S_P"8CU[_`.$=L-^]
M;2O`NWX#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.
M`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.
M`X#@.`X#@.`X$))/_F/4A^Q)M-_?OIWP)M\"$F^?]E]-_MMZ%_O@4SP)M\!P
M'`<"-6WE_GZQZ_SNXD,2?IL[1XEK0LK$Q1"QYN`+O(7="Q(WR2LM2PRP;!!!
M8L-?ES?E38S."M*T(U!A1)AN``$$3H5O7,YTP:512)*M>;(MK=-!=$VBDYJ:
M63.6Z[L%54DSDO$CEA3J[,T8G+\["<)%'H^:V&)6T]"\.BG)V<8;C"#PPR$=
M3QUO=JKEOH2K6E18[OJY=NT5DQ6>2-80V1,NBK6.H5XIYI>V5N%ERE$QN5C?
MVU"]FDEH42!A.6&I#Q'E)<!8_0ER178FCJ=OV"X5@AEV5?`[7BI3@$H#BG8+
M`C#9*FI*XEDF&DE.*5$Z`+/`$0@@."+&,Y[.W@45;A;0Z[ZD=>;7"T-F[D@-
M&UZX=+*^(>WR^QGTB/,2V5.>S]4.C?'TRY3CPANBML95B@LK.<9$4F,SCRX[
M,A]!4,F44L6'Q6P('(F>7PB<1UEET/E<?7$.C#)8Q(VY,[L+\S.249B9>U.[
M6L*4)SBQ9`848$6,]F>!DO`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!
MP'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!
MP'`<!P'`<!P'`<!P*@>KSOZJT[K*KJYJR7D)MD-C[.C=>1"(PJ(N=P["-58K
MC%F+2N.F:%86MW5V*_5FSD84!])`(94?>&I.\_-3E-*\//I*VC?-CPVSRI#)
MYS<FJ3"[,9&K6R-T&.*:Y[23J2G,5B,R\;HU-;M95;0EZ*3D1^<.*1K7O?C*
M4V2%A*`IU6!;WP'`<!P(22?_`#'J0_8DVF_OWT[X$V^!"3?/^R^F_P!MO0O]
M\"F>!-O@.`X#@:MMM-=2F/-GU$O58,TL(DK2>[_6Q&Y5)(XYQ`(51;ZUH`Q"
M41=S9I$;DTDU(N&):F+R2(LQ*/!N#"@AF3H07"'VBK5J>3QUIN>E;#VFL)08
M\QY>GK.;';G.RV57E'QQMH=\NL29AST#4]-64RI4>4-F"0H&>)8H58#54.Z7
MAU(1BO":!MHAGL-EU8N/52P9W.8L<[@F""\+),NN07"@8VAZ;RVJ<1:XGE]>
M6YK&><VJ$S\H1G&@\(E2$+'Z+I^(Z]4I45"P$"L$'I:LX-540PX&EGN(HW7\
M9;(JS&N*@HH@M2XG-[46-09@`,&'"$+LQV]G`I^MR*1:8_\`,):]-$OC,>E;
M4'I+;!*P-LE9&Q^0%K"MJJ9+*5E)'5*K3E*RRCA@":$.!X`8(/;W1"QD+SDJ
M5,A3)D2),0C1HR"4J1(E)+3IDJ9.6$HA,F(*"`H@@@H&`@`'&`A#C&,8QC'`
M]_`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!
MP'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<"H#;CJ
M0S#ZW7;1/IR0F/[+[X^8IS)VL=EBH&N>F<?=0B`18FTTX:,C\S<RR^TYKA3>
M8*1/0B^SN$`$5D\-KZ-=-^&ZJ/4HOJV9X^;3[U6XA)*N_;RRT24$L=TWYAP*
M\JF.DB/:*9I1A-#@MMC;/X97A%EY5&*!%E>$%E'`<!P'`<"$DG_S'J0_8DVF
M_OWT[X$V^!"3?/\`LOIO]MO0O]\"F>!-O@.`X#@.`X#@.!21.?\`S$>O?_".
MV&_>MI7@7;\!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`
M<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`
M<#AN#@@:$"YU=5R-L:VQ&I<')R<%)*)`WH$1(U*Q<N6*1EITB-(G+$8::8((
M"P!R(6<8QG/`H1F>W.R?59E#]1?3`F*ZE]06!\71+8'JAB:_'/DYC<J,0R>K
MM!VMP"6FFLMP(LQ(LL0T(V-C'X@T'G"D*0TT+6M1].-?-'ZC;Z9UU@J>(QHM
M8>^29[6J3WR=V3,W'L&^V%9\U<LFOLXG4B4]IJM>M-&+RX*)"4G+*)`$H.`X
M#@.`X#@0DD_^8]2'[$FTW]^^G?`FWP(2;Y_V7TW^VWH7^^!3/`FWP'`<!P'`
M<!P'`I(G/_F(]>_^$=L-^];2O`NWX#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#
M@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#
M@.`X#@.`X#@.`X#@.!I#8O9&C=2J@EU\[%V5&JHJB#H_.W^6RA9DA,$TW.0(
M6AJ1$`/<Y!(WA1C!"!M0DJ%ZY0()1!1A@L!R%+K?4NT/6C=44RV@8I_J5TK1
M*$SK`]0%2E=#MCMV&TD\M6T2_;!Q:5I3I5-(.82P'HH"B/`YN@!8.<CP@"E[
M0OKAD+B%<Q..P.`1>/PF$Q!G0Q^*Q&*M"!AC<<8FP@"5N:&1F;"$S>V-R).6
M$!1))8``#CLQC@9-P'`<!P'`<!P(22?_`#'J0_8DVF_OWT[X$V^!"3?/^R^F
M_P!MO0O]\"F>!-O@.`X#@=4^OK/&&5VD<A<T3,PL+:M=WEW<3P)4#8UMR<Q6
MN7+%!N0EDIDJ8H0QBSGLP''`AO"]_P"AK'JK7RTX"1/I2':9PF+?1E>)XJ!H
ML^:9KY-*7&:K3(O)G-C(C;=&F>'JU2LYU5(@D]],G%V+52=*8'O<=_M=`Q2N
MY=$WB268ALRGIOL$R-M>1Q0]2!LI*LQ,B:Q+%DC&N/:5[,@A[Q(T38H;AA$^
MGNQHD*1"H5$GE%!+>*2J.3J+1J;0]Y02.)3%@9I5%I"U'A5-;]')"W)G=D>6
MU2#\Q0@=&Q64>29CR#+'C./EX%-,W"(7_,1:_9"$0L`Z1FPPAYQC.<`#G:^D
MP8$+./($.1CQCMS^7.,?EX%VO`<!P'`<!P'`<!P'`<!P'`J8WQWVM"E+H@>K
MFO3)52*YI'6+YL&ZS78YP>6"ICJM@SV)K?(A#`Q]>AD4MG+HX%`*>5R;(D$#
M8U0'A>4LR8D0*0EEH[N#76]^L]>[,U@08@CTV^D#6N9C7=ED&6&5PR1.D0EK
M0FD$>5K&:1-">0,IXFUT3B"2[-@TZTL`"U``X"6O`<!P'`<!P'`<!P'`<!P'
M`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'
M`<"!.\O4.I;1MEB+/(D,EMO8>X%I\>UTU2J5&&1WC>\NP$6"T,8CA.1B9HHV
MF8[[O(G#!+2TI@C&88,WPR#0B'KIT]KJV%MJ*[N]69RBED77%7#Z1:W:<1-4
M-\U<TG`HP`:)<B2*<C0W7L421@.'&9N)9B=&JQD#24`HA*>`+LN`X#@.`X#@
M.`X#@0DD_P#F/4A^Q)M-_?OIWP)M\"$F^?\`9?3?[;>A?[X%,\";?`<!P'`C
M!M'2MK7='8.S5;<T=J(Z+3UJFS^5+:DQ<,9G!#`F6*(\PO<<!8-<*"TK++,H
MGHH05P@#6-I`32C"^\'(5*ZD:7[;:]1#IP6C<#079DTU;^^]"+)K>"MD49)0
MRPG9]V;G^*OT?)46([1*7/#/*J[0!6#"[)#0M<G,SX>1-YWC!P*$T1V:U*;:
MZL(B%$6Y/I%HALW0TS@T6D<?*20*]+JV;DVU4+;,/$D=&9N55H4\V<[QIV=T
MV31)`LZ!1A,8F-$(@+B=.Z0<=9]2]9-=7A[*DKQ15!U'4;O(4^3\I'MUKR!L
M,5<G1#A4`M2!O6K6LPQ.`P.!@)$$.<=N.!1YO5J!16[776UKJ'85DES]!VOI
M>WG.T*.%VC9=1NQ<E:-FJO9D*DZ3U3*X;)E2`#?(%01HC%8D9HQ@,&6(91>0
MA]$T"A$=K.#0VN8@G7I(I`HLP0V,I71Z>I(Y)F",M25F9R'"0R1P=I"^K26]
M$6$U8N5*5BD>,F'&C,$(60RS@.`X#@.`X#@.`X#@.!7!OQU"&;4D,)IRIX&O
MV1WDOO"QLULU5B*XDA]E"DGQ"5MC64[YR)-65%PP8!GO4B<,E$8*(,*3Y,-"
M9DD(X:Y='>N'P,IOOJ9D0C>;=FY5D9?;&G4Q8!+:MI]LC+J%_C%$ZR0]SSG$
M!IJ(*Q"(4_F@6R[OGF//C%*1I`AV5U=)LR"V-(=G^EU;16AFS3ZHPZSB&-;$
M)_TTV.6%B\0Q'?>O",Y&R(GIS#@1.)9&0MK^A\8U1V*CL\#E45U8B8[9L=U6
MZEM2'Z%;6OQ^6N$NDC>?3VI6QRLHP*<M?KML4:2DC:QU=1B`;]%'X3=(T65!
M2?N*CN]G@7)<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'
M`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`J`V[ZD<N*MQTT4Z<T'8-F]]!H4QLV
M,<UJHO7;3>/.O:418^U$Y:/$]&K"09$<V0U`,4B>A%]W`"`C)R>&T]&>F]$=
M5WR3W_;\]>MJ=[K<0$E7=MU9"%*7)G)-^:<&NJCC90CFFF*38COZMNCK/X9>
M2RR\JC#Q%E8*"RS@.`X#@.`X#@.`X#@0DD_^8]2'[$FTW]^^G?`FWP(2;Y_V
M7TW^VWH7^^!3/`FWP'`U]+[;JJODZY5/K-KZ$)6Q:Q-KDIE\SCD:3M[C*#3"
M(R@7'/3DB+2+9$>2,"`HS(1JQAS@K`\XSP-@\!P'`<!P*2)S_P"8CU[_`.$=
ML-^];2O`NWX#@.`X#@.`X#@.`X#@54;[=1-[I&;173K3V!-^R?46N9H,<*ZI
MOSXXB"TW"S3,)%FPNT,F;\B%7M.1<9GB%DB$6Z214$*)N!D9@CB@SG0?I[LV
MI!<VN&UYXOV1WBOOS1TV4VKEZ$DA_E:LG!9J&NJX:,8$FK*C86(`$[)'&_!2
M<!1!9I^!F!+P4%CW`<#4%ZT!2FSM92*FM@ZOA=OU?*B0E/D*G;(D?&9287@?
MFJ].6I!DYL>6X8\F)%Z49"U&=V&$&EF8P+`4W8UQZA72VSASTAD$CZ@&DC5V
M&+]';WG8A[-TO'RQ9,5`U3V)DQA^;`8&='CNH87,AC-+3D`3('#)QO>P%B6F
M74,U@WL9'\VE)>Y-MC0,W""W-?;08EM;[#TJ^`,PG4,EI5)(L$22/'$*\Y)"
ML+`I:E1@<X3*CNS.<!-[@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#
M@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.!Q'!P0-*!:Z.BU(VMC:D4N#BXN"D
ME&@;T",D:A8M6K%`RTZ5(E3EB,,,,$$``!R(6<8QG/`H.FNWNR?55E;]0_2Z
MEZNG-1X^]KHEL+U13&KSGT\:WJ1H9/5NA;6O"6FG4TQD!B198!N,L3$/OF(<
MJ%(4AIH6LZB:::]Z.5(BIO76#$Q2/>>J'Z52%P5'/U@6;-7'^L?;#M*;N/B/
MLYG4A59$:J7K#!9QVX*)"2G+*)`$H^`X#@.`X#@.`X#@.`X$))/_`)CU(?L2
M;3?W[Z=\";?`A)OG_9?3?[;>A?[X%,\";?`<#Y=-Y:\Z?MP=2>W&S=_:6MZ#
M(H>N*[MJHJEV+L#5571=I7#958/E=D;"+*HF`&R<SYVH2-15.B;H_,%*YG)<
MUN'!"GPG6K25@?2S7+>T-->P1K8'0Q\86V&1=O9'H[.<G/#0C9$*=M=#<YP'
M.3'!&6`T7DQY1\#,N`X#@.!21.?_`#$>O?\`PCMAOWK:5X%V_`<!P'`<!P'`
M<!P'`J'W6W\LD%M`Z?\`T[V".V_OK*F5,Z3.2/N#%M(:15P\8"4&ZMC'1$`\
MH3V-.;XL:AQ>1.CZH\,PPK"811:P)":']/\`K#1J&RDQN?Y#<6PMQO!4UV9V
MFLH1;A;E^V(,O.#WB0.&1G^@HBSY-&0PQQ&9AM9$/=**P8:(Y0<$].`X#@.`
MX%=FYG3)UUW(>V&UEHYA0VU4!)QFJMP-?'T=<7_!%!!0P(F]7)VPOS:P(3VB
MR!3'I"0XM1Z<9@`%DB,R9@(5HM\=R.F\K1POJOP<BV]=B5*9HC74_P!;(2YG
M0U&F&/!*95N-0#$4Z/\`1+D+M#A1(F(+E%#3S0`"%-V&"P%VM>V+`;:A4;LB
MK9K%;%KZ8M:=ZBDVA+\V2>*R-I58SE.XLKZS*5C:XI#.S.,#*,%C`L9QGRXS
MC@9EP'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P
M'`<!P'`<!P'`TEL3L?1^IM0RZ^-BK*C-451!T7GD@ETH6>;)2QF9R!$U-B,D
M![D_2%W4=A"!M0DJ%ZY0()1!1A@L!R%+:"J-H>M*YHY?LTQ6!J1TJAGIG2#:
MCJE*Z&[([MMA1P%;3+MJ7%H6%.E2T8Z@``]'`D1X71V+%@YR/`7A+VA?3"81
M#:UB$;K^O(K'H/!H<SH8]%(?$V=`P1J-L380!,WM#(RM9"9O;6Y&0#`"RB2P
M`#C'DQP,HX#@.`X#@.`X#@.`X#@.!"23_P"8]2'[$FTW]^^G?`FWP(2;Y_V7
MTW^VWH7^^!3/`FWP'`^/7K;WP34VREVN1>G?1YGS5"*BALGL>U-YJMLVUKX)
M9'B*J&J$S0Q+"ZJDK<Q54]3`@,%C6#7`T"F8$#3J<H@*R3!A]9E5*2EM75NL
M(PUX)5P&'J2<,:!R:V3!1\>;C2\,[8]?^,-S7@`\>;D*_P#:22>Z`W\_`N!F
M:]P0-2)2XNBY&VMZ,H1ZQ>O4DHT24@'],Y2J4#+((*#^40A8QC@>M6Z-C>A$
MZ+W%`B;`!)&)Q5JTZ9"$"D992<8E9Q@$^`GF'`"#/>[!"%C&.W.<<#S6."!N
M"G$X+D:$*M6G;THEBDE*%2O5C\-(B3Y/&#!RM49^:66'M&,7DQC.>!S.!21.
M?_,1Z]_\([8;]ZVE>!=OP'`<!P'`<!P'`<"E#;_=^\[TNJ1=.?I>JF5PV+:R
MTJ7:?;AW;0R2E]!XB[X&`P3@7@7HRQ-FWA&`W$=AI9N0I#P^=.F2B"#@!"<V
MD.C-(Z%5&96-1)GM\?I,]*IM<ERSYR')KAONTG?(CI'9]LS14'TA(Y,\K#3!
M`#G(4B$D6"$I11(<!X$R>`X#@.`X#@.!QEB-&XHU;>X)$R]`O3'HUR%804J1
MK$:HH1"E(K3'A&2H3*"1B`86,.0C#G.,XSC/`I*L/I8V/K+-I'L)T?K58]6I
MT_.:B36/IO/T[L^Z$[`.8@X$H"KKMJ,]*:[S-SR`(?I%"0I@8[@0&H!A&:/(
M;9U@ZKD#L&T6[4_<.M9%H;O(:'S=#1%R.C>IA=R&)\8`ID&KEWI`IH)>L:/-
M_P"[)1F)WLH7?`8A_JAF<"V7@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@
M.`X#@.`X#@.`X#@.`X#@.`X#@.`X$#=XNH52NCC%$FR3(Y):^P-O+CHYKKJM
M4R($DO*^)C@.0E-L3C1(A#:XPW&]@W>0K_!:6A-@0S3!&^$0:$/==^GO=6Q5
MLQ3=SJT.$4L.YHHX_2/6W3&*+!OVKVE0#\8&A<2DRG(D%V[&$)^[AQF3@48E
M1*L9`TE`*(2G@"[3@.`X#@.`X#@.`X#@.`X#@.!"23_YCU(?L2;3?W[Z=\";
M?`A)OG_9?3?[;>A?[X%,\";?`QV7JS&^)RA>4X#:344=>U9;J!+Y\-L,3-JD
MX#@!%C_UP:(0,&8*_P#WF0]W\O`^%Q9N7=Z]@7&J>KCUG'1(>RF&*U>.B5#A
MMZQ()&8<$[`SX0$`4!F!Y,*[ZH(`8%WO%#G^LP'W&UBL/<*UKUP5+UKHI70>
M)K%#FY@R6XN)ZE@;SCE[@6(Y0(M:L,'DPT.3!YP8+..\+Y<A@.Q$:K:8UX?%
MK':Z;D(7M:-%"(O?06];6<EL'+0[&QQL?H\YY&GE`"\%'*?,@$J#\!3B/)`$
MTD)A840ZQ('=.U]'&IK3AJ"*4-7Y_4+K":QU;+%-C4=,+NI$AX@=02..R.4(
M$29]J66P%KL&10!&XIP`;V;"8HD(Q(4YV0TMK8\2*51"CS=OE3FIH%OZ3&\D
MGII18RA1YJI;&K9U0VL$M3K7@05!M@L>G!$#-:E_?R[)VIP6'$#P$Y4/(?0?
MH@XVN[Z1Z@.M[X=L74YZQT4OM?+^%0"0BL)7649/EPY$!5@*DN0F/AAPEX1X
MP(*O)F,X\G`I;WJ;]QG+KJ:VD:.R?7")W$#I>7F:ZN.T45L>7UV?`@[.5:!X
M0MC95TAC$B)EQCR-O,3GFJO,PI"E(1@$8,OL#Z)8$7.28-#2K/5Q5?9)468"
M[`705"[-<*630#6E#)U41;7Y>Z/:",GO6#Q(25BE0J*39`$TP8\"%D,MX#@.
M`X#@.`X%$FP6X=Y[\7/.-!^F)+S(?'(`["BF[W46;4Q;K$->0"Q@+U1^N*H6
M?1=B;4N*(8BU*H@P;="0#P8>/S_)>$H6C:EZCT3I+2L=H?7N'@BT+9#53HZ.
M"U28\3&>S!UR`Z26'8\L5A]*3.?2M:'QU[BJ%D8Q=TLL)2<HDDL)*\!P'`<!
MP'`<!P'`<".FS^I6N6YU7.5.;-U+$[;@3@+*E.WR)&,+K'78(,@3R.%R=O-1
M2:$2I#V_[.YM*M&N)\N`FXQG.,A4UF*]2OI5X$?72FPNJOH6S]XPVM),Z(5'
M42UYC"?`0@25U+%>&]BVVB+*E"+)36["02W`,%$)E!X"\YR%G^HN\.L&\\`4
MV%K3:C-.T;*MRRSB)G%JX]9-7RDGOEKX=:5<OQ*"7P*4-RDHPHQ,X)"<&"*$
M(D1I7=,R$L>`X#@.`X#@.`X#@.`X#@.`X#@.`X#@:[LRWZFI:.*)A<5GU[5$
M22A&)3)[)FD<@T?("6'O#R:\R=R;&X'=#Y<]IG`I,-Z[55@>E&P)3%"U/3%1
M3E12ZO;1+/B%<S^L%-(Q1<^T4E7I49V5>OR>4`RT9,`JS+C`_P#C9;2)EQA0
M(+(*FZDO3XO81)-/[N:K6$N49#@MFCE\5JLD.!"#@02SHYF1EOR<W(<XSW3$
MX1>7Y.!,](K2KTY*Q"I3K$B@&#"%20XM0G/+S\AA)Y(AE&`S^3(<YQP.1P'`
M<!P'`<!P'`<!P'`<!P'`J%V]ZD4L26RYZ,=.R#,.SN^YR!,=,"G)<J)UZT\C
MKMC):>RMK)VT>+EG-)+SD]LAZ$0I&^9!@``$!,)$<&SM'.G!$]7'^3;!W)/7
MC:K?&VFXE/=>W%C-Z4J1+$7;@X%;4]&BQ'M5+TDQ&_F-\>:/#`,``"5F'B`5
M@H++.`X#@.`X#@.`X#@.`X#@.`X#@0DD_P#F/4A^Q)M-_?OIWP)M\"$F^?\`
M9?3?[;>A?[X%,\";?`_,XP+&0BQC.,XSC.,X[<9QGR9QG&?)G&<<#Y)^I[L&
MZR+J3L6OU>7=OC++F4-D7;]?*LT!Z@^J=(P*%2LEL[[TT[)4K/E&)2IFADK\
MX6*SY,C>FE=&5"5,E2]XI82:'U<1(F1)XI&4\O4-ZJ6$1YE)E"II+R2U*9$4
MVI@/:AL)$64(IO.<@FB)#D(<A+SC'9CY.!U\VKR`66U)F.QH-#I^R(G1&]HV
M>;1EEE34D>F[Q/1[NF;WU$O2$.B'QA^"H`#!I7?SW18[<\#F/<,A\F8`Q61Q
M2-2"+@`C`"-O;$UNK`$#=DL3>`+.O2GMP0(1%`R3C!?85D..[V=F.`?H9#Y2
ME;$,GB<:D:%E7)'1F1OS$UNZ5I<T`!%H7%L3N"502@7(RQY"4<5@!A>,YP'.
M,9X&2\"DB<_^8CU[_P"$=L-^];2O`NWX#@.`X#@.!XC&`H`S31@+++`(9A@Q
M8````8R(8QC%G`0@"'';G.?)C'`H"MC8"ZNKG8,QU1T)G\@J31R#OJZ$[A=1
M"'&X3/5D.*(?F\GUKTB?!`,2NCX<4(262S\C!J!F*,$!`(XW)&5@7):Z:Y4K
MJ93<'H#7NOF*LJGKQJ`TQJ*L!&0$EXR+)JYT=%IPC7!\D+TM&-4X.*PTY:N5
MFC./,&8,0LANW@.`X#@.`X#@.`X#@.`X#@5@;=]+&G=BY^GV1IZ9S/3+=]@1
M"2Q;;S7C#>RS1Q(#X8BX[=$,5%_0F_X"J$04!4U21,>8-,7@DA4F#V\"-$<Z
MF&P.CD@:*EZQM9L5>Q9>XIH_`^I!1C:].NG=AJ52@M"R)+I:#0+95JQ8+R,8
M,&%NX3XRH4Y.$F7$)B\=H7?L$@898QM,FBSVT26-O[>E=F*0,#DB>6-Z:EQ(
M%"%S:79N.4H'%O6)S`C*.),&68`6!!SG&>W@=OP'`<!P'`<!P'`<!P'`<##9
MW8U>U;'U<MLV=PRNHJ@"(:Z33N4,D1CZ,``Y$(:MYD"YO;4X0AQVYR,S&,8X
M%5$QZ[?3I0OZR$4A8EA[KV6D%W,5SHS35C;0/*@??P6`()/7K$KK%+@PP6,!
M$J?TX/\`I=N`XR+`8J'<OJ\7_P!TO6/I<Q?72,N&`B;+4ZB^PK#$EI!9GA9P
M:XZ[:[I;0L0@PDL8A")5/3>,0@]SM#Y1X#]QH+U-[ZQ@[;CJUS>N&%;D(U]4
M=.JEX5KDW(L9\$1Z5)>=D"N&YUA1F0B!@PLQM,`#/:'&!Y[V`V)6?0VZ9L"D
M9,\E^O1>S%H@$4<JM/<:;SC:V:+E9&2AEK1CN]_F,=;U03B<&=J%O2!P9^=C
M&,\"5C9H%ITRWJW['LM!0-GM5ICP(ZV+FI">W1-!@IK%'B9*DK9&I)KHBP"(
MF,3(7)`M6'X#"++;A7A%GP.!P;:Z<73_`+WR>;<6E&K%BKE.1",>)11%:.$@
MP,>.P9A4B%&POJ<T6/E$6H"+_7P(7*>@+TUV=0>Y4M`KLU7?#O$R%ZU9VJV2
MI4:4T8\F8/2,,;L[Z'IS2S,]X/8V]W&?EQG'DX'H^%9M)7F.]KEUG^H="O#$
M6)(V[!?4+M\Q)P%]WL2Y!:E5().I29"'`<X,=Q'=WM[#>]GO<#\^J?KYU>$(
M(?M_TZ=J4I&3.T-_:P6]KT_KR@XSX0!/-%VC.&)$J'VX[QF&<PKMQV^'C&>S
M`?N=N.M!6N<%6?TEJGNU$GP#SZ2ZG;VP8!PPXSV''-\"V$K^K7-3C&,=H2L.
M>3!=O9V>3MX'[CK/(86/P-B>FQU4-?\`P!B+<9$MU,6757R/)8,",-#-==97
M:Q)J4.>]V#$F*R+`>W`>!F$,Z\W2/F3@%F4[KUM6;_CLPIC]^,\]UV>$!F<Y
MQDM<DO&)0#"<0<X\N<BR#_7P+$*QV/UYNQ.4KIJ^*9MI*?@(B5%9V?")V2;@
M79W<@,B[XZ`%V]N/DSP-S\!P'`<!P'`XB]>A:D*UT=%J1M;&U(I7N+BO4DHT
M*!"C)&H5K5JM0,M.E2)4Y8AF&#$$``!R(6<8QG/`H0FVX.RG50ES[0W2WERF
MG]38\^+XEL-U1CFK"PEX.;E`T,FJW0UJ7X`DL"<!R`Q*LGYN!,+"/OF(LJ%.
M$AIH6JZAZ9Z]Z-U*DIW7>$%Q=A,7J)!+I(YJSG^PK0F[E_6/UBVI.7'Q'V=3
MJ0JLB-5+EA@LX[<%$`)3@*)`$I>`X#@.`X#@.`X#@.`X#@.`X#@.!"23_P"8
M]2'[$FTW]^^G?`FWP(2;Y_V7TW^VWH7^^!3/`FWP,7F[@O:87+W5J'X3FV1=
M_<&TWP<*/#7HFE6I1C\WR$6#^XH+#GN9QGO?)V>7@?"NEA=,!IGT<?\`\KEO
M<YVHH8!2U5LZK&ESL8MMI0D^D1]TYN/OBL9+.SYJ++W@PHP("UF>Z!)@O&$_
M`^YRMG-S>ZZ@+R]B,&\N\+BSF[C-)PG-&YKV-"J7B,(P65@DP2LT><@[H>[G
MR=F.SLX&:<!P'`<"DB<_^8CU[_X1VPW[UM*\"[?@.`X#@.!P'5U:V)K<GQ\<
MD#,RLR!8ZN[NZK$[<UM36W)S%;@Y.3@K,)2(4"%(2,TXXT82RBPY$+.,8SG@
M?/')K!N+KG2Y]JF@9',J0Z1$5?%T:NK9E@-<(K9_4$<6=8-#(J=UO<NZF=(G
MK2%408BDLU+P!1(L8-;VS_9_.3LA?95=5UQ1]<PVHZAA4=KJLZ]84,9A<)B;
M:0TQ^.L;>7W$R%O1)PA`'&<Y$8:8+O&GG#&::(9@Q"R&?\!P'`<!P'`<!P'`
M<!P'`<!P'`Z621J.S%@>(I+F!EE47D+<J:'^-R1J0OC`^-*XH1"UK>&=S(5-
MSFW+"!Y`:0<6,LP&<X$'.,\"D!_Z;&QVB3X[VIT=K-9XK!UCBKD,WZ:=]N[N
MYZE3=4L4C7/JRA95WETMU9GKN,1F20(!*8HH5#*PH1ITQ79P)0:@]4RE=EIV
MLUUM"*333W=N-HLJIAI[L26BCMBF$%>($R1U+(R3/H?>]?*\D&&HWF-*5/BI
M`X./3IL"QC@6<\!P'`<!P'`<#')9,8C`V)=*)S*8Y#(RV%9.<I%+'MLCK$W$
MA"(0C5SN\*D;>D*"$.<Y$88'&,8SP*JK$ZZ/35B,A502N;P=-L+03^($FK]*
MJXGVUTL6G%",+$F+64VP2:&HC\G%9+QA:[)0Y'Y.WR9[`P7.]'50OOO$:H]*
M!TI^/K09]&VQU&+UB%*)TG>[^"C%U"4Z7;]NFX[,8&(L\YN&'&>[G.!=N,!^
M_<CZL%^Y\;:?JJE4;&W`'==*GZ<]!1>KA)<#[W?+;MA+S46U:7:$.<!":G;V
MX?DR+LQG.,!#,8)T*>FZP2%'.K9J*4;AV<E[,F69N]:E@[42169@6#,FF,]J
MOSU`$8A&AP+.$C*F#G.,>3LQC&`M7AL&A-=,"**U]#HM!(NW`P6WQN&QYIC#
M`@+"'`0EHF=D2(6Y*#`0XQC`"PXQC'`RG@.`X#@.`X#@.`X#@8;,ZZKZQVT;
M/8<%AL\:#`"*,:IG&&24-IA8_P"F6-"^(5R40!_EQD/9G@5XV=T5.D[;J@U=
M,-`-9DCF>;YP:]5_7+943_E3CRX5XD%39A+T!7@7EP:$_!F!>7O=OEX&EO@8
MZZQ`(0ZZ;2]2/4PH@(\(6VC=ZKJ5QM)V^4HOZ)W*ZVW&U*4GLQC!1B80.Y^;
MCLQP/W.@W5)KL7;2/6GL&0MB;P\I8OMEI]KY=Q2H!><]I*^;0`-(3/`C<9[!
M&X-,%Y,9[O`_<.7_`#`U9"[RR,=++:UE2B%C&&&1;):N3]R*!C\W(R'MLO""
MD*#@A^7!Y981B^3NXX'C\1GJ*UT`0[^Z)FQ^$28`1*'O5/8W6O9Q,J[/(88W
M1U=**?F@\=[';@LQO`9D/Y,\#R^/#IQ$NW&Q%4[WZA#+,R4H'LGHQL5&FQ((
M..T0U$E@T+L.*!3`#^=D_"\1'=\O?[.!E:[K>Z(RED;7#5^:/V[+\8J"ME$&
MU=9?IE,:[@J'NGR6?3]JD"F+8C2)K0X&%N:3QX?Y*X8PA:$*U1@[!(1*AT4O
MSKM`;[+N-1(]<^D*M<%1U?:W,4A]$7WO8D87E0WBD>S,AB[F-34]'#=FLTL$
M"1*0O#B84/+H<3X:?&`^@B#P:&5G#XW7U=Q2/0:"PUF0QZ)P^)LZ!@C4;8FP
M@*9O:&1E:R$S>VMZ,@&`EE%%A`'&/)C@93P'`<!P'`<!P'`<!P'`<!P'`<!P
M'`A))_\`,>I#]B3:;^_?3O@3;X$)-\_[+Z;_`&V]"_WP*9X$V^`X#@.`X#@.
M`X%)$Y_\Q'KW_P`([8;]ZVE>!=OP'`<!P,6F\XAU:0^36#8<I8(1!86R.,EE
MLOE+JB8XY&X^T)3%KH\O3NXG)T+<W($I0C#331A`$..W.>!0&B(M/KPOA3H[
MD3>D^C*Q/):EG83PO,'MSJ<+65=@Q,[/Q?:W22NM-,+4N#$R3/F[K,@!":9@
MDD1?F8?0/%HK&8-&F"&0N/,L3B$49VZ/1B+QML1,L?CS"T)"D#4S,K0W$IT#
M8UMJ(@!1!!)8"BBP8"'&,8QC@=]P'`<!P'`<!P'`<!P'`<!P'`<!P'`<"(^W
MVC&L&],$1P39&L6V88CZT+U`)RVJ5<7M2J920(LY!,*KLM@-0R^"R1O5D%'`
M.0J@%'"*"%06<5VEY"L?Z==2GI6=U-;J*P^JGH>U=A95S0UE;S^H-KU&R.T9
MBZVX$W8;V3:B',2,./'>V,".58+"<I5I3@@"'(6V:R[6Z[;D5<TW+K-;40MZ
MO7;/@Y=XNOR-:R.8`X$IC\MCRPM)(H9*$/;V*&QU2HUY&<X[Y0<9QG(2$X'4
M/TA8(JTK7Z3OC1'&)M*$H<'I^<D3.TH"`8[1'+7%P.3HTI0<?*(8PXQ_IX%6
M5I]<'IE5K)#8"Q;)->P=I8&:0CJC4F*S+:>>N*TG.0C;RF^CF*:MB!8$S\S.
M%RQ(`(\]T0L9X&L,=0GJ1WS@)>H'2-M&'L"[(BTEK=0NW8-JTT-^!8%@A>?2
MT2^MR['-(9CNC\,:-M-P#R"[H_S.!^_="ZQ%_P#]9LIU-Z\UCC2W(@N58=.[
M7=J0.GFQGB8P0EV%V466+-4AY!8\8\=%'T`QF8[_`&`Q_5\#(HKT(.GD%]1S
M2_XA;&\MC(S,FAGV]5X61LLO,,%DP1@LPV8O8*H3`-R9G&0)X\27@&,`"'`,
M8#P+5J]J^LZCCJ:(517<%K&)H\!"CB]>Q)@A<=2A`'N@"F9(VWMK:1@`?)C`
M2L=F.!G7`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P*^=J.GM3FQ$C8+!:9G
M-M:K:`$F'/\`;%#KX[#IE8]:.2PQ2^U=+ANC([M+X!2$Y0H8G8243_%'0P2U
MH5)AF*@*3Y,Q'O,1K*8535+6]%5S$JCJ*'L\"KF"M0&:+Q5B),+0MJ/!QJI0
M:8:>8>M<G1S7J3E:Y<J-/6KUIYJE2::>:88(^MB<!P'`<!P'`<!P'`<!P'`<
M!P'`<!P'`A))_P#,>I#]B3:;^_?3O@3;X$)-\_[+Z;_;;T+_`'P*9X$V^`X#
M@.!I._XLIEM<NJ(V[);0$8;@*7V<6)!%D8996@B;.VKEBXANEDN9I"T0U+@\
M!2A8X81&J`I$YA10R!&^.6%55:6SMFN<NF]J_<5ES%.ZW^DW;L>?VWZ"8H%<
MDUI>@G1$5K6U21,ULR9EA%F3>"VI%'^6A0-Z$[SUF5I/!3EGJB,!IC7W=W8_
M;8BM8(Z6.NJYSB^ANTU\RBQX8U,;898MTTYM+)=6Z^F:M$O;%S4&#)4U9N4I
M<6).`IO<#Y`C*.QE&0`DP+DM,;K>]D]0M7-A9*T$,$CO'7RG;:D#*E*.)1-C
MW8-?Q^5.J-O*4&&GA;25[H9A-WQ"'DCN9SG.?+P*1]YK[G.N775UOG]?ZQ7A
MMD]JNEU>D;/K2@"H4=-&MM7[.58N/F2\$]E4.9?HVVJ&PI&=D"O*GSE>1W2Q
M![^0A]$,!DKC,X-#9>[P^25X[2F*Q^1.<"F/H?Z6PEP>FI(XK(G)_H^ZOK#]
M((\H4B2+/,EJM+YP2/PCC`=T>0RW@.!K2XKCJW7VL)K=%USN.UI5E=,2N232
M;RM>!N9&)H1X#@1IYHL#.4JE)XP$)4I`#52Q4:60068<866(*+(C3]P=;>9Q
MB\]K8C+*9Z5\1>VZ7ZYZ9RDE2P3S=!Q:E1;A%K\VX9PF`4-5.X.*+716OS<Y
M"Y8R4N=,&$X(`H#Z%$*%$UHD;8V(TK<W-R5.A;V]"G)2(D*)(2!.D1HTB<!9
M"9*F(+"`LL`0@``.,8QC&,8X'*X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.
M!0_U'^FDXHW-?N]T[4T_UVW+1R>-+[U>=7WYEALHV3H\E:9BS8X\5A(VUQIN
MW;C3QY0<JC"A^2)EF70`/]N$:%.5D(XZGT1U'MEFAW:Z7WUV<U0Z?S2$@BLW
MFV*?CTYW,LU]6*50YXEC,_V39G>S852S"M#@ME<I4UGRA0X&+"TV/0I#8:,)
MJ,'0AT4=79!*MGC=@]^IPWG>=$R?>'8.Q[P0%JA9P(TQ+68W6/TVB($+'8`D
MN.X**!GN`Q@/DR%IE5TI3=%QQ/#J3J>M:@B:4LLI/&:Q@T9@;"2`H/=+P!IB
M[8UH<=W'Y?#[>!L[@.`X#@.`X#@.`X#@.`X#@.`X#@.`X''5*TJ$@Q4M4IT:
M8K'>-4*CBTY!0?\`K&'&B`6#'^O.<<#1<KVMU=@9AA4XV2H.&&DY[#2Y7<5>
M1TPK/^@P#O(D8@9_].,<#2[AU+M"D1PTR+:>II:J`+N925N^&VFL$+M[,8+2
M5NDE2DW(L_)W0Y[?R<#\QU"J*<2?%AL+VOL7Y>S,)TGVU<$@L_\`0['ARIMI
M8NX9G^B/*K!?_:QC@>I-NE,WS.0P_0[>&0Y'WL$'NL*I2LDHQ_\`1\;ZWKX@
M+BE+'_UA)NW'Y<?+P/`>P6ZCJ=X<;Z?#BT%B[<`/M?:2E(L$/^C*@%8`O`P&
M,_\`8P;G_5P/:IDO4H>@X$U4YI37P#,8R'Z0;"7;9BU-_IP>A9=<:V1'BQ\O
MYB[&,]G9V_EP'SD=7WIB]6/;>_J]L]0P5ALA%T]?M,-BL/I^8BJ*)T5*D3^^
MN+O)%#)=-E#4GN$M*=48U$K93AN@"VPI-E"4%.G$?5_D;M;O7N/-Q]^TN3_`
MQ;?+,Y8ZKTUUF)KD^R)^3HB)CXK:5G7_`!E[N_3#SQ^L7A;C.[MK^PO8W]W;
MWE]C3'L,GP;;<_'%:9*Y=G_W-Z?AQN;VQW_.P=6;'T::?;36^RB*.ZFU;4E3
M\$F.XNLLWF,,K*#Q25R"6:I6C*WIX?V"--K8[.SI-4^V\343%T5+DH\G.9S4
MVF.(\Y4F)B3#!%ALZL6BL1:>JT1&LZ::S]9T^FOOI]'A;-?%DSWR8*?%@M>T
MUIU3;HK,S-:=4^MNB-*]4^MM-9]9;4%%^I$5@."[QTC6=W/=SD[5F]D`AAQC
M.,&BR5N$O`$><XQG(,![/+GLSY.<F)Q!LO4R)\I=DZ*N'8+..X.DK_9_$#GM
M[!^('8!\\$0<=GYO=,QG_K8X''R3U/"<_FN6AKC@(L>7+)L&RY/!GY<]W#^_
M>:B#V_)VG8%V?D[?('[A7U.B<_G1[0YQP$6,YQB8[!,V3@>3M+[<P9]\V%CR
M_G_UN,_]7'R<#E`?NI<5VX,JK1A?V"P+`@7_`'ZT]X/D[2LEBUI>NX+R9_/[
MPOE_H>3RAROI;U'2<"[]!:5+<XQ@0?`VTO!%G/9V]XKNGZ8J<=X79Y!=[&/+
MY<<#]S9'4)([?%U+U=7=X/:'*+=JPD_AYQV]H#,+=*<9%D7D[,A\F/+V\#BC
MMWJ`%]G>THHP[MQG_P!4W:<AY"+'9Y!^=ZJ(L=W.,^3(>]GR>7&.!QLWGO@3
MW?&T)AY^,]N,X:]Q(@H$$>.S\X6'.J&;'@Y\O9G&<C^3M!C\@>&-A=V2^[YQ
MT\W(WY0CPV[3TDIS@>,?T@>D`M&!$YSCR"SD(_+C\SY>P/>7LEMP7W?/.G-:
MHNSM"9AIV$U76Y[WE[!$>D[48L&$YSCRY'X0\8S_`$,_)P.8#9O9<&,95=.3
M8S&,9S@SS&X=*U>>SM[,"*PHV:09,Q\G;WNYG'E\F?RA6]U5NI9NAK-JBMG]
M3Z?6_0;ZJGL6BTFO6X,:[V7`*AA[T0[&JI::RU9>=DGF.R]W1(6=&I>&[#`A
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M8+8]Y%\.6:9,N.+Y=K?-MM,&;)M[?;;)BBL>L5M6N2MXB\/DO>=3@.`X$))/
M_F/4A^Q)M-_?OIWP)M\"$F^?]E]-_MMZ%_O@4SP)M\!P'`<#0FQ.NT.V9A39
M`IS)[1C+$URMBF0#:JLF45B[K7B,J!+F,IU>(FM0+W-H0.N"EN$1PQ)1JTQ!
MHP"$4#L#"2]-JM#%*\8E4DN%[E-4RF43*`7)*;9F$PNV.OLU9W>,RD1%D2M>
M\O"EJ>(D]G-0V\_!K>6B`1X1(#DJ8TD.L>M#]:7*%5_7[-#%\#C=:U/*:#CI
M=?25\BKF=1L\(8R9[5+V]HE@G=[C$S-C2!4N-/.$Z>D4P5I"LE8(P\82LCL>
M8HC'V**1=H;X_&8PS-D>CK"T)24+4R,3*B(;6AH;$2<("$;>VMZ8LDDH`<`+
M+!@.,8QC'`I@G/\`YB/7O_A';#?O6TKP+M^`X&@]G-GJ-TZI2:;![%3YIKFK
M8(A"J=WMRR8<K7KE`O!:8U&F=*$YTDTMD2[(4S<V(BCEBU2,("P9SV]@5`4G
MK5>W5.M"%[F=1:`.]5ZL0)]2372OIORO`!G95INTV-[);J-`!&-\EM=8F,PH
M8H6?X[9%2#<84A-6#4X&%_?`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<
M"&6\^]%+Z!4<YW;;_IY\*P^,L1B4`A)+4OG4\F<C$I]#QUA1O#JRM2;&4J%2
ML5K%JI,D1H$AYPQY[@0#UO+\MQ_`\9FYCE<D8N/V].J]M)G2-8B(B(]9M,S$
M5B/69F(33QUX][O\L=\<9XX[!V=M_P!W\ON8P;;#%JTBUYK:]K7R7F*8\>/'
M6^3+DO,5ICI:TSI".FD'6'U"W3@4JDV90BUXF,"?$['-:QOJ85_%9"@`Y(<N
M;')&%R(E*MCE,1?$A9P25B8[!A2E*H(4$DF%=@NGVWW-PW=O%5YG@LLY=C:]
MJ^M9K:MJ^];5GUB8UB?X3$Q,3,2DOFSP?Y)_7KO[-XU\J[&NQ[IP[?%GB,>6
MN?#EP9XF<>;!FI]N3'::WI,^EJ9*7QWK6U9A,)1NAIXDSC"K;#6E-G(<CQA1
M>U7$YR$/](6,&2D.<A#^7/R8YOE3.E'OIHR7V>)N?J>7WL9R'O[%5`'O8QV8
MSG'>F&.W&,YQP.L/ZAN@Z?N]_=C4\7>SG&,$;"U.JSY/ESD*:6&Y"'R_+GLQ
MG@=.;U*.GZ5GL^^9K<?GO9!@*.W(:N%G(>WM$$*)U/R(O'9_2QVA_P!?EQP.
M"/J::!![<%[8TVM%WLA"!LDP'8PS..WO9)+;"58S@![,]H@8$'&,9[<\#CYZ
MG&BN<YP1L&P+_P`[NARTQB?O&#A=N,9PF$U1)8%5D.?)GP^]V=F>WY,]@,=3
M+2T>>Q/:LA7YR+``^BZ3OMV\4S/9V%$>C:P5^.=VBQCN`[PNW/9V=O`Y`.H_
MJ>=V^:O]RK\!SC&1-FI>VSH#OY\N"N^WT<I!D[.,X_,[>_Y<>3RXX',QU"];
MAX%E.DV56=S'YWF>CV[*GNYSV]T`LE:^""$8NSR8SGMX'[]_JG3,X"CK/<IQ
MSC':9A%H9N:/PL9_HY,\6C2>SO\`E[.SM^3@<<>^]>X[O@T+O(ISG&<]@-&]
MGT_=#CL[!"ROK1&'M%WOZ/;W_P#3CR9X'$%OM'Q8QE'JUO>NR+.>[@.I-G-V
M<E^7L.SZ<1M6"\9\GY@LA-\O]#R9[`\<;V&&9QA)IEODK[PLX+[=?DS=@8<=
MO:9G+U-FS!(?)Y,&]P>?R8X'S.T]U^=_YGU$6NI5U.M$GATHOZ0TXHTE88$V
M,FQ,'CK6_NC(8N-E,DFC.6DLN$-#;A[D1CVH2Q<24I4$K*,C*=8&KMCWUS^Z
M\CY^SLO$Y*<-BK;3<_?[5IU1DM,Q\<X\D_96*SU1,QK,SU1'O#NG]5/$?`_I
M;Q/[);'R!LMUY+WV;#&3@XG;S'5EW$X<FRQ4K;\RN[VF.)W&>^6L8;4I?IK6
MDXLE_IG-V'W+<S<%QGIYR=L+%G.`GVILU044+#_U1G`K1XNP\`.SY>Z`P6/R
M!SRT7@][3Y;U(WPK`VJB],Z^[^.S_P!I]EKDL1:GSV8_/,;H]K%!D)^/^R%P
M#_\`:_+D!$2ZDCV7D#K>FF5?X,QV_P#LSK3<MB+4^>S/YA;A(-G8,A/Q_P!H
M3>'_`.S^3(>HK7?<MT-R9)NH9)VLL6>T2>J=9J"BA0>W^D$@=F,]VJ``[,^3
MO#,%C_K9X'ZHTFDSR,)DNWHWGDF,YP(TA#9-5UJG,SG'YX`?4W2E<*R2A9^3
M`3L"#CY!?EX'N,Z>.OCH3@J92'9ZQL^7`LS[=';A_3&!%V]XHUH^NE*PC)%V
M^4&4G<_U=G`]K7TU-!VPX"D[4ZEI,J!VYPLL&()+-6CSGY<FK;$S*%1^<Y_Z
MXQ>7@;OB>L6M<"$`<%UZHZ%C*QC!8XG4T"C@B\8^3`!,[`CR#&/]7`W8000F
M*+3IB2DY!0<`*)(+`446#'R!+++P$``X_P!&,8QP/;P.G=Y"P,!7COKXSLA'
M9D7C.[FB;2N[CY<^(L/)!V8_]/`T;(-O]2XD,9<JVBUUC)A0NX8"0796C,,L
M7EQW1A<9,FR`7D^3/EX&JW'J5:!MQ@B0;>4*^'A__AH=8+).E)GR^0A-"U#\
M>H%GL\F"PBSG@08W%ZV%2U`UP1IU>C[CL;:3U($\NED)60RT8,G;-=H0K3K;
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M,!_I^7M[.[Y>!QOOW!-\B+3??);G.0AQC[NQC7VB%\H>\_RQG`'`0^7(LYP#
M\F,Y%Y.![P;K2Y3V90Z&[UK,9#D>,C@=(L_:#&>P.<AD>P+*,(AB^0`L8'CY
M<AQCR\#G!VWME1CL0=/3=(XS.<!#YZLT]:2LB\@A=\Q=MN6(`0AS_2[F0YSY
M,9X'B+9[9$W'?0].3940,]_(<N=LZ4MP\AQ_W?>**VA<#"QC_*'./S<?ESGR
M<#A&;(;?&]N$/3HLHO/;C`<O>Q6L"`/;\HQ#RSV-)!!+[O\`1SC`A9%Y,A#C
M\[@>GZ_=Y3L?[-T_$)';C.<8>-MJO29QVYQ@&!^B8F_XP/L\H^SO8#C^CD>?
M)P.65<&_JC/]7I'2Z,/;W>UVW74$"\F.T0LA:=87S&`9SY`]F<BSGY<!QY>!
MROK$ZAJK'^SZI:JM><ASGM==U;)5]@A9[`8$!LTJ%V9+^4?8(6,_('/Y>!X&
M27J2F_\`<TMI`B[>S_OMG+Y<\A[,9[V<]S4=JP+O9\F,=N.[CR]N?DX'`&OZ
MG"C_`+N*:(-7;@7D'8&P,@[N19_-QW@UG&?$P1CY<]@?%_T%\#Q"FZG1XOSG
MO0YK!G.?*&+[!/P@XP'R?FYF$;P/)@_]8>YC_K<"%W4#M'JDT=K8_ND<7T/8
MD@L5Z9:@2(=?]0MDK(FT'16#A:WR:T/-FVXYZ6D1UO%"5SBF.6QYQ0K78I&C
M.)P%7C'-'W-R'+<3V[ON3X#97Y'G<&UR7VVUK:M)SYXK/Q8^N]J4K6U].JUK
M1%:=4^\1"-]Y<GS?"]I<ERW;7'7Y?N/;[++?:[*EJ4G=;B*3\.'KR6ICI6^2
M:]=K7K%:=4^\1$\+H:32Q8Y2T[U'F597O%X1K:Y,>:`G5Q5+:]=XD5-SP#FX
M(J\RZVE%(TOD<HJ&5MSDA&8')V<QY8SY$(1N#\X@_ACEO)/+^/MGE\M\??CN
M_L5KXMS69PS7-TVUQ[BGP7OCK&2EJQ:D3'3DK?2.GIF:W_7KF?+/->*^/R><
M.)OQ'DS;VR8=W29V\TW'1;7%NL7XV3)BI7+CM6+XXFO1EIDB*],UF;S^6HNP
MX#@.!"23_P"8]2'[$FTW]^^G?`FWP(2;Y_V7TW^VWH7^^!3/`FWP'`<!P'`<
M!P'`I(G/_F(]>_\`A';#?O6TKP+M^!%C</<FB-&:8=;NOV3'M+$2N11R(Q5A
M0F/]B6K8#UD9,6K&JX8C%ATFD^E:T/@HT*?'9C'>./&2F*..+"N/6W36\=S+
MHA74$ZGL93L;U"UN9'I9H$8N+?J[U'0*@]K99]NAP`+59>VCJA$`PY:<4)%$
M\B\%$`"D`?,@O#X#@.`X#@.`X#@.`X%4^_?6"U>Z>-@0NJK2CMNV+8LOBY$^
M512GXQ'7I9$:_5O+K'V^5R1;+Y?"6<);V[Q]R(0(4:E6XJA-RC/@``$(Q1CN
M3O+MKM&,$]P[JNW_`";S7'$Q:TSIIU6F*Q,Q2NL=5I](UA>GA3]:O-W[$Y.4
MIX<X'/S$<-MZYMW:N3#AICB\7G%BB^?)CIDW&:,=_AP4F<EXI:8B(C5)Z';\
M:73>MX-;#9M#1;5"[$B3'-8RLE]GPR%.(V.0-Y+BB]*,DI>6EW8W(@H_PU2-
M622I2*`#).``P`@XDM+UR4C)CF+8[1$Q,>L3$QK$Q/\`"8]84AN-OGVFXR;3
M=4OBW6+):EZ6B:VI>EIK>EJSZQ:MHFMHGUB8F)=$Z=2+0-J'DH>XVN;F=CMQ
MA/&+7B$P4B%C/9W`)HHYO1YAG;Y.Z$.19SY.SG)B=6FZDNH;D+(([,[*FF>W
M.`YK_6G9VPBS,_)CPSX33K\0/`LY[,9P+NYS^7@>2G?B%&>2-:Z[R2_(NS)(
MF_36]HN2>$7]$9:NRXG!$6`"QGY1&!X'L3[A6<\!_P#9GI^;JN8S.SP#'Q-K
M!`D@\Y^3)^9QLVQ.*4/^GOI>W'^C@<8S8;=!P'@+#T\W]N`+/9@RQMGZ'CN`
M^7R9-#`%UM""'L^7N]_./R8SP.9F>=19W*[6[6;4F'B[.W`I7M]:4B.\OR=J
M.+Z@)R.^'\N/.^S_`$"X'#+2]3=S,SDY]T1A!0O+C!<4V!M(PK_5D0IE3P5'
M9G\O85V_Z,<#DGU5U!7@/:OW'U^B_B8S@PB"Z82#)A';^5*OG.U,P+%G'Y,F
M)!8_U9X'K3:T[7+.WZ2=1BXR\#[<&%0&A]4HL5W<_+@H4LIZR5I.?R8SX^<X
MQ_K\O`\%&DLE=19S)-Z=ZWT(L]X126RJH@9>>WY<!'5=(0)06'/Y,!,QV?DX
M')*Z?]0*2_"E%I;CS<L6/ZPJ1[Q;9$)319^48V^+V]&VT.?]020A_)V=GDX'
M#^&;I&H,P:]TJ*:&=N,C%9%E6]9WC=F>W_:,6%/I,%3C.?E\3`NW\O`U[>G2
M;Z;%G4_*X-+M8Z8K:/Y3`?C[+KN*16K[%@I\=%EV+E3':+0VI7UA&UA3B&IR
M<>8@4I<FDK"3TQAI0NIO^/V7+;/)QO(XJ9]EFKTWI:-8M$_2?^.DQ,>L3$3$
MQ,)'VAW;W1V'W/L>\NRM]N>-[KX[<5S;7<X+=.7#EB)B+5G28G6LS6U;1:EZ
M6M2];5M,3J+I=Z9]+]#K$RV;J-%&._:ZN!Y<Y.=<=W1]#.;)D[M'ERF''MSN
M.91-F61$B+JF(Y(4SI6QJ2IC,&G>;^,H-.-Z/`<3PG"<7CV/;V+%BXJ)FU8Q
MSU5M,S]UNO6TWF9C2;3:9]--?31MO(WECOOS;W3E\B>1N8S\[W+N\=*3NLEL
M<Q.+%K7'CQ5PUIAQXJ?=TTQ4K2+3:=.JUIFS5+0E%H<#PBI:ID>#!!$9A+7,
M/3X&(/\`1$/!3,#O"#V^3.?DYN4&9,17%>)N]YM`X8G[^,8%X$78RN]C'R8%
MX:$/;C';^7@=P6Q1M#^<2SLB/M#@KO%MZ!/VA#V9P7VA)!VA#V8\GY.!XFR*
M,H`8">^L2(LL6",!-<V],`L0>W&"<8&>#`1![N<=W\G9P.D4V;6R/O\`GEA0
M=+X8NX9YS+&$CN#SGL[@_%7A[HNW\F?+P,<6W]1#;XOI&ZZD0>!W<'^>V1#D
MO@]_N]SQ?'>2_#[_`'L=G;V=O;C@8VIVPU91=_SS96@$GAAP,SSFY*Z(\,&<
M8S@0_%D8.X'.,_+GR<#HE&[.F:/.<*]N-8DN0@\46%%]U41D)?E_K,^+*P]@
M/S<^7Y/)P.H'OSHJ5VX,W3U,+S@/?S@>QE/!SW?+^=V9F.,]W\W/E_U<#J3N
MHIH(1D.![KZICR/MSC">_JM5=F,=GE'YM*#NYC/;Y.]V=OY.!U`^I;T_`=F`
M[CZ[GYSG/9A':,779[,=G:+.$:\_(0>7'YV>P.>WY>!Q!=3?07R>#M15*[(L
MY[H6MV5NPQ!QV]IH0-B!6,1&.S_O,8[GEQY?+C@>CXG&C0O_`%>^$"_M%D(/
M14&L]WP=V=O:-/EKA*O"@K&,9SWP=X'9Y>W@0#)ZR6GQ&]!\88Z]1N=4/<:3
MU,X[>1.K9P_6&[[28\*2-^N?T&CE=+[4?&,JODP1^?@(.+*D."VOP,&8R,,-
MGR!VM'?\>+YW4?WC/%_^PC!Z_P#CQE^+77V^37[^CW^+7)_*KW_<SL:OE./#
M_P"53_<.W"SRGP=/K^)&;X->O_J:_P!3X_YOACY/Y86#J-^ZZ-QC,9HK=N9A
M'CM(,:-*-D6),IQV]F,E+K!KV%(`XS_I&:#&,?+R9+"$NYD^>,?^S>@F\#MW
M_(2:Z1S7B!D"%G^CXV+%V.B:].#/Y<B3]N/]'`])^QFXJT?=C_3MG*/&<]@3
M+#V2UPC9?9GY!#^@DPM8T./]/8`6<?D[>!R@6+U$'@OL;]5-6XB(6.\$Z9;D
M6"ZF`[<=O=-;XAJ$O*\3'^@*S(>W_I=GEX'#P'J<.AGE.T0@Y0OR82[`VJ81
MV_\`:RKIL*KN_P#H)[?]7`YAU:=0QX!C*_;;6>)"%Y!DPK3.:KA@QG'RDKYG
MMN^%^('\F1I!!_[/Y.!QT^M^WBS.12'J*V4FP+.<B+K[7?6.-EX#GY0E_3:N
M[2/#V?DSD8LX_P!.>!Y*-+IJ[>62;Z;R/6!XQDXI!,:)@9(A?]+)0JSU\ABU
M.#.?R!/\F/R\#V)]`ZQ.#W)/=&ZDU`+L\<I\W<V?:4JGR]N?&;X/9T0;L8S_
M`*`$@QV<#C&=-'2]89XK]53_`#0?_2S8UTWQ9>#,=O;D)P9_9LD">'/Y<#P+
M&>!DC3TZ]!V7\Y'ICK":;Y,^<NM(5T^K.W'R"\]?(^XJ^_\`]KO]O`W-&M=-
M?(8(`H?1--101>,!`*-5A"6(0`XQV8P#+6QI<AQC'^C@;=3)4R(D"9&F(2)R
M\=A9"8DL@D&/]`"B@@`''_HQP(-;"=-[5#:&U"[IMZ,6,OL<J%,M=@?8C?-Y
MUL2&'1]W?W]I9<,U>6'&&,)*=XDZY0(>$V#333\Y,$+N@[L2[J[!['[ZQX<7
M>O$<?RV+;3:<5=W@IGC'-XB+S2+Q,5FT5K$S'K,1$(-WMXQ\<^2<6WP>0^"X
MKG,.TM><-=[M\>XKBG)%8O..N2)BLWBM8M,1K,5B/9(J@:%K#6*HH;1=,LCA
M'*S@"5R111C=)/)YBL;4KJ]N4@6)Q2&8O#](EA/I-W/$4`]48%.5D))6`%%@
M`&48,.';8*;;;UBFWQTK2E8](K6L16M8CZ16(B(C^$)GM]O@VFWQ[3:TKCVN
M''6E*5]*TI2L5I6L?2M:Q$1'TB(;BYE9C@.`X#@.`X#@.`X#@.`X#@.`X#@.
M!"23_P"8]2'[$FTW]^^G?`FWP(2;Y_V7TW^VWH7^^!3/`FWP'`<!P'`<!P'`
MI(G/_F(]>_\`A';#?O6TKP)R;Q[U4[HA5K?.+%*?YI/IV]E06A:"KM#F07)L
M':;C@LMEKRL8FG[ZQR7*%*@K*U:(.$+6F'@Y28'&2PF!"[3C0VYK+NUIZC/4
MZ/8)AML!$N+UWUU8EWIZB]`8(^8`,<7KTLW(V^:7V[H@E@E,Z,`(\X\&4K;D
MI$4`1H72<!P'`<#%99.H1`F\3M.9C%88U``(8W.62%HCK>``,=HQB6/"Q&F"
M`&/ESD79C@12?NH]HDP*<H,;54U*74.1!RQUI+4EMR'Q`9Q@1.([5V)@]B/Q
MG./ZO"?(_+\G`ZL[?N"N>2<5M0&Z-MX4=WS95&-3K=A+0H[PL@[29)>C'4,8
M&7@6/Z?GOA]F>WO=WR\#P4[);</0@CA'3\F;*@&'OA=;^V)H2LDA160YS@U6
MEJM_V)>T>`BQV""-'WPXSV]W/R<#3$OV9VD9E60S:\.EEK(CSC.1@FMRSZZG
M1('LQG.#27);JHB&<3^=@789W,YQV]O9P-&.6TD36KC"YEUMJE-P/O>(PZC4
M_0RM8,&1Y[Q*+$C'MN_"-P'/=QDK(C<9QVX[,\#BI7S5&4!-4NU]]739_"@/
M]:CC,5WWC+"X%]@L"QDO7"FZ-@IJ<SM\H<"P5Y.WLQV=O`HMZLU$ZH6%+*LB
MFL6M>UM%;1KV=SF,HD=O'R2'M5D:^PY4I&M;98HN!^L:>G3*1SAT3L,8=3TB
M%0V>E'1:(2PMO,1B\[?LAWOXR\>=L<=W%Y'VD[REN4P[?;XZ6M7+IDM6VYO'
M1.ML6'!6V6])^V]JX\>M;7B6#F__`*-]]_\`SE[4W'>79O.;KC,7=&\VO&YM
MOAI@S3FKU6G)O*8]QBS5KFX[;7SYL>:E*Y.JU<$7K.:)B]'368TNZ:XTE+-0
M.D%-3ZB/K^/HX#(G%?HJS20UN8TV&-03*79\V!73M7,VQT;%*9Y,=P^E\NI)
M_GN,*<F]GH'9YMIN=GAW/'VI?89,5+XK4TFEL=JQ;':FGITS28FNGIIHR8^3
MIS>.O-XMQ^7CWL1N(S]77\\9X^6,W7K/7\L6Z^K6>KJU^J:Z.]]OTA6$T:Z<
M+NRI?)W2'K937M@)#V=@>T1,3<9B6'`?+_1[<]G9^7.<8[#F[,BX]_%O9X&C
M]/MF,_\`]R;J>:BQV]W^EB-ZURP/;CO?D%GY,_ZNT.6*;=1A<'.4FN&G;!GL
M[<8>=O[@>1X\F>SM`T:8HP9%CO8[<=_L_-SY?+C@=>8X]3=7G."8?HBP8SV]
M@C+(V!EV0_+G':$-50G`O)V8^7'R]OY.S(>137U-%0OZ^=:)L0<Y^4JJ-@)6
M(./R^0=S0S`\^3_2'^E_V?S@YWT%ZBJ['8JV7U!8L9_Z3)IS;3H:#M[N,]@G
MG=$!0LX\N<=H,?+CMX'".IC?I9VX4[S56W!%^6-Z7(T9H.WMQGPQ23867%X[
M.]GL[P!]F<![>WL%@0>H&N>Y:@7:X]1.8IPYQ^<&-:SZ[-G9GR_]WF0QJ89#
MC&<^3O=_R8QY<Y[<Y#L@ZN;"J<8"Z]1C:,P'_2"RUMI6QYS\N<=AOW5W`\/9
MGL_Z?R8SC\OD#C':8SE7G/I#?O>=8'/](!,HUT8\"Q^;Y,#B^M3$:7_1Q_0$
M'/R_Z<]H<4.AR$W.,NFW6^+MY?S\"V;D+#@SY.W&?H<TQK)>!8QG_N^YV=[R
M=F<8[`[$O0:KA![KG<F[#V'/_>!7;V;:I2S>W'=%WR6.W6@C`1XSGM"$(0^7
MLQC&,8Q@(B[P])YLNV@WFN-=IC-(Q/)1(XHGE#[>&UFZD]CCM621Y)<9_#1-
M2BZ)&@,.G[.ERRJA*V]8E]%KU>/"\7)0P:GGMAO>5X/><9QN[OL.1W.UR8L6
MYI2,E]O>])K7-2EIBMK8YGJK$S$=41JTG<W&<CS7;F_X?B-]?C.5W>SS8<.\
MI2N6^UR9*32NXICO-:WOBF>NE;6B.J(UEI32[HU/%;6+=LBVV*I>QH79:6'.
M\8B=42Z^V'$6GS*G6LDK>\)A/L0CP&B:QLEJ`K3`1#,$N;/.,F9RI.QF`>&?
M&FY\1=BX>Q,O+;CF-GM<V6V#+GQ5Q9,>++;KG!]M\G76N6<EZ6F8F(R=$1TU
MJJ_]?O$&[\%>-MOXUS<YNN?V&RW&:VVS[C#7#EPX<UODG;STY,O72F:V7)2U
MK1-8R?'$=-*K%/AC:)"[<G:[QE7D6,8[7!_G+CD(<=OY@,KY2HR67GMSVA#V
M8S^7'+576Y0.F9H"#/:/4NEE>>S&`^D8DF<_#Q^7PL.(U6">]^7N=G>[,=O;
MV8X'.+Z;/3]+_P#],-:#>P'<QA33D'5XQCR>4.%3,=@(L]W':+'YV?\`3P.W
M3]/30A+W?!THU/\`S`8`'Q=>JF4=@<=G_P#,1,WM%Y/Z6?SO]?`[4G0_1U/W
M?`TTU2)[G;W/!UWJ$ON=[M[W=[D/#W>WO9[>S_3P.Y2Z9:?(?#PAU1UK1^#G
M(B?-:+J]/X0A=N19+\&+`[F19%GM[.SM[>!D*75_6E#W<(M>*,1]P?B@\UJ6
M`I^X9Y,^('PH^#NC[<8\N/+Y.!D:2D*6;\=B"H*O18P9@[&$D`B:;'BA[O8;
MV$M(/ZS'=QV"^7R8X&2$P*"IL9PGA<3(P+.,BP3'&<K`LA^3.>XC#VYQ^3@=
MR2RLZ?O>;M+81W^S`_!0)2N]W>WL[W<*#WNSM\G;P.SQC&,8QC'9C'DQC'DQ
MC&/DQC'`<!P*CC^BEIHHF9TZ->MEQ/:BW!7H;C[S%K^:BL\5D8MSZ4=WT[YU
MA8&PL8<0Y\7\TS&`XSW,8#R"SXQ\>SWI'D:>'V?]]Q.OYW3;\C_E?!_-U::?
M#_3TZ=.GTT5M/ASQ7;R#'EB>!X__`'+B=8Y+IO\`E:_!^-_-U].GX_\`2TZ>
MGH]-/JMQY.EDG`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<
M!P'`<"$DG_S'J0_8DVF_OWT[X$V^!"3?/^R^F_VV]"_WP*9X$V^`X#@.!I_8
M.UCJ)HJXKL)BBR<YJ.LYO91T0;W5O8UTA20B..,E6M:1W=>UN;U"I&VC"`P[
M&0!%V>3/R<#0SWN2D`5I]'(A!,O]L;G1%VG=?PAVD^8^Q1J)1&KVRS9V_P`P
MF*6.R`].W1T,A:6<K*5K4'+'5X2!\,HC)YY`::8>IO#+-8:X44;63_8DPF.M
MUN;12B".K^AB#I`812,U25;-8<O6^CG]"Z6BOMCS^.M#>7DEM5JF9<<<X)DY
M)8S@GW4=HPZ\*JK2YZ\<#'6`VW`8?9<*<CB!)3U\4G,?;Y-'U:A*,0AI5![4
MYE",*%GO%CSD.?+C/`^0#;[K'U93G61>]AHE3%I6,WZ^:J7=H$R(U"Z!P)GL
M#9N3['5XM8L*)!+I6@*@M+)Y'%%+6X2QT*+"G%C"H"0Q'D"@<.Q]^]K9>ZK=
MF8]SKS]8G6G3;IZJUZIQQ?3IF\5UM-?II,:ZQ,1Z0WGZE>>=AX"Q?LSN^%Z?
M$>>U)KN/GQ3FC#DR_!CW5]M%OEIM<F>:XJ99C6TWK::QCM6]I2:F[*]/NH;6
M==X.H)U`=>-HNHQ/&8YC2D4,XOM_5=J-7CA@T\-`:LQ&I&FQ5[<W)RE`BGN1
M^$)YDBK)HC#/#-.PHF+S>L"=^N#KTK$$%-ZI]379+)PA%I#Z;Z?&Q!#:J'C.
M<`R!XMF+U8U$E&]G;@9AP`]GE[>!BQ?5(WEFYN2JCZ*NXH$YX<X1N-^36KJ1
MR`6<YP$:QIPMFAY6,![!=P9Y?;Y<9$'..!Y"O7KE37MPTZ:T/3B)8#&23)'+
MH=8+FA",.<9[[@@V.CY8#RA>7&1L1H<X^4'^D/(-/=:"<DF_2J\(-#$RC.!F
M-L6MNN80`L(LAR(DH+1H/:DF3^%Y<8\.4]N0^3Q.WL%P/PGIR;=S`'AVCL)#
M'P@PS(ST<SMCJ"6XWF8'G.1>+'(UMYK77RC..W..[EA"2(.>[DON]F.!WL=Z
M0Y+6M3KS;#UNCZX@S!F'BN^GQKY]*.\$.0A,#,+^7['2<Q0`.>S!AZH_/^GM
M\O:$JT6C<G`W)FMSWAW#RV)P=S#-"%VN5-,8`]T(<!2(J:UT@:M"'`08QVEJ
M<"[,?+P.T#T^:47D>!,K#VYL7&<8P8&9;L[7C1FBQGRC&S1VWHZP8R+Y,A"D
M"#./^CP/Q%TS]#4QWG#CK!6<R4][`Q*;,1.=KJ1F8SV^(8HLQSEAQIF<_*(0
MLYS^7.>!N6+:E:JP8P!T)UFU]AYQ8\#`;%J9KF/F`'CL[!A,:8VD&$>.SY<9
M[>!OA&A1-R<"1O1I4*4OR%ID:<I*G+^3'YA)``%A\F/R8X'*X$:;@TRU(V#E
M*2<WIK11EOS-`QI8PBE=D5?#IC(DL<0KG%S1,)#R^M"UP+9T;B[JCRDV#/"+
M.4FC"'`C!9S@S[7:;K2-UBQ98K[==*WTU]].J)TU^NGNZVYV6RWFD;S!AS17
M73Y,=+Z:^^G7$Z:Z1KI[Z0VI5M2U=1\*;*VIJNX75=?,I[HJ:(37\::(E%FQ
M2]N:M[>5*%B8TB)M3'NKPO/5*1@+P(Y0<,P><C$+.<M*4QUBF.(K2(TB(B(B
M(CVB(CTB(^D1Z,]*4Q4C'BK6N.L:1$1$1$1[1$1Z1$?2(](;"YR<C@.`X#@.
M`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.
M`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X$))/_F/4A^Q)M-_?OIWP)M\"$F^?
M]E]-_MMZ%_O@4SP)M\!P'`<#1FS]=2:X-;;^J.&&,A$KM6F;,K6/*I(N6MT?
M0NL\AKQ%4;@\K&UK>G`EM;C7;!YO@)3S1`+R$(>W.,X")IFI-GLY_3[MEB,@
MSC<NF-1S.FY)$%LD>FZ"SR*V=5<*ATP+99J&'+WII5M<WJ^/.R(\]E%XZ`A4
ME&648>`XL(Z5?TR+1ULC]?/%+3J#RFV`Z>7QK#:+M-Q/<=C"R9WE<[IL:"X(
MTF:FJ0.!C5"K?FTFSE@/R0:XM#F2'"X@]+VGA:+K92#!K1KS1>NL57JW:.45
M45=5&R.Z\HLA>\-U>1)IBB9W7D%#,*)7.I;5A0<``L@"88+`<]F,<#XW]@NB
M)'K,ZW)E$/>R\G6P'8&K;OZCRZ-R.IH1+8NPS1FVLA.$]7'QAT<RVB7P$_Z;
M'>.G=BU*)0$G`341GBB$&(V[([>_N..[,6'X^?Z];9:Q76\=/1-+5M6U8BU?
M2UZQ7-,>GRZ3,3<&_P#V$\Z<CX?V_@'/W5RD>']MNZ9Z\;'X_P`=JTR3FIM;
MY9P3N;;.N;3-7;_-%*Y*UM732'VSQ&&Q"OXZSQ""16.0J*1]M0,S#&8FR-D=
MC[(T-:4M$V-32S-"9&W-S<WHR0%$$DE@+*+#@(<8#C&.2Y3[).`X#@.`X#@.
M`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.
M`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@0DD_\`
MF/4A^Q)M-_?OIWP)M\"$F^?]E]-_MMZ%_O@4SP)M\!P'`<!P'`<!P*2)S_YB
M/7O_`(1VPW[UM*\"[?@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.
M`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.
M`X#@.`X#@.`X#@.`X#@.`X#@0DD_^8]2'[$FTW]^^G?`FWP(2;Y_V7TW^VWH
M7^^!3/`FWP'`<!P'`<!P'`I(G/\`YB/7O_A';#?O6TKP+M^`X#@.`X#@.`X#
M@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#
M@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.!"23_P"8
M]2'[$FTW]^^G?`FWP(2;Y_V7TW^VWH7^^!3/`FWP'`<!P'`<#15P;)4_12QK
M;;&DJEO=76,3*=EM#-'Y!*G=%7E<`9S;#L1V:XRV.RYJ@T'!(4&')S/`!,0:
MM(*P(1QQ98@W*T.[4_M38^L3DA>61Z;T3NSN[6K(7MCJU.28I8WN3<N2C-3+
M4*Y(<`TDTL0BS"Q8$'.<9QG@4L3C'_\`T1Z^?ZND=L-G/^K_`/%;2N/+_P#I
MSP+M^`X#@.`X#@.`X#@.`X#@.!'K9G9VK-2Z\9[/M]2^I8L^VA5%1(#(\RG/
MR_,ON6?,5<0X!J(@PH1;;F0R$C*H_MSX*?`Q8",6`@$$A>`X#@.`X#@.`X#@
M.`X#@.!ZSC0)R33S,YP6268:9G`<BS@!8<C'G`0XR(6<!#\F/+G@1\U0V?JS
M<_7JL]G*34/RJKK::G%YB)\H9#XV_#1M4@=XRL]),BDPT]`<!U9#PA"(0N\#
M`18SV"QP)#\!P'`<!P'`<!P'`<!P'`<".PMHJK#MF5I9E0__`%W&Z[G;0`28
M8U&8O]59%DD528H%)>_YKA^^EJ@(<(>[W_-_ZWM[/)P)$\!P'`<!P'`<!P'`
M<!P'`<"/.R>SU6:HQ&$S:VU+ZE8I_<U24/'S(^RGOJD4]NJ9ML$A1:U,084)
M*T9?'0O*M3G.?`)P(6`C%V`$$AN`X#@.`X#@.`X#@.`X#@.!Q'!<G;$"UR5B
M$!*WI%*Y2,`!&#"G2$C/.$$L&,C,$$LO.<!QC.<Y\F.!HS5G96L=P]?*KV:I
ME0]JJON*-!E<-/DC.:P/@VL2Y:W"PYLYQIXT*DM6@-#D/?&'.,8$$60YQG(;
M^X#@.`X$))/_`)CU(?L2;3?W[Z=\";?`A)OG_9?3?[;>A?[X%,\";?`<!P'`
M<!P*H-H:RLZ)[CO>S+!7<MMJ(3#IV7'K"S1F&-0W]R:KAQ9+/8\/9G)N#G`6
MA@MY"I/0'/2C)32W*6,C#B>G*.),X$PM)J=E6O&G&J="3IS)>9K2VNE+U9+G
M-*I$L1K)+`J[CL8?#$"L80#4MV')L,"G,%C`ADX#G.,9SP(W[B]+BG-R[IK_
M`&%>[MVVU_N"N:U?JB9YQJE?#G2#XXU[(Y(BEKI&WYP:F9R6.#>>_MY"C)83
M"BS!DEY,"/)160!'?X(<3_B:]9O^87.O5K@/@AQ/^)KUF_YA<Z]6N`^"'$_X
MFO6;_F%SKU:X#X(<3_B:]9O^87.O5K@/@AQ/^)KUF_YA<Z]6N`^"'$_XFO6;
M_F%SKU:X#X(<3_B:]9O^87.O5K@/@AQ/^)KUF_YA<Z]6N`^"'$_XFO6;_F%S
MKU:X#X(<3_B:]9O^87.O5K@/@AQ/^)KUF_YA<Z]6N`^"'$_XFO6;_F%SKU:X
M#X(<3_B:]9O^87.O5K@85/?^7ZHZU61+&K/WZZMEBQU$_P`?E:)AFV]<HDK0
MDE$2=DS]%9&F;W6)*4Q+Y&7U$2M0*@AP<D5D@-*$$8`BP&:_!$B?\3;K-_S"
MYUZM<!\$.)_Q->LW_,+G7JUP'P0XG_$UZS?\PN=>K7`?!#B?\37K-_S"YUZM
M<!\$.)_Q->LW_,+G7JUP'P0XG_$UZS?\PN=>K7`?!#B?\37K-_S"YUZM<!\$
M.)_Q->LW_,+G7JUP'P0XG_$UZS?\PN=>K7`?!#B?\37K-_S"YUZM<!\$.)_Q
M->LW_,+G7JUP'P0XG_$UZS?\PN=>K7`?!#B?\37K-_S"YUZM<#Q'T0(@8`99
MG4SZS)A9@1`,`/J%3H0!@%C(1`$',:[!!$'/9G'Y<<##*[_Y?JCZ@A;%6]3;
M]=6RLJ\BQ"A+&8+`MZI/%8C'4JM<J<U29DC[-$DC8V)U#BN./&`DL`1'&C%G
M':+.>!FOP0XG_$UZS?\`,+G7JUP'P0XG_$UZS?\`,+G7JUP'P0XG_$UZS?\`
M,+G7JUP'P0XG_$UZS?\`,+G7JUP'P0XG_$UZS?\`,+G7JUP'P0XG_$UZS?\`
M,+G7JUP'P0XG_$UZS?\`,+G7JUP'P0XG_$UZS?\`,+G7JUP'P0XG_$UZS?\`
M,+G7JUP'P0XG_$UZS?\`,+G7JUP'P0XG_$UZS?\`,+G7JUP'P0XG_$UZS?\`
M,+G7JUP'P0XG_$UZS?\`,+G7JUP,)S_R_-&YL8-PYWYZM>;;!"A5L"S\[U2?
MZ?`KL;X&3C@@97]$?3.(@.2@PX9;_&\URMQ@[N>)C`N!FWP0XG_$UZS?\PN=
M>K7`?!#B?\37K-_S"YUZM<!\$.)_Q->LW_,+G7JUP'P0XG_$UZS?\PN=>K7`
M?!#B?\37K-_S"YUZM<!\$.)_Q->LW_,+G7JUP'P0XG_$UZS?\PN=>K7`?!#B
M?\37K-_S"YUZM<!\$.)_Q->LW_,+G7JUP'P0XG_$UZS?\PN=>K7`?!#B?\37
MK-_S"YUZM<!\$.)_Q->LW_,+G7JUP'P0XG_$UZS?\PN=>K7`PF=_\OS1UI-C
M4RV9OSU;+"9V*41V;LC5--ZI/)&YHF</<2GF)2UM1NL14D(I'%W@@M6WK"\!
M/2*2PFE"",.,X#-O@B1/^)MUF_YA<Z]6N`^"'$_XFO6;_F%SKU:X#X(<3_B:
M]9O^87.O5K@/@AQ/^)KUF_YA<Z]6N`^"'$_XFO6;_F%SKU:X#X(<3_B:]9O^
M87.O5K@/@AQ/^)KUF_YA<Z]6N`^"'$_XFO6;_F%SKU:X#X(<3_B:]9O^87.O
M5K@/@AQ/^)KUF_YA<Z]6N`^"'$_XFO6;_F%SKU:X#X(<3_B:]9O^87.O5K@/
M@AQ/^)KUF_YA<Z]6N!ZC^AY#51!R93U,.LNH3*2C"%!!W4(G)A1Y!P!%FDFE
MBC.0C+-+%D(L9\F<9[.!9QJIK/6>G&N]3:PTX!_!65,Q8F(Q#Z4NV'V0C;2E
MBM>,YW=@I4):U:H6+C1C$`DDO'>[H`!#C`<!(+@.`X#@0DD_^8]2'[$FTW]^
M^G?`FWP(2;Y_V7TW^VWH7^^!3/`FWP'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P
M'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P
M'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P(22?\`S'J0
M_8DVF_OWT[X$V^!"3?/^R^F_VV]"_P!\"F>!-O@.`X#@5Q=7)VD,=Z<FU,FB
M4IE\,D\9K\A]8I)!I2_PZ0MS@@DC&,L2=ZC3@VN>$IP!"+4$>)X"D@0BC0C+
M$(.0_>HW3#3;=4.C6URRY6^^GN+R*'ZJ,]36Y/ZQ61^^75"I-BMK^#`G^/DK
MBZ[7A3.3JXON'%I:6-$JQE,+"H\E6&U@,;S9EFQZMY%-7MW04S1R05@RZ)/"
MV'K)/:EM-HXNB=T*F.*$IS(Y-D*CKXMP%,:`Q%B3I#R!%F`),"$6-"DZ^/.7
M4,UK?F*[*^,K:\,/D2A\HNB16LQ1&I;;J",*X2HI6X%3XKGC8AD[M&GI_<&=
M2J(61=^=%!*3L1Y1GFAPM1Y;+9UTM>GM#W:4R=^L+9"DM?86_P`M>)"Y.<S<
MF5TK]',;CE3I)7)8<^JWQ36L?>>QQ,.$HRZ*B!9'X@PYR&6K:25LV]40M*C)
MU;RM3"6&XG#;@M_M>=2*L;)-G$6*#1M(%0A\>EM=L,VB4D6I7IJPP-[>ICT>
M0A3JQ9`^$><A4\S;3[*U=JSIUL-7LLEDXOK9?I<=1/9>]D3RN<Y.@7795-.P
M.XX%(!Q-<>K:6(^J+?DWT+;T21.F)*:W,#8(L0"$P"0G/2"A87L0UZWF6O8J
MZ@K(Z55.[%W!.C;.D:=V)L<FU#XXLLT-E&N_I>&NU^P<UZ]..#<L0&'DL&%2
M8Q.H)RHP$Q^G_5[Q64;O3+=(K'/HN<7>OFFL,!M:6RZ;2NN:;/@L'CRDM*\6
M"Y.\[;X;8%H1Z1R=A:7)288V-+N06$)':)(G"P#@.`X#@.!XC#@81`SD6,"#
MD.<@%D`L8%C..T(PYP((L=ODSCRXSP*G=+FUNL#22X&:Y[.LDJ%,^V^^C-*)
M>[VO,T,M^K6O=T+O;$,8<[34O?TZ;XRCBS"0UF"3.2=2!I)\U+.++SV<#AT?
M7UA5MK8]TJHE5GA:-D]GY@PZ]1:QY5)9+:=+:LS0[#ZLBCM))DXKIXD/::LA
M\I?&=.ZJSW./@=D+2:,!J+!18<B<QU;2W5"U>D*!EO%O@FPT.V`K9]FK7=;U
M,:WFULD15+;,'A-CT?)'E2@@<;KVNZNDAD9D#`D!@M8?AN4^$4H[RD,HU^GR
MJ(;A]65;,YG+5M>5@]:V2Y"@D<F?Y&SPAF4:QMTNF!41;7AP6)8VTJEA1RPQ
M$@"0FRH&(>`8$+.<AJ?9O7)ZLC66/%BFMV1G=2TFE]?:!3UW;]B0+-27]8<A
M7SP^QU[)$7YO9GB)4=F1(4KZ=(4[FV!C3&6UDD8-<\I5X1DW*O"YX^X=6>S$
MD\DZ:=Z/5OI2XZBI65R<&IJ5/4NCH+`=WU/%FU4!DDXM@[-<5,+<P*"%0%S6
MTA;2NZ'!F!!S91=UR)Y#<=YCD\M(N"'];^BM.(+#27QU)9!:U2!^U]KIUK$,
M0&JRPG,DPJ^QGF?J%(THE'I)20Y9-[J)-X(2^]#JJ/ZJU7I2VF\T,)V5H.[V
MK$N%=D@L6L[,N*(O4#L/!-A5-)GE834RZLZ_;7--%7=B2D(5Q+LK;E&"`DMY
M9P6T<!P'`<!P'`K>9G:1D]6ZQ8N&52XV(J^GE5LL##U<H?ET,;96;L5:L?4R
M)EB:Q>?'F1[<&9L3$*E"5.2:J+3EX-R/NXX&%5M5S'3VW]B737]H6Z&BX-0M
MC,FT:VP[8GEB0>T[^+D\4F+#(8VRS)Z=F)BFM,P:+2@J1'QDAM;2BW](TX([
MS:8G;PTOO+6$[1]/Q[V$$T7BON6#HUFS,@.J2]I!5$WIEL/E0[ALB2P=C42)
MHA-BSFK*W3#9&R/OV#&]W3MH&_.2R52D)X22V*ESFOW`Z43W%Y--VB,V+8VP
MI+Y&D\@DK#'I1'U&FEO31C(FL(+7)F5W<&AX;$JI+EP2FJ&]25GPLEBR+M#/
MIVR0FY7[8:1VI,I+&*0K=%'ZD6GQF=2>"`=BH\67/K<">_Q)>TR$EM?7Q\96
M%86W*2%J@V.'H0CR4I/)."O>.QBZZT,Z>6L\ZE]K8H_8/=_:AS7,%@323N=E
M1/7IBI78&[]7=8+(G3H]+INN"$$=:UBI"YN*AR`E:@LBH]022<$X-?ZSV=9.
MP=O:^T!<4ZG9E!L33UAC6"4XFS^QO%K@U9W7@^N]#/#[-&UP0O;XLJFGI8X*
M$JDU2,Q4X$$.YPC524H\`1IO+J'V_*.EIJ^XV+(K_@%C.U+Z27)8-HP.G+T5
M#N-SE=ZUDA2LY-GU[7KI"H^UR6#-JI\E"/+DB6NISL@:$I8RU:M.,/J\:7-*
M]-38\H/.L(79O1N:/"YO7M*W"5>F+5)_/&MU3(G1M5>";CQ$ZDDI02/M`8`(
M\9#@.PX#@.`X#@5O=6QWD4<T+MV21*4RZ'21BDU&*VM]A,I?XB]$Y57[6#2O
M1C<HZX-RU2U.C4XGIE:0P8TRI.:(LT`@YSC@</J04<DN"MU;;%)O<K#LQ(&!
M?$M2@5=;D_KO%?W(:,Q2VW6M9X2]-+0\L5>*E"1QD:J1$.;:!C0B;RR<FN0D
MR\-YKF4VXK?<X<Z21\5Q6HJA2,,C=XH^.T062"R;A`B5+CDCK&EJ)0RN;!7$
M:`8`Q(>6>F3S+`TYA9@2S`!"K2_TVP5/U&]?']NN^NGNFKKL[T!%I-<LALE/
M7M=V53<0L"LDM'W<6^*)MF,KVEP$]B1J59#G&'YS6HB0@1DH1C#/-<)1)9[T
MZNF[!721/SU-]B*!U823&2.CZXJI2Z15'3<6LBYI&\/RA0:]*U\FC+&K;#G`
M9V5&7)](&(>3!XSD.L<:B?(7N&ON77F;6^_Y@547V=M&@E5H3J8US=%I2EJC
MSW0U5-L-D#^NA+'.Z_5(UJX&8PWM@H^Q*$S>?@1;F0`L*LG'9W8JEM3-=+JJ
M:>3*=7%L'T/-S-O[M7N[POE1`-@*[KS7&PX7<06%S-7-;$XQ&=6^_,Z="E)3
MI#&["=OR2(IN2ED!83!2KF:-C[UU/UNM9:@9I)TRJ"MZ*V98ZV4VRT0'8J;3
M^\*U26BN`HDZ%Y<G.S8Q%R7=>F*<DH'!<P>>8[IIZDPT)`],]KDT'@=W4O8E
M>*(/:]*789#+$>&Z\;SV`KVS5KO6==3V,V/6DPV&EDRLB-L+Y"Y>WEK8RK6&
M>@GDA67@:D)@5BD+*>`X#@.`X'K-+P<4:2(1@0FEC+$(HP9)H<##D.1%'%"`
M849C&?S1!S@0<^7&>W@5):4M[+9/3AP1?-GV5]#6ZZ=Q4\XESG:LX03%Y@\%
MW+OUD;(W(;.*>L6(:S!8F9&WF!3.12Q2A3@18,R2,10PYE'5_9->ZV1Z@)#*
M[*.#?VRU@HZIC=DRU^?[6IW4AWE;U9"6NI7*Y&YNTW,<F*C6!0@(PYK5+HQG
M/B)L./&8D#D0?CJS*Z4ZJ=*'$,UX-\)V4IN_8RKF1-VO\^K2Q[B8#8?:#2SV
M)3DG>5:.K2ZPKJ)/I44>V!*4G4^E%#8IP0`*,*@,HUZL,^`7[U=7R92J9/,&
MJ2\JND;4W2*4/\G(BC`;H[K]8<C8X8E?G%:6PM"U_=EJPEL1>"D"K6#R66')
MF>T-5[1ZR2&<:\09D26#=$>WBFK9EQI)=7]O6##D%37G+)@HL.>VTXQR)OB*
M-/D`K)SE6"7O,B2N;<?'&U(QIB<&N):58$8MP+TN1@=>JU;;1-)0GL'3"2:'
MLVI#$T.[BC:1HYRQ57.'<9$9;E1;/)P;%V'8#O#W82DA3Y^W-Y2$O(<I0]T.
M2?>-Q`E4ANU1+Y43;B?KM1'2YIB@79U]"$ZMJI1#JJ55KB&94Y9!1]QIUU66
M8,[S7SG+N:%TR;W2B\@#/=-MN+6G=J4?<M]P%R?V;>C8G;NFZ(<VFQ7=01J^
MBUV77,1#:PD5(F1IM86M1,8#03\LD,K*<7)W^E1V4*H)+>)"0@"^G@.`X#@.
M`X%<T6<9"5U7;UBX97+S8HIT`UOEZ:*KI0^N<0998Y;`;/1MRD$>BKBN51Z/
MNKJS1I`2K,1IR<K,(RLG=_(>W@:]JRM62D-J[AO&!65;YFNT(U]F3%L0.PK6
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M<9-)4')U`0"BD:N^O'7IJZL61++55TU>.T&YTD?6&?362N]D,E-1>L;FN/4[
M5^T+`4O2R7OJB,Q0YO6KDK@XJ5IOT7`WJ3U9!!PCPU/K':]F['3FC*;NRQ)_
MBE(U0?5:DL<F9<U?(Z]V8XZW;X,6M-)V`^S!J7M[J^/=6T2K"X)51QY@E#BX
M@>3<F*"TYY89>?"7'<+IQZ/7M<DIO9!MOM!1NKE10YPA=^7M3S2QS.U6M&\3
M.X"H%3\\@D9<Y(UP0U\G"LUT1KLB):`)PX`F+"3P/H20HR6Y$C;TV3LIT*5.
MC(RH4'JU&24I(""LGJE)AJE2=D`,=XPP0AC%VY%G.<YSP(72?_,>I#]B3:;^
M_?3O@3;X$)-\_P"R^F_VV]"_WP*9X$V^`X#@.!KFV:CK6]8"_P!66]#VB?UW
M*B"4LEA\@+-4,;ZD(4%*RTCJD*.)"M1X4D`'DHS(BQ9#CO8SV<#3]SZ3:K;$
M.\8D%VTM%;)?(7&E$.BSO)3'A2XLD96*4ZU<SHU9+H0?A*XJT9)BKO"$-2,@
MK)N1Y*+[H;&6T#32^O9?5!]>Q\%=SQI0L4LBJ(D]M;G9H:XHPP=J0"RW*$JI
M&2UQ.+MZ%-YN83E.0C+P7D.0]O`[2(TY6D#B3M!XE%4C-'G\"C$@+)5N9[O(
M3E38G93E\@DRQ<IDSX["9T9"3"Q6L.5@3$%%A,P`HO`0X-=413]21^NHI6U?
M1Z'QJHXZZ1*L61G3&%-L%C+R)NRX,4:3&G&EM;8:6T)BP%%XP$D@K!1?<+[0
MY#4L)T2U"KFUAWC"J#@C!;)DCDTP,G25,O.>ARR9E.1$IDHAK%ZE,)^?"7A4
M%0K\/QQX/'^=CMX&U8;0%+5[))!+X76D3CLCDZ9W1.[FWMA83,M\A?5$JDC6
MVD&Y-2L31)Y4J,=7-(@+3)G)S'E6I`:H_K.!@BG3/5M77DYJ=32$&/KFRVR/
M,,YB1B`\35(HQ$31&Q*'*P><^,5!XGDTP+6QDC+:6XLXTM.G+`::$8951^M=
M$ZV-;^S4964;K9OE3H0]2,IA*59.>G-*C`@2*G%8O5+%JG*5&#N%!$9W"\9%
MW0XR(6<AO#@.`X#@.!^"#@01!SV]@L9#GLSD.>S..S/9D.<9QGL_+CR\",3A
MIAJVZU%)*%<J6B*VG)A-G*R)17BD#B;&WZ=O,HS.'B4N:03AD:EW=9H(3NI,
M$+^O=!"5#P(\0AY#(*AU9U[H1*C1T_5$5@9"!VD+\EPS)U.32WJ5MK$S2%U$
MH6JE:@U>YM$90)1FC$(84R8)8,A!D01!V$%UPI*M9<_SR%U^U-$NDCW*)&X/
M9BIW=E"9YFZX#G,EC`4].+BEBGTK<2PGN);66C*6&AP(T(\XQG`?I.N%'$2&
MVI656[!B0WQF/YN-U%A:8HL;$51EML<!*,&*Q%.)3*V%!2)P9#@):3'@8QX7
MYG`P2[](]4=D98WSJ\Z0AUE2]JC0H<W/\B`YC7HXJ8X&.IS`0-(XI0`:E+D;
MD\XGN]TXP(<CP+(`=T-@ONNU'29_BTH?:NB#B]PM%%FR.JS6HL!21M@COF0P
M-O5(",E-[PA@4BSER8B5I2@ME<1"5(L$*!9,R',5T-3BZRD]P*ZYBZBR4RQ(
MZ%2HQO#E;Z=;F!9$FV3FI^]AO42YMB+BH:$SN82)S3M)PT19X4PLE9#KJUUR
MI.H'EWD-=U^U1Y[>ELC7*7/*IV=U:,<O>0R*5)6`Q]<7/Z+M4B?@`6+4+9YH
MC4*2RS!E"$6#(0W9P'`<!P'`<#5N*4JP-M+[V##&L-ON<&3UFNL`(UH9`HK]
M(Y'O*6(#4!58*"Q)7A4:K+("#``*C3#@]A@Q"R&A:]Z>>E-4NCN]5YKE7<6=
M'YBD,:=U:!&O,&L8I<N*<I4W#`K<%)19,E6E=]?D`0C6=\S!N1A-,P(-OSS7
M&DK.G#38T_K]JE,M98Z*))EKHJ=C&]9%Q.P7[#`_1TMQ*C<H:2GH/G19#DD5
MEE'=H@8#G.>!D$PIJL)_-:UL:90YK?YO3KJ[/E7R1:)7Z1A#P_,ZJ//;DP#)
M4E%)%CM'UYZ!2/NYR<B/-('VE&#`(,7LG66A;AKI14EFUA&IE6RN7G3]7#W<
MI6-H5S0^3+YF9)%19"LDU2Z_2US.<@F#&+(%PL'![#``$$.BC.H&L\,K4-0Q
M2G(C'Z]+EY5@IF%K(6I34,](RF\VFK8^%K,2%KEB,",HLAQ3JRE9)(,%@,"7
M^;P.]?M8]?Y+!X?6SM4D+,@]?I%3?"(XB:@-"*+-KBT*V!X;&030)`I0M<@8
MG!0B<TP#,$.:0\TE4`XLP8<AFLLJBM)U`P5=+H+%WZN2\1<),'7,Z,473@A+
MPSO\0*3,Q91:%,1&GJ/H5*(!8`@3FI2L@QCN8[`V!P'`<!P'`<#6MMT]65\0
M9SK.X(:T3^`O2EK6.T4?P'G,[DH9')*\M!BU,0>1YSZ.=T)"HK`\Y"!0269C
M'>`'.`T]=&C^I^Q,C9I?=U(1&R9/'HMF$LKY),NZAQ;XF-;Z1/8"%!+F0+T<
MK7]TX\`NWS@T`!&=[(`9"&S'Z@Z=DM?S*K'>`LIU?V!A'B71E)YXU(W?T:TQ
M]B;!9.:E2):A&U,T4;$R028TD24E`0$K(,%A[`[%BIJL8U!WNN&.(H&^(28I
MQ+D[<6>X&+),8[H"6IT72-^/6&R!^=G!L3E)C5JM4<K&0467DSN`!C`>,`I6
MJJL9*]CE>P=CBC#4\,65W6K2U$F@10F#+C&$:B*QT@TXT+<R]D8;BRR`=@"2
M4911?=+!@'`TW7&B6H=1V7FXZXH2"Q2S\NDH??IH@3+S7C#Y-LN`I<]A,6KU
M1(7F1Y=U65BK`,*#\J3>\//B#[0V="]=Z.KMSDKQ"JMAL>7R]N6LK\:B:"!%
M*6!R=W20.4:2(U'CHVB+N4@>UB]0V(RTZ`]<K.4&$B.,&/(8GC3_`%G#74TJ
M<NG8D1`+#(C:28L*8I>F$\(87E#F#MV7=.N*?$#7!,-B?#"E2J24[($H(4("
M`X[.!N2#P.'UM'4D4@S`ACC`C,//+0H0F"$<K5&9-6.#@L4F'KW1T7'9R-0J
M4FG*3QY[Q@Q"\O`R[@.`X#@.!ZS2P'%&$F8SDLTL98\!$(`L@&'(18P,`@C!
MG.,_+C.,X_)G@1A<=*M5G>FCM>7.DX>MI(^9J[#.K4\MR%&#)NODZJ;+9*)'
MAPP++HKFBTYX,'W_`,]U-$KSCSC.3.!EE0ZR4'0B)O;Z>JR+0)(UJ)2L0@9$
MI^#"5DUQ&`RI9E0K4*E)RM[*AC46<:,8C/!0E%AS@L/=R')KK7&DZGD+U*X!
M7[4Q2)^<I,ZK'82IV=U217-'<#_+@1_+XXN9<5029[*`K7)&L*-*J4%@,,+$
M(`,X#S0ZYTBW/%IOZ.N&`IXNZ01N56VN$%8<;8,AAZ=I11AVDX3U1A3BJ9&Y
MA1)",B#V`1(R4W9X!0"\!KV[-'=3-C9BEL"\:,A=E3-%&RX<ED,C*<C5Y$5*
M7J73$>`),X)BO0YCBK,/,([OAFF"[P\"SC'8&R7W7RDY-*X[-WVLHDXR>*$1
M9,R.9K86#!!$%<E+U`BUB$G)3:[A@#XM.7,'GA)_H-<<8H0^;G#$/(<DRB*=
M-LH%P&5W&1V2!:6[!E0D.,K/3Y,;-A9,IRF[_HX4Q)A1XV4#SDG+H!F'E!A1
MA)G)/`XL;UZI.'SQTLR,5K%V6<.[I)'U6^(D62Q$O\TRE'-9`UM^3!-3'()L
M8B*&]+D1"=6[F![ZLPX6<YR&Y.`X#@.`X#@:L!2=5E6H^W>7#&PNV9+!V^M'
MV>`,7`?W*`M+@O=FJ)'J0J\`PQMCJZJU2<@(0A(4JSS0=TPXP0@T16W3TTJJ
M!>Z.E:ZY5U$5STQ.,9<SVU"N%YRP/+PW/[RU>&K7J2B4;T\-1!RP)80>=Y!G
M!O?",81!MZ;ZY4G9$];+,G5?M4GF35'4T2(7NBIV.;ED:1/9LE0LKY&PN((Q
M)$+?(#AK$P'!&J\W4"R,ONBSV\#O993%73J>UO:$NAC4^V!3ZI\6UC*EN5?I
M2$JY,UF,DB4L(RE)120Y\93AHU8NYG)Z48BA]I><AX&*65J_0%PUT54EFU;&
M9E6Q,O'/@1!W+6#:<S0;^YRH4F,`0K(..>,2=Y4N(3AC$(*XSQ\=AH0B"'51
MW4/6J(UHCJ"+T]$F"O6Z6YGS6Q-)*U$>TSK/;CZ9M#\0M!(VF5A($(@+BF5E
M*PI1"(P9@D0@9#NI'K'K]+(7#J[?*BA"B$5\UJF*$QI*S$M39&(\XLXH\[QM
MG*:,H1I(R_L`\H7)M"+S%R29R2J*.+_-X&PU=>PA<XP-U4Q=G$MJ\]:IKL9:
M0!!,-4.$:7PY4<P(T_A(V\8XHZJ6X.0%X\-&H,*!W0#%C(9EP(22?_,>I#]B
M3:;^_?3O@3;X$)-\_P"R^F_VV]"_WP*9X$V^`X#@.`X#@.`X#@.`X#@.`X#@
M.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@
M.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.!"23
M_P"8]2'[$FTW]^^G?`FWP(2;Y_V7TW^VWH7^^!3/`FWP'`<!P'`<!P'`<!P'
M`<!P'`<#4MZWE6.M=2S:\KFD"J*UC7;82\2^0(XW*)<I;&]0XHFDDXJ.0MED
M,G=!#7N!(,@2(CQAP+(Q8P`(A!"J;'_,2](K.<8^\O,/+GL\NK.W/Y?_`/!7
M`PHGKJ5<@4I;]E]<.$<Z<DJ=?H'`=GRE;V^6<OFZ=P7-I,LDFN3-&ED]:*HF
M+VC/9VH"<*R8HUR+SEU8T2%5XR0,T_\`S$W2)]Y:8?A8VY_W%<#?]J=2.`+:
M.U0LS5GS6UG+>B_HMKOKHY3*/3F"QE,\NH9P[3.P)W'9,S16>IXO7,/K&0.`
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M(5QM\!7:M77,_P`55-V1CEY2(YI=I1'[(SZ&,:0#PYG+.[X!!I8RS!A@L:ZC
M.JLJ51MN:YA(?2LAV,(U-4MBB#2L)T1OU?%$\Z8H+.59+6>U17$JAJPAP:')
M2HPTNH%!1*52:I-+($&67-L&^XU9V'N77ST(?-:G9KD11+-K1:4$05\L&GU+
MXR.+<YD(W.+O+C"E4N8#VX;LW*LEY``P]/D_`,!&%?%O=6:7Q;I7R3<:!U;&
MS]K(E&K/C,XUYEZYSRPU??>N>']/L[&YR)J7)9(&&U4IA#P>0>`PDYV3FM02
MS"\NA!G`G^IW/IZ%RR'5;84B>OI^^R.&UDK>6:LIR5!E%QS6KW"WH]7B!T)2
MOR,N2R2"-![@C1E+%V`X$0E,4>>*4Y)P:NC74+H^YVW725U+.YI&X5=]RP>$
M0F2SS62ZDL<NY-,JPG\]01.OY/(&Z$M4>5*$D4/4&R`_*]&@/:%#<:F$J4%Y
M+#NXUU,M0),Y@1!G<HC;:<R;"/2:6SJK;+@D+6?=5E#A$]@&9))I9%6EM/D=
M;+VLXY8@P+SDQ&6,X@)H2S>X&[Z(VII;8]TL^.U=)5"Z5TR^L,=LR*.[0XLD
M@B:V6QQ++HBJ6(EQ)92QJE$;6`5(E24P\@?=-)$("E.H)*"O/7K?:U+<G%EP
MB46_J_%9Q!M\+CU3BU2_5;9&978\.IV<+B%;NE?R[G<2V";R2M&!S<"#!M2E
MK3K4P<#`(H60X"3Y?4KU1'#+BGPY'/B(]KRT6\\7ODVHK,],U`31[B2VSM)8
M,;+C!D@C;GWC1*FE.>F"8^M9)SBW84MY)BH(:7M?J4Q5U-B3#KPXGE3AAW`T
MIINY(7<M/6?!I%BFMK[410AEL.#-LQ)@:I8Q2]L+<1L$C)*=&HU2UJB!%9-+
M%@L)6D[MZ['6)'ZW^EKJ4MF-C3>F85+3HC*2ZVFESUNCD*Z<5#%K"]%9B[O8
MC`1$'@&6XM1WU2IG7I4N3U:)404&!P/J,ZWVA%&R:5^3=$F8)*^CC$%5E:_W
M&T`L60H4UGK9$TP4^10UF1/RF&(J;D)CWD)H"VH2(!2@0#U20H\-7*>IW2,T
M:[]-KM?.F2%5=I-7^Y;?LPMIF<3JK2:XN.-VB]PR7)X8S!9YA*4\;;ZU5+US
M5D;:L693JD0!DFI5)A0;LE6^6N%8HB<S^PSQHX\R5*OM*?M4(E`H%5H;H`B(
MK5VM9W1)G=OJ]!.%2PHXH#BJ%AK1J"5+@:G1F%JC`*^H#K0@M]52*Q_FZ28M
MM\,VLSTO5519:2$L5VRF`LEE0N$.\\518F*)5$ZBTB2#9E.%0D2\\\!)9V3#
M"\##8&Y-LS"@]2-G+WK\B.*YG2-!V[<,<;I<W.3I&7=UK&!/TV2LKXD9WF/N
MF6UY,8\)33$ZLHTD)N3`][(<!R$<(+U):0(9X='+7?WY/:1;5JBEMM7%*:M4
MNL8%+=PD#>"F_2,J,;9$PLL2F$M<BF5(O-=U9!"XT!2DXL6#<EA(^`;94K9M
MCIJQAKQ(G1W>&6>2"(R+,)EQ%>3QKJV5ML&LDZ$V(:SAA[\9#)8\)4:@L"P)
MBGQL'H\*4P##@!)/@:YM6V8%2<-76!93PJ8HFW*F]$L<4<?DDG/*4NBHM$A`
M%HB;0^/1V#E)H0Y$!.(`,9[1Y"'&<\"*N.IAI>+.`XM*29SG.,8QBD+]SG.<
M^3&,8^J_Y<YX$+:(ZYNM5J7;;D'EP%<$J3!^'+4NVTK'/)?G9B&1,08U;LD2
MQ2,P]S>8D"(SS`!-X5`,X=8\XHG`.0>(847#>`[_`.U.Y^Y.:[2X3=5S<[V_
MFP8][CB-/COGQ_)32?\`5$:6I>8]*9:VQSZP@':_D_LGO+N[N'L;MW>TW'<O
M:^?;X>0Q1&GQ7W.+Y<?3/^N(TMCR3'I3-2^*?NJFC\3'2W[4Y'[$;\_W7\F2
M?L.WBWA^ZXQ:ZSDX]/!M?+>DSBWVCM3)JZF<^@6OS,?#1OU=.-A1&.K(Z]1=
MDLJ1'$M@I"['I&:/B#G#AX8U!(@!K'8[J"2C6C4Z@+HGDMH%V=+JOV(5BOM:
ML3':?5(VU%/)Z^,D:OF"1%LF2R23IJ51DZ.9/3$/)J9L7OV#U"@Q&F$$T.OV
M*ZA-J5%H/?5Z-4:A31M%JZBJ]%=\`FD)L=54\:FLZ75\K618N2)GB,MKRM20
M6QF]W/PR2-Z(:3%!:<]2?Y3!!OG3S;"P;VN_<"F90V0>91/6N25,V0K9.HD+
MVV57;1EEP91*Y'!DS>\/\S2I[$IQ8E))?O1C\[(<E.Z'O>9J?'2%A@,;W>F[
MCO)8E!3T]DI"OX6Q3U]A4&M;7RVV2Q]AXG6["W'2ZU:*O\5B%4G+HNP/CH$Q
M:PIF-5($C4`M2<$LM5@U.$?6WJS22#4O4&R5VP2.8K7931+9S>ZK8E#<N*.7
M0Y@UZAD)MUKJN3O;JXN37*7N>T]/DBG+HG2-Q*!\0*B/-SDYZ<1(3&UZVBLM
M_P!@2M9;R;88"PW[4FKMMV-TK]"[MK(@;Y;+WZ!6)7"U,]/+VJ<#*_DZ-MR@
M=\&)_2R-SSXB1.:F%DX-6-O4*'`=G=RZRV#6QYFJJC;LU#HFGG*`5C94DG$I
MF^VE?L<IC+9-`Q]TFI61!E+Z4S(U"=K;TI@AEY-'@TT!>0V/*.HC3#O34PEM
M1NDI>+*0178M4V5VNJ"PG:=1&0:V+QQ2T5-CU800P2QI8X%.5C>@6X,.2"<#
M%Z<M`:>-03D08I0G4PH^2U=I^&XYVRLUS[#P#6A`_IHZQ/682TWYL%347M*.
MUJ8M#EUQ&7&7$/P3&A.M/&#N*T1!JC!ZM,$\)&TUN;1M]S205Y6SA,'*9PR2
M6#$+`8'6OIA''"N)'6JUB0OC78)#\T(!Q$UY,D:4U@&LP67)463%C4)8D)-/
M`$J^!%:U]UM;*1F*J`67.GAAE:)&@<%+<BK*UY006D<R,*41N':)0=]9C<FD
MY[<@`H$,&?(/`<^3@5$]1?KX5_K*AJZ-:L0Q#>]EV29+W-<HLAJM.JH-"8I"
M,Q@E>K49?8*TO$P?WQQEB8A(B;Q@+2DE'J%1Q?=3DJH3WYWSL.P>'IR^_P`.
M;/7)GC%6F/2/NF+6UM:?2L1%9^DS,Z1$>\QZ@_4S]5^[/VX\D;CQWVGR?'<3
MEV?&9-]GW&[B]XC%3)BPQ7%AQS&3+>V3-2)TFM:4ZKVMKTUM)#3KK4ZO;):^
M0NUK#'(*;L!Q52B/3BNDT&MJR&F/RJ&2AWBCQ]'IW%*U-99/'G%2T95(SPX)
M4%D'A)5$DJBCB@2+A.6V_/</MN:VE;UVVZP5RUB\:6B+QKI:/6-8_P`)F)]X
MG25->4/'W,>)_(_.>,NX,NVS\WP/)Y]CFR;>TWP9,F"\TF^*TQ6W1;36(O6M
MZSK6]8M683NJ/<W7.]9;]!:OG#O()1Z+6O/H];6MIQ4GT<W#3@5G^E)A"6!H
M[Y0E1>,%^/XH^]^:'/9GLVB"*K5O5#V`9KAM.N$";7^TII`>I''--XSK'"XY
M-VO8:QJ/<XU1LDFU_LJH%E3!,VETVTW$H=7Y4NCR:,8:V(S!S@@/5$XP%G[Q
MN[KS'Y$_19ZDS\VN\6V1A6ITC*40F7>;L]U61$8S.H$QK%A;.8E]!RJ+S)K4
M)G@`QM8<K`%FGEF8&`(<)HWHU]?(@R3EM>9*;&IFY5>U5@YG1%Z1H;@4W26[
MGU;FJ7-80G9YH"8)6)483A,I\1-@KN*@D&9"#(=)9O4/U5IM@CTELZ<NL+:W
MF-PV9.X7^&RIL=J]B$_E9\%BLELV.K&HF0P=K7R]&H0F96I0&)!)%)J@!2=*
MH.*")UP;P[!P%WW/0M&:O/(UXWMZ?NO\/RLAL@&8XU-M6;J:"=%/0BYT`)TZ
M9_K]<?1[H7@M$'S,CQ&\7:/@6*W^._L1,`=?Y-2\">R"W9UD$]O./2B9Q"/M
M+2VFJ2$_T2B<RKI:L$Z+LA\X7&OB4AL1$G&^$H,$6#`5\5QOGL)=:35FO(W6
MD"JR_K>T7FVZ]FM4WQ(Y/#XREBKU7D(B$'C1:)PBKV:W6I,YP8K*<E@L*6E@
M0B[Z0Y8>#P0UN7U8I;9U0V/?M(P.*D037[IST9U"K6C<U-=5\@DY-U1VTIX&
MCXL]-:YG;XX[1:`TR]#-?%"5P)4.JUO!A*%.6I\4-ASKJ5R!HSL5<<788JJU
MJU6OK4^AIV%R2/`K`G)VQK10,CE\ZCCD2Z)FF-IJI8MF(V:G;3T*T;P8WN98
MCT_BI#"PD[N?L-:-"2S2MFKHN"GM^QNWT3UTG.9C'']\6-,7DE7VU8A\AB1C
M)+XR6GD20^L`)"RU92U.,"X0\@[Q00&!U$0ZG.G,Q3`=2+`DD:C"FM;GMAMF
M4^J^RH#$GJ(:[S@BN[ORR/<MBK20Z/U:RI<D3N+65@3A_MI.22C<Y'@`:E@O
M481!V7VSKFUR5<2@=7IM6T-*1ETK.50NVY1++F@ESSN5,"MLD;PH)E1B=@K#
MTBE4I4[:0C2DJB%.,*4YN`AMTGJ::?K6.FI,TSV1/<=V&KV86+2+TSUQ/UJ"
MS$T"4DH99!XL8".A,6W"U+C\$8AF0@DZDTLX*=";YNH\()Z)3\*DJ95@D]/A
M202?@A45DA43@XL)G@J2!?G$GE][L&#/E"+&<<#W\!P'`<!P'`<!P(22?_,>
MI#]B3:;^_?3O@3;X$)-\_P"R^F_VV]"_WP*9X$V^`X#@.`X#@.`X#@.`X#@.
M`X#@.`X$1&/1/5F.;+O&VS/5C<ENIZ`N5F.?I%W.BK7+GI"!FE-GQVOSEQD(
MCEN36.ID[6]2A$@(>W-M3!3GJ1EC/P:$N^!&;:+6&*;/Q:`('=[=H9.:9MN%
M7U2=D,!*)8[UW;<`$X$LC[AK<BS&R0,+LQO3BS/36IP$IR9716GP80:,M04$
M3MC>F4T[D&3E^V:N!R?)PX4++:%I]YJN'DUVPT,CF\L@T^D]CQ./2&360M?K
M*?9A5L9,4JG)Q-08;6<*`E(44J7#5!I._-+;4+8=F5$\=IQM59>]4!H2C\K:
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M&4;_`-6(Z[L)2E9`/L(KM\=X<RP6VK+K"OSWQM2M4SN:/PJ+@?#5*U2%0=%F
M\TSQ1A.\8/?9?3DL2RKJBMR..TN?.()<VOEV02/O%,H)(1!G6EJQ<:TDD`AS
MFOL,I3'*ILP;PLD"AM3``O2R%:>H.7KB,E)B0RB$=/)9"J#T"HDJZO2270^U
M87937)SJZ*(5V<1!8+8U?-4>=6TN9F)XQE2R60H,4*TYJK(E*4H8"@`R,O(:
M9E'2$9I_`8=6,WOMZ61*.NG4&7.QD:@26-2-T*W_`)!+Y0^B97DZ7/:>-.U1
M/DO&>QJ1)5P%0DA.%9(\>)X@6"ZUU%;-21):VW-=S7><T6B;B!RB/4[%*.8`
MM[0E&G3'_0B*NK^G%)7<X\U2ZK?/L)E!X@A2)$*<L)&`CA3VE%RTLW6['XKL
MO%PL-S;3V?L_(%)FOY9LQCKA;\^+FDPB$(D"ZVU[(S%%(Q'M[<Z*&=:N1!/R
MH_/."'.`BCN)T^;0:J6WNM:J;%DMA7)M)I=?U1WE5D9KL(DFSEMO</D$:UWF
M3*WK)PI3UI*ZD8'8N(HC"QJ4BV-8*+=!F>9)5"<-^/>@;[<ZV$W+-[<PVVV4
M_:/2(]874(F)O1P?3&S)#>$1K=1$%TZ4NS>\3"Q)LYFOSD:XG9**&40D2D8(
MP,8=Y#^FS'XLX0^-*+/6R"B*JW$GV\5/5:Y1(D#_``NX;`=K&F:F/.%BD2((
MY%5\:L^V'V0-3?Z*2.I1IZ=(>Y*$B?PC0XD1Z>,RA&NVM^OS#LD?ELH:WIS8
MDC$Z50@=(3=T5G:VTG0^O[(KDZ;@2+D\6?+,`[,QXUYZ(AX8F]2J;U@2Q$B#
M55<=)=VKFE;&I5)LZO=FBT>G;#NGM)G193L?3*01ZMTEX,$!LQJ3HI:4%$]-
M<3OAS(7-N1F)G!>D2JL&D%!-2&AG$HZ7+3*$6P$04W.Y%U;N#6%%USM5!Q0A
M*I4S)52<&9:K.E=7R$V4=ZJU]DU7'$#$])U*61$EE(B5*'*19@T\X,EE_3M<
M)+.I[-R;L"W_`$SWNH3>0EG#6A*LMH=*"K&NZP9JR*4BG23SUHD#762!0H<1
M!)/*4&GX+*[@BPE!N![H6[+RT5LK6B_K69S;5N>H+?IR:6VPUXV-@$[#9B66
M1)#(2J[;):KCZ*6-L!?$_CID[LI;0NQ0Q@&<G[`B",JGI>/:MAM1G.V%3X/M
M!%T^49ZTNH2\%LOP_)>QS&+G$(AV./S[-F+F`HIT",T&$1(QX3]N>Z+`;HUQ
MTQMO66'S*JX/M8\+ZA:TMHEZU0Q[J:,JG.D#K%>7N1LZ682S#]A7=<=JMW>S
M"8ZA/3L8L-@`)W`Y>:62J*"=\91/;9&X^W29\*D\D;V-I12"2D-)+`3(7M(@
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M3LR?&L56!87'%^DV8J")0Y*[9L!,:XM\[(B*?#JK,(+.($89E,`&,A"`,+:N
ME?)(A;<_NZOMFAQN=6JLVZ8K`)=*=1R6*O54;83YIM(Z'I60RQ&M4US"J)VU
MB4,DA`L$6I1K%"9>VJ0Y*&4&2ZL]-2:ZH26+!A&T[@[5=]%:.(L^`O-)P<U^
ME]C493T`H]!-H-8HWA0Z5:Q6'"*JCP9*Q!2.X#U2(XYN5M@U9^1!N.L=*)%6
M&SJK:9INXXV96A%7N-;6,)<$$EC&PZEL>LJ:+D^&\V:K@UQ)=?XB:=&FE2CP
MLRYL:@1+A@XPM,:0$_.`X$<-EM0]:MQ(FSPC9BG8C;L=CCS](8V3(R%A#G&W
MK*8Q$<XQR1,RQKD3`H6H31)U.4:LG"I.+)1N!EY[O.ONMIM=]AG;;W%CS;>V
MFM,E:WK.GK&M;1,3I/MZ>C;\%W!S_:_)TYKMC?;WC>9Q1:*;C:9\NVSUB\=-
MHKEPWIDB+5]+1%M+1Z3JVK6585W2\`BE5U-"HU75<0=H(8HC"H@TI&..Q]J3
MB&,*1N;4)12<G!AYHS31]F3#SS!FF"$8,0LYXB*Q%:Q$5B-(B/2(B/:(CZ1#
M5Y,F3-DMFS6M?->TVM:TS:UK6G6UK6G6;6M,S,S,S,S,S,ZLZY]<%3"WI;E*
MG"YYTAO=?%[QE^Y;ANU1UV1*ND#7*]?[!>Z]KJJ95`2DRV5NJ2RZ?L*NZY*:
M),Q.(DQ#TD<%.1B+/+0'(@YM@=-F8SBS);/TNR_T813;:76;<=\CS=3+0X&%
MW3KQ`('7"@IJ>G><*S4=?S5DK=L4!;#2%"UK<,'#PX*B#?-@ATT<Z4L6C\)M
MJ$CE%5.T7O5UJUWMRH'#7Q`;K#-7F!HYF"7S8K7TRQ#6"O+.N!YE")T>GN(K
M6`!+C'&M2F2EJ"3S5`=I"NF?,*HE55R6J]MYT@$Q4;`M>[H^LZOHW=#[:L&J
MR7SN65N^12735W'(*PL>%)K.>V1([J39,6H8S4A:Y*K5H25O`R^S>GDX6*X[
M1+\78%E^\ML[J)LH<5BMBW+Z%K=1AT4./Q!.8.;HQ/Z*:9H!I\_5F83&I_.U
M?@@_.)\$)";845;6P$0C4-KB\&*GF=-(,.MA-L@J!);C+:+&F39PB@\A:U<Y
MA.4\0.<LX4.24!QF'8LH"11VHAJDZD-92?3:=R=TKZT3[_PBV3B]&V_KO*[B
M;ZH8T+-+ZUN-[C<F7$(:V2R,I%&'JOY)#&M9&5&7%>6E$4H`N*<`*S>P-5R'
MI6565`7RH*KG$AJ^J+&T[J;1*Y(V2U(9"\3;7ZF"I2SQ##)(SE36**6.="K"
MDC&N>C$SD4I1N^#<)`*4B<W`9M.^G1`YE)K*2)9@LC])7A;^N5ZW-326.HE!
M$HL#6-/6Z.%DL$HRX)QQ:(2M#2L,(D:#*!::N)8,A3J$F5JH0@V_M)K$Y['2
M'5Q_0V(G@F=9=D(]L@B1FPWZ5AFCW&X)8,!1Q=>?F3QX3*S*&RR%IQIQ(3E&
M5!)&0Y"`)@#`@'+.C,R3^FJWI&8[#/QD<KRO-TH00]QFO4$?DZESV]N6*7NB
MF3>L52U\;FEVIN?P9K-;2#$JU(Z)R3"E@,X-SD(9),.E[;\WMQ?LJ[;B-J39
M$APHE\BLN:]:8X*LV]XJ"OKEJB3(Y54[_9C^9,(C;4#O%V+<$`7QN5MCD0D6
MMRU.).$O@;SV!T(D6Q==0N%S#89[;9%5+8VS>G+&CU?LS+(ZPVQ99"8]Q_99
MA;FE];HZ?B*-RI6S-L4/2C:_0KDN2KCEX%9G`L'84[RC9&A)(G1$]OZ9M1$/
M3RW-0V)`ZNA*<LM<XHV4QR>!M*9:I"(P";*M3X(1=SQ!]G>R';<!P'`<!P'`
M<!P(22?_`#'J0_8DVF_OWT[X$V^!"3?/^S"F_P!MO0S_`/9M_36<_P#ZL8X$
MV^`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#
M@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#
M@.`X#@.`X#@.`X#@.`X#@.!":3A%CJ.4>/(18`+2;:@(1=F>Z(0+VTYR(.!?
M)D0<#QG./R=N/]/`FSP-;6W3]97O!7.M+>AK1/(*[K&-R7QU[`>)&:Y1E[;Y
M)'G(HU*<F5I'!D?VI,L2GDF%FDJ"`#"+&<8X$6/ADZ+_`&`,OZV6)ZW\!\,G
M1?[`&7];+$];^`^&3HO]@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_8`R_K9
M8GK?P'PR=%_L`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7];+$];^`^&3
MHO\`8`R_K98GK?P'PR=%_L`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7]
M;+$];^`^&3HO]@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_8`R_K98GK?P'P
MR=%_L`9?ULL3UOX#X9.B_P!@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_8`R
M_K98GK?P'PR=%_L`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7];+$];^`
M^&3HO]@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_`&`,OZV6)ZW\!\,G1?[`
M&7];+$];^`^&3HO]@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_8`R_K98GK?
MP'PR=%_L`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7];+$];^`^&3HO\`
M8`R_K98GK?P'PR=%_L`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7];+$]
M;^`^&3HO]@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_8`R_K98GK?P'PR=%_
ML`9?ULL3UOX#X9.B_P!@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_8`R_K98
MGK?P'PR=%_L`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7];+$];^`^&3H
MO]@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_`&`,OZV6)ZW\!\,G1?[`&7];
M+$];^`^&3HO]@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_8`R_K98GK?P'PR
M=%_L`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7];+$];^`^&3HO\`8`R_
MK98GK?P'PR=%_L`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7];+$];^`^
M&3HO]@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_8`R_K98GK?P'PR=%_L`9?
MULL3UOX#X9.B_P!@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_8`R_K98GK?P
M'PR=%_L`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7];+$];^`^&3HO]@#
M+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_`&`,OZV6)ZW\!\,G1?[`&7];+$];
M^`^&3HO]@#+^MEB>M_`?#)T7^P!E_6RQ/6_@/ADZ+_8`R_K98GK?P'PR=%_L
M`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7];+$];^`^&3HO\`8`R_K98G
MK?P'PR=%_L`9?ULL3UOX#X9.B_V`,OZV6)ZW\!\,G1?[`&7];+$];^`^&3HO
M]@#+^MEB>M_`VI36FFL>OLO7S^GZBC\,FKE&U,/5R=.L?G5Y%%UKFV/2UA)6
MO[NZFI&Q:[,B-0<43DL)IJ4H0^W)8>P).<"J[3F@GBXM1M7+;G6S>W;E-[0U
MWI:PIBXI[Z?VU.OE,SKB-R*0+4[<W(TR!O(5.SB<8`@DL!1(18`#&`XQP)(?
M<\;?>.W!_$/*_P!%P'W.VWWCMP?Q#RO]%P'W.VWWCMP?Q#RO]%P'W.VWWCMP
M?Q#RO]%P'W/&SWC]P?)Y<_\`XAY7Y,>7R_\`=?ZN`^YVV^\=N#^(>5_HN`^Y
MVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(
M>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YX
MV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>
M5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV
M^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5
M_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^
M\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_
MHN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\
M=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_H
MN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=
MN#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN
M`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N
M#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`
M^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#
M^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^
MYVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^
M(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^Y
MVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(
M>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YV
MV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>
M5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV
M^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5
M_HN`^YVV^\=N#^(>5_HN`^YVV^\=N#^(>5_HN!#CZI)7\03[NWWG=L_JP^YS
M]=/HSZ\7KTE]/?KK^@WG_IWS'TOYC]'OZOS3QO-O$_K.YW_SN!+[IT?Y?FC7
M[(.MO]SL.X%"=ZZOT=!.O9TT-:V:!-RBEY?I1MPOG<*>35;NW6$_"(FZHV5S
MO"PX>93+!KEYIX7%5WU1!H\9)$7W"\`#<MI]6F;ZHSC8BKJ[J>.N.N/3IO[I
MXZ5O[%)S9>]W9:+3LHPM+6[SF-R;#P0W-*VNFYR:,-218VNQDG$2K,/5I,J$
MXB@Z"B^HAN.R"ZI=I6)/*5FD>IGJP->E]?1Z5-T@AJ.OZ]1JZ<AAJJN&=)+G
MAPM&8C9)(<I;(,WI\/\`*I<L,R4O[AQ*$L(S3#>.R]V9'T?+/GD:(KJ>0'KB
MW%JQ*RHLED$/32QEJ1BGK4%<Z1-T?Y"ZQC,A3MZ$UT8E+FYDIG%(/&#A@"#`
M0F!U^0')KLZ+JMMB)LU7O/4JK^*NT-1+FII/LB,JF)Q<E5:N:U\6-S`L9)*N
M0%`$D=#@MHS>[D[(0=X6`@GI7U"7K5G53J1;I18I4@C-A]22`4#4>@=@O$E7
M+]`Y7)[#055,L6PR'*T)<.3R43SF4#C4>5%,.!H"6](XD'GJAHPF]9VZG4=<
M=T.E-04K:HQK:CNS;+>N)3EL<H4H<!7Q56N%0K)C35D+(ZS6XXO$"C-A0^8$
MK%464N@EK9*&TM0>>I0%%I3@4UUG-D+!O.B*N?*XI0EDLOJS[N].V1N#4V3E
M,ZE0/6&'H9)$+%9,JINO2(9<_*1G%N9!Y:M#D&0>`$G.!=H=3#>K#U"I5HON
MMOD=7>GS76NH:C<F#I8WYC<BN;6'8NNU@,K+!GG+:"8E,D>@K]'BG4AX)$YG
M.('`!!Z;(2!")P$T^FOU"[[VIV/VJUZOB(5$U+:1I;2"\XA)*C1S-K1JVC;F
MFEUD.D.D2*92"1'N#A"'5OR0G<TXD1:X@SM&C($'LR$2>NKME?\`1OU;W?KN
M[S44<Z<UR4ML;L3!(U!9\Z--W1&9#>X?.:R<YVQLAD-C9->4Q*CW]T3.JXLL
M:>0H%@08-1E9R&XMYNJ==-86WJ'$=12*$F=;[;:6[<;71NP[/8)Z_!2(M>:5
M;;HABEG2PZ<Q0IV9YZUO2=.<G.RG-38SXP5&<_U.0B7L/UY=AZSTVI#:J(5)
M1!ZZ<=/&L-VY'7:A\EDTEZZ2OEP02M[`B*F(1YU9WBGJ0;V>6#/:+!>CW%.M
M?S4S06C4J"SL&!A[GL+LI2N\O_,0WYJI$HO/+&J36OIIWO&J<LK$L=88\LP:
M)FLNM9L;&R)R"/KD,S<(HE5*TQJ3.?/W-(66:4/)W?`$R+]ZN]L0C5"M-[:>
M@+7:&GUESV(&/-KQ*JI?8,II.B#Z63.LRN.9U:SV;''N:QZ.;%+OHR^'-RAO
M#&VM`J,&%<J,3=X(PE[YVK%=C^J!>NMNO,+V0N2,Z8=+VXV5UI]_N.3XNJOK
M8:E#S)G.!UG*K"2QE]*@$`>7M]C:%E01YZDY92=,K,$I&(>0OBT&VHC^Z6J]
M<;&QB6QB:-$\538*5XBT6DL%*()CTZDD<2LLB@TN=7Y]AL\84+44CD+<->O3
M)WHE3A(J4(\D'#"8W`<!P'`<!P'`<!P'`<!P(#[^RJ9PU@U6=83-99#5+EOA
MJ+#I"",.PFLB50R;VRT1F5Q&3%@),&Z1MZ:'`P!Z;O`"8+`<BSG&.[D.CN*M
MK%-V]U^EU4WG<R>1DSU3)KPK]1,G%7K\VZN)JZFC`IC[W6&<AAK;*Y-9F&DY
M@>L%8E"AP(7&!5#:D*M*4$<]S5MF*M)[*VTBDTV?;7AFDSS>T5%K[/D<<6U_
M33`]L>45E+:_>Y-'6*Y(_'J-@WI]5"5AJM)(#W1806B$K4@4E!*%PG<C4=1^
ME&5IG4K%5LWT-ON?*X.:Y'IX0JD$9NS6-%%IJ./G)R!$29)'YVXI?.#A=\*9
M4(ON@\O:&@-AH99]R:\+[,KF][^KZ^;:D4F?M0X[5T]<XLPD2U^7(DE,2"=1
M9+X[5-ZR9ZZBC8]REJ>RU$?):U+RH&FRL4`.P&DIWM%>[+95JV6EDDH/>J]Z
MN.O>D\1J-(N.)B\BHF9TM21DK0BB>31-RI]ECI;SK-"G@TLQP3!;D)19^$*8
M91@=3J7<UO6YC3>/V#>=A$-VZG3$GNV.PTE:I6%D65I84;LS7AS-=8(]*,##
M4+2NCEZ2"+Y`UY1!0HV1(>1DE:BRJX%E.AT7LR)U),4<\GMBV!$7*Z+*?=?5
M]P.[I)+7:M>7)R2_5ZU3B3R('TMD9QJHAP7-2E[,/>BX^M0)UY@E1!O8$V.!
MBLZ(.4PF8)T[@YM"@^+OQ1#JRJL(7AN-&UJ@EKFM;DH_"1P2CS@9)O<%X9@<
M"[,]G`J)8T,WO/I/:H3J37SL@T7#(]0JM=XN[4_9;Q#+3M38^<5!'CH2[NS^
MT>$XR]U^EAAJT]O<1&1L\)RA6\ICD:40B`ERS1^S++/(KFQ;!E*M^J/7>$1B
MWW^GI`MKA=.KVGB)D>IH*.N[:I:LQ-00RPP`T9R<U&K;D<P[R=0E-P`XL*]&
M:WK7+Z:S$X_6-L;%+?IWJ#552,T^LJ6-[E;;"W#ZC\`KYPIV<6.Q+'Y!<<90
MTS-T[#](REQYDI;?"6J#<*3C@!"RRTDH+2GMEL+O9\UJ^K*BK5M0SJ1P*7N4
M"=A2":+T,WD27,O;#B%\;51NNXFV_P#B"(PAR2(I0?E(H3G#"<`*W(<OV/89
M9K3K):5V74T0&7U-U+=@&2<2^1+6F\?H+6]E56QZEQ2SYQWR)*[2^MJHNP;V
MYE.0\K5:QN1!>,*CT:O)H1HJ3?#:*T*#D&TLLDLA9[*KEYZ+T;BE8M1@FB,3
M-%MNR:SO=[*G2&(LEM3V*XUFP[RA1&'DF&L_H%%E").<F.$8%I%='2ZL^I?,
MJU>97LJH@UO:PN=DPQ-8\Q0V+2T\G5?VE'T5E/E?IL/JUQHM]KICM".M8V).
MV-#/($3CA464(]M&<>%G'`<"O>$.<]D.]N]%7YLZ>(HF3K1IT_PQO])I5[=6
M<GGSUMI'95(X`TN*!0U-+F[I80TG'Y.*5%G*D)8S`C#CN<#3-5LEH0%AV4C<
M7NFW)U4=W7-755ZFN]M3B36/83`<^1-M9+^G4,L23*E4V=Z[0*4KR^Q_"M8H
M+).9%JAO'AK4H<8#,&Q3)*GZFT9@RZ4[*YK^]];;8>&$J83U+85#S*S8%.*W
M=3T<2BIKXL<Z&DM50!Z-3D!3M;<V2]&ZF#/,4+FKQE`8YKC8%BONI,RB[G8<
MVD]A3?>/<K6Z%S*2O2IVF;;$V?="\X2D/2O)6$9X#ZMI"(K#V\9>"_-R68K`
M>SN]O`TYMNY7MJ\HW#V0UZN:[IVAI_1W:>:VI%;'E*J?U*W[!EML9FFN)590
M]X`8P05[K&,H']6^M;$20D/8%#9Z5*4*U9"O(:QFM\737^W\*TP8+5G<CIZ=
M6CT\R9;8CK)ESG+FI);%2[I3.SX@BGPE/T@:B;C>M3XP:+"924-&&2N($0DV
M%B<)8:`O_J3SF*Z>SR"+[JG]?6%66S5M15+<B&*SAPD]@T[3G4,?J.KZ-MDV
M8HBYL)SU)X#"5R24N?G6'(:)L$'NY6/(#R0^H)K<T3TV-SRVG94-SL@1N:`\
M1)Z<1Z)>G+5)3LIU)9*DC)I!H1=PP`!A[>P6,9QG'`Y_`9\N,X[<X[?RX^7'
M^O'^O@52ZZF.5GZR[)(+GONY6B+P;=O=",.D^:;#?(U8Q57UIL78;)%8,UV#
M&@HIC'6IM;&]$A388S4CF-*G`D(-QDT6!AE6N[->Y=9:Q43:]E6,X6`E36]:
MTTELF=47UP)*>:93)FG7V+68Y)D>4#M9S>QSV+X>E"E,:6YND7<!*`'Y$<(8
M1?;)C8\"I/K-U;B?;30Z74/$IE9M.&VM8@+#E\'@TGUI6.T&GU4W<;()H^.\
M=F5F5Q(W0EK<E7GT75A-1X(((R0#`3CCCW,;5ANIM?I)W(V.0/U%M=QV3,VA
M>',G"236[3&&$T\Q82K1J'!\L*;@>"L+"CTZDR/'!-+,!WPY"O\`='&\Z;>X
MG$(==]R2K5_9CJ1:^TU7TFM">RB<60RU8FIV9S2\OHC;DC6GSWZL[?MJM$\>
M95!R\P\DMQ7FM"@I$M;!`#0Z/;38:8J=H8&[VA-HO&]4M9>JQ/JML=,]J4#O
M.9=K7MU*ZBI^;2ET(&0"<D4K"H<4W+DKAA2WO*I>-0YE*31%C"$OVN;;/.6R
MNE.P%TMDI*H&_P"$5'$X?'J@O*QX9BI+IF-'OUAOR;8O7?+0GAEKP^32H#@W
M(W@MV/5Q\U(VA4(!$"4*B0NFX#@.!5-K@J>+0HK<%HN&^;>:(I!-Y=K(RLG;
M?8#I&IXT51`;$4#9X0R3]D"BDT186](`M(2-F,2.1:(&2$YQ8S,F<#)==V:\
MT59ZYT995D6<Y2]7)[MM=RD\W=DX[J;-=8Q.Y,/7R+6F[>;_`/C%G-K-.H0E
M>S5Q`S')0T.`%H5!GG(AAH2&/]AP6-]7BGE$\VGC3U4T,Q:5.CMBP2;#?XO!
M9I0LD)CMFU!<QT@F3\-FFUIU7)5F&!Q-+4198C$`I,G3JBB@!*:L9/.+7IG1
MR%AGDD;Y?-=?(5=-FSA&X%G2<U&SU/&429P6F+"U)*UT?K4G+:XY"K*.3+@M
M:LLXLTO)@.!!23.=Z4:ZE1V`7?=4RUCV)Z@^G]#PB5VG8,EGD_CD57-S\LV8
M<(':LB4G38FM+7E\6;8LT&B7"\Q<%CH>R&$)5+<,(:H8]HK]GDYV(IM\LZ=P
M^#:V5%U;I=7MEH7Y:W/<JD&MVP\$KFG'N1OWB!/F"?7V.R98WJ4Z\:A([K`D
MJ'4M6:7VY#.Z(Z@=Y67+HI>%XP"4(Z6C]H:-ZF*(C`ID.(KH??NU=#T!:+S<
MUAUT!"2[V-#!VGL;&XF@1&.X$C*U$'.@&Y<::>-,'T(<!P'`JEUP4O%H4/M^
MT7%?5O-$4@F\NU\96SMOL%TC<\::H@-DJ\LT'9;`8PHI/$6)N1EEI"1LQB1R
M+1`RG3G`&9D?`R;7=FO-%6>N%%V98]FN<P4R2[;8=)1-G9,.Z6W7>,3N3BU\
MBUINV$^</%G-S+.X0F?#EI!@W)2S.`%H%!F5(AAH.&R"PX+%^KU3ZB>;3QE[
MJ2&BM*G1VQ8!-AR"+06:4'(RXW9E0W.=()D^FLTUM.JY*LPPN1I:B++$8@%)
MDZ=424`)4UI)IS:].Z00H$\DC?+9GK[#+ILV<HW`LZ3FI&>J(T@2KUABPM20
MM='^U)RW.7=5E')EH6I4`XLTO)@.!!*3.=ZT<[$1R`W==4QUBV+ZA.H5$0>5
MVE8$EGL_CL26M,@7;++X):LA5'38BL[9F44;8LT'"7"\R7K'0]D,(2J6T80U
M,R[27[/)OL53KY9L[A\'UJI[JW2ZO+,0ORUN>Y5(M;MBX76]./LD?L&!/F*?
M7V-R%6WJDR\:A(\+,$J'8M6:#MR$JXY&9[=,SZ=UY*;MV@AUM;%1JK]B+7J-
M@N26L-%1"MZ^I.)R>Q(KBFV\U+&#6A_L^41MC7X7EJ51XWU2:([\PLL`71<"
MN'_YNW_TX?\`XF^!I70BU-RD.C&F2*/ZA5X^,*3537M.RO2O:Q$T*G=J)J6)
M%M[HI:<4HX>BCUZ4(#1ILGGY3B'DO)@\A[V0R.4U':\VV$@NUDHZ<=2NVPU9
M,BN-5_:1N[#Z1((E'7$E<G=&%D*25*G:DC.\$N:@*U-A/X*S!P_&"9WL\#A3
M"CY[/K:)O.8=,*@'ZT@O==R=9)E>V?=+?I34.'C%2RR6,">E28S,I95V']7]
M''1U1+%['XW^Q'$=T'=#74[TT3V67;14VZ3.N;T5>EG1.Z;5*^]RN;2Y9;<)
M,(-CUCFEM%/H`-,R),3`RJ<$&$JAQ[.Q8(_&<]H<:,Z5I(8.("B?2?H".@@%
M]/FS\(3L^Y;\A116^Y&6A)>;+8D!%4@1-SXL3MY97<++"E**R,!900&FX&&X
M;PJJW-D9#54KNWIS5-/9#1TP1V#43HOW7?&XZOITWGD*$$QC0&*I&LA#)D)J
M<'@KL`RH+#CNA'@.<XR&LYGJ']8;]L+)9KTF-:I$[[81Z/QC8\:[:S/F-QML
M2,0'Q13-V<FF"69SD,75M9![<[^;A=4*D&3B%(#1#&(.S2:O/:)EHEA*Z6E"
MF)=9I.X3.CEZW<1S<9+`I,\-X6A\=DDP<*A52QX.D+266E<@.2U84XIB"2E(
M32R2@@#&46EB-LN'%_-G2;UZ;+@+N-\V#2SANW$>$#@VW1*D"9MEMB-"1)4I
M+2S2&8)$96'@:1.26[#+"8K`<9CO<#+6;6B3QZB;/UD9^F#22*AKH?)));2K
M,.Z#X='YJ^3)8D<):XO&5%3'.`CI.M1%FK\%GE@5C[V3<"[X^\&44_3MGT%/
M9=:%0=-FFX//IY"ZYKN8R=NW-=53A(X544?2Q6LH^YX=:A7ICT<'CB,M$W9\
M/!B=/W@X%V#'W@[%;6MT.<+O6NG/IY5DZ0C9ARDKM>D:<]XI(XMMB+9BR)8S
M*O2Q:RJ3QI$C_&T)#<J3(Q)DYJ`@M/D'@@"#`:61:5$-S75C(BZ5%&D-5(UY
M9M35(BQNS*ADU]6MRMCDRV?"8QXE8#$W1Z9L[NH2*TX<]S*802@=P!980AAL
MLZ<U=3IHC##+^CIK)(6F&4=]VN+(W+;QX."RT87)U4T0UPC-^J<)^&-DE2TU
M>V"$,2EK4#R)(:1Y,<#+Y'1NY-;.DVM#3#0G4NI=@+44TI&+>F]J[03.>L%E
MTS4F&^/%5^^-K=6R=04Y(JZ3&M+$X=P\+9XN<B*-`,P(@RQ%K98)5%T]KPOZ
M<52*ZUHZ!+*X@;2U[H.T.]'1A\AYT%E[9@Z&U&QJA-DWC:M2F=D8S3$JTE28
M`T`PBSC@>LC5I[1226R]IZ75'QZ23=CIR-2%VBVZ#]%3S6+7I4PK*,;6H$<J
MAK(C:>IE,80B8/1H$@FSS?&"<@P(>!!("I\[,49!FRM:EZ?]/P>$-"Q]<T;$
MT;=%"+&[RE]<I3*'QP6+:/5.3P_R:3/*MQ<5ZLX]8N7*C3SS##3!"R&Q_K>W
MA]RZM/Q>(_\`<1P'UO;P^Y=6GXO$?^XC@/K>WA]RZM/Q>(_]Q'`?6]O#[EU:
M?B\1_P"XC@/K>WA]RZM/Q>(_]Q'`?6]O#[EU:?B\1_[B.`^M[>'W+JT_%XC_
M`-Q'`?6]O#[EU:?B\1_[B.`^M[>'W+JT_%XC_P!Q'`?6]O#[EU:?B\1_[B.`
M^M[>'W+JT_%XC_W$<!];V\/N75I^+Q'_`+B.!K"T4^S%TH8HVV;H364G10>>
M1.SXJ09NDX-6&:?05S+>H?*"!L=-MAAKC'78D"E+XN3"RS@8'W>W&,\#2K[K
MA-Y+<#Q?3YTW*V<;6D#J@>WN3&[[3T!+FZM+(5'&=<LC9-<E10T]E9R"RD7:
MA[$>2P#)P`P(1X#9$IAE]S1=%EDDT`KI>GAT2,@;/'BMY9*VPD^&&FMIPHS)
M(`UU2BA$S9@B:$^`$/#>O`6`&0!Q@`QA$'921DV)EUBH[9D.@59.%A-];RRH
MD,DQNL[)#TM;SM6UKY?$R42&GTK8!O?U[&A//%@CQLGHDYF!X&04(`:MN/7J
M?7ZX0]TM7IO5I(5L`B"B`PX;?OC-X>2PPU8<B/6QU&CA5:QU&)M7#;$N#P&%
MCR<%*2$>1!*+P$-D%Q.]"ITUV23TYZ2)F3*I9G!M="=MP%)D[S'(FX0&/23+
M(72(6%1+6&"NJAE1.YJ4;FE:#A(RCPI_ZO@:^?=?YQ(XM/(2[=,JE!Q:RFHB
M/RYG1;FO#00JC*>9.%A`B30:T5&A4Q6'&3=V5.AK0TC0MAZQ08880+(Q=H;'
MI./[#Z[1ERB%/Z"5O%6)X?5$F=B5.[KY*G!R?%2%O;35RU]F51R!]4BP@:TY
M)98U.2B@%XP`(>W/:&X_K>WA]RZM/Q>(_P#<1P.N=[)W4?6IS9'/2JN36YW0
M*VQ>41N/A`<:B7)S$JHLI:@H]*N2#,(-%C!A)A9@,Y[0BQG&,\"(\KU<E,U@
ME-UG(.FK6IL&U\8E<9IE@:]^K!CI-?L*UN1LY[6R+(Y7C4XY2A9D!2(K!YQV
M2$0?`+R`G(@9#:>8/?(*X.J9OT"@$?@I[E$W@3=$M[99#G4MS@R2+M\56II9
M%:M9Y<C/:6^%M:<.25X/%(2!+,[X!#"(/*4P>\II6R2H9)T\:G7UVCE[)8`(
MX5NBZ-H%,XCDS2V,SRUS<VNGT3T\2)+/T1+V)6K4G'G.I0%1@AGAP/`>-GP6
M\KD@TPK>R.GK5\BA<_ES7.YDS!W:?&;,AEK(-B&T/+@Y,%2-3L,YM%&&[P2P
MGA)+\Q([`8\,'8&&-E!3]H@+962+IK5)F(L[O+'Q`0MW>DSH^@7SQD41F;X/
MF3G5:R9+D$OC*H3:YHSW`Q(N;L!3'%#(``L(9\OA]WN4NC\Y5=."B_I'%RH6
M2RJ$VV"9`VI\5J)X'6QBF/(:.31US45P;(%HX\:J2'&L9BDP:$1`A=O`Y-:L
M.QE2+5KI!]#("F=EQ;HE$\2'>B2SMY0MKT^&R5T8F1WG=425RCL96/IOG(FM
M`:F;L&%E=A.,$E8`&XOK>WA]RZM/Q>(_]Q'`?6]O#[EU:?B\1_[B.!HM\A-[
MR.26]+WCI]UJJDE\UTTU-;3L7O!(42B8UTPDR(ADBRD*&IDQ+:B:2Y<Z^;#0
MA3'DY<E0@#P(\W(@Q"E:,LC7A20MJ#IP5;%E:12C5H5*G>65RD]N,;F!YBS>
M4VFS&KI`-M1H(](EZ0A.1DM.24K-P`&,C%G(;"@K%L;6[^Z2J*Z&P($B=54I
M4B=W_>F331:U!FSZ7)I8W14V9U3(/H8Q/SZ04I4-S1A"@$803_4XP25@`<6O
M8I?E5)T"6!=/BJV,AKGEBV>WEBW3=7;S2P+:6.SC9$L*$]T^Y#P\3!QD#@H6
M&9SGO'KU1F,!&H.$,-6P/6J75M.9'8\3Z:%3D2R7?3K,D5/F\\PF#2\&6:>I
M46`>KBTPK)^BN54N&M/"N-"B"8>4H-+R+PS3`B#.&NL+=9HLX0YMZ<%-)F5S
M?H5)U)GWR%YS^7(:U2LJ&MWAOEZBG39:TKZ\01Q"0PF)5Q.68A*`M'X(,=W@
M9&LCE]+ZE(HA5TZ*0,J%-Z*R7`P[9IR63)S+)4DR0*S@DT<6J4N&):A+<SE)
MA@SU2[O'G#,,&,0@W%];V\/N75I^+Q'_`+B.`^M[>'W+JT_%XC_W$<!];V\/
MN75I^+Q'_N(X$3W[7N?R>MWZHWKIOUHKKV3VZZ7R_1\O?&;H?25OO3ZIE+K.
MSG9OK5*^!>%TH6&.9F`*0DY<185>'XX0F8#+H+6UTUI!9!6\&Z>=:,$3E44<
M82_IR-XY*J>G*-NSC+'9>B,EKA5*N7%*3W*<.AV%A:X"T!BG&0&A\(GPPYZ>
M%7P16TYJ0?3\K9P@]G,!\6L9*][Q2*02"=Q]3'BXF<V2V<OE3N$YD!`XP7AO
MQE4Y&C"C[2L9P#.<9#F9C.P.80]5S\/VL`P^0U4R4B\-H-UW@M2KJJ.('UK9
M(;AZ+J$+ZG;V]!)EY83"E(%(L*19$8+/=S@-85YKG-JJB;_"8+TU:J:8Y)'*
M"O#@E5[T3"0+4KK6+AZ7KEQCSW(ZQ=WV)+(*[?[4TF-2E$)`I_K2<@,QWN!E
M[K5=JO47C$+<NFI19T7B+1*8ZS,Y6W(DB<<<GCBD>+`C3X8CI5.HE4;L-Y0$
M+9$WN@UB-^6E!4.!:@X.!\#(&&-;"1FS)+;[1H'7)<^E;@!X=7-;O!('=J3O
M(8\AB1KU'8D\5*OA\/>EL9;24*I8T($*E6F#D!PS,#'W@W/];V\/N75I^+Q'
M_N(X#ZWMX?<NK3\7B/\`W$<!];V\/N75I^+Q'_N(X$47[7ZP9-7LSJMZZ;]9
MJH%8=LJKTFC`7O?-4(7^VESN3(5<X5N3?6B5W+=E#^F*7BP4H+(RM*`?X?B@
M"/`997E;735,.>X'`>GE63!&Y'&G:(O0`[Q21R>E[`^.,A=G5(;*WBJ7"5@/
M5N$I6F94@6A5!R87@)@0D)\%!V+/#;[8Z^E]8(]`*[41*P8]]%)UAZWFDLDD
MTPCF&+,8+:9+/9#5+I/'I(GCXQ(RL*'(S))`QA!D.!B[0Y#=%K^:(0HKELZ?
M57(H>JJ5FHHQL3[JNP%!=2QY$]-S+"DCSBH/3B%N;D4A5EEF$*2U/=,QVFY\
M,KN!JZN-;IC4L5DD)@731J=HC4K,@QKJ@6;S2^1')SJQ<\O=<GQYSDU8O+K$
M%$%>^ZM:3&D]$-`M++/)R`TLL80S1WJZV'Z*1^$.O38I%5&(RDG#<V-N-OCD
MXCFNT%8G"TFA\7IJ8)<I0S6DXCRIDZ-S.5II&J_KG$"DW&!<#O%,3O598(K2
M/Z=-+"FYB^*.ZIS+V\R0A<7Z!MBUE@\E=HX12A<9>)7#6=>8E:G54C.<6Y-@
MLM.<6`HK``W5];V\/N75I^+Q'_N(X#ZWMX?<NK3\7B/_`'$<!];V\/N75I^+
MQ'_N(X$47[7ZP)-7LRJIZZ;]9JX#8-LJ[UF3`7O?-4(7ZVU[P5(5DX5N2"M$
MKP!V42`@M>+!2@LC*TH!_A^*`(\!EE>UM=%50U[@4!Z>591^-R.-.T0>P`WB
MDCB].$??'&1.SHC-E;O5+A*P'JW&5+C<J@+0J@9,!@)@<$$8*#L&B&7VR5],
M*P2:`5TIB-A1[Z*3L+UO+)9')IC'<,68P6TR6>R&J72>/24B/"$C*PH<C!%)
MQC`#(<#%VARF^+W^U0A57+;T^ZN10]74K-11K8GW5=BU`*ECR)[;F6%)7K%0
M>G43<W(I$L++,)4EJ>Z;CM-SX9?<#5U<:W3*I8K)(5`NFE4[/&I4;!3W1"LW
MFE\B.3GU@Z9?*Y41YSDU8O#M$5$%?.ZM:3&D]$-`L++/)R`TLL80S-WJVV'Z
M*1^$.O38I!5&(RCF[:V-N-O3DXCFJSU>7"T6=\7I:7)<I0RVDY"\ZDZ-S.5I
M9$J[#G$M2;C`^!M<N0;8E31-89>B%3@F2.(#@*)\#MZ3@Y##S75.^'L*%-]1
MWF*)$I=49!QOA%`&;E.3@8A!)+P$,O\`K>WA]RZM/Q>(_P#<1P(#?6=MW\4;
MTK]U"`_3+[@WH_Z)_>@1^COHS]X?SGZ1?2;ZF_\`UWTK_LWF/F?]#^M\;_H<
M"P3IT?Y?FC7[(.MO]SL.X$4W#JTQ-SJC<39.JJ/F%JZPZ-V3-*SN*S6N5,+'
M*)8XT^G;7"^G^DJ^=$@BIY%:D;G+(S5;B\,'IHU$K+;`J<%E#/#*=M^K;K!K
M%KC!MB6*21FZD]D-.O\`-816D5GD>8+*E%4[%S2,PJ#68R1A[")T-8AJY24I
M[%!"7Q4Z19@`_$2FEX";[7LMKP^*'M(RWC4[LIC-A+ZDDJ=MG\87&QVTFIK7
MO;K7+\6F<S1,TW;&5J4K%+6I\):0D(,.&6$L.18#H\[=ZM8C2299V%IT,57.
MBEF1R`5A1D+4H<D4713A8G+69<<$B"DA#FE>C3.WPRV=22M$+"4TLT0=M)=G
MM<(8ZS9CEU\5%&'>M6!=*;#;W^PXJTJH/&VHID4/#W+"USH1E@;&1))FP]<<
MJ\("%.YHS3\EEJDXC`S:)VE7-@#$1`9U$)FJ^BD5G!1,<D+:[A-A\[3+ED&E
M.#&TY9VQN8)FU08VK@X&0M+(,$2(S`!=@5E:Z]6^`W>Y;PPJ3TW.*GMS2%>W
M#>JS=WQCD#A<,4EP'9+5\TJ9U0EH$[PS67(FC+8A"<448F5J4P%7A&&Y+`&P
M-..J-0VT&EE/[N6&X135R`7858+C$&&W;-B9#H4P5M-'V#R-[=G(?HEI3(T*
M^/FJE1A0SDZ!`:2:I.*[^0@"5,JV[U9A4J^@,IV,HV/V`8LA[8D@;Y:\%9Y@
MO=;#2K%E?-J*/.+XG=5*N=)V\\;2$!0O/P$F")[^`"S@-!U3U*=89)1M56[>
M5O4'K2^6?!5EA%5[-]F:+E`VV-(IBNA![PVSJ'3)PA,S82'M*`D]Q:52E&E4
M&^;G#`<68`(2W%=E.AL-NJ05I5_BT'=O+=&NOOI<Q?2]P0'-JQZ3J$;!A=Z2
M485,C<I7$A"7D9R)*>H!@1))HP!""^.HCBE]VH-I.54J!YD-@:Y3;9)ILR26
MHVP2!MD8@,A)C#ZR2,9\2?G)M=S7560%*(LM00>$[':(`\9!P)$L6W%2(&R'
M--X2Z!Z]W4_5TW6-(Z$L*RX6&P8<TJ'`AA<E)Z8ER)$^1YLE!X6X+PD*RWJ%
M`RP@'@1H`Y#NT&W6K3O8I=.LNQM&.EO'R1\A2:L$MJ0LV=&3:.-F7IZAYD6)
M=SGTB3-K1C*LY`)-YV!*`9WA9+`+.`C3J?U.-?\`8[6F#[)3EXC>MK7/+"N:
MN66+VQ8,41KE+O2%E22M98N0NHU#<C7M!:Z.^=F*`@"6C3*2LJ,E][&<A*)V
MVMUA8+#S4;[L123-:H9&QQ`5:.MHPIOGH91)H\Y2V.,`HBK>B7\+L_Q9G5N*
M(C*?Q%2%,8>7@18!"P&GK=ZC^D]+TU9%[R?8>MGF`52YPUAEY\&E#+-'9+)+
M(\S%6T>(:6)<J4#<+"*<"3V89GAI%J,658#O-`&'@#EU]O!5<PF&RC<^/-=P
MVNM?I/44;;[5/N^IY(TV`.WX4R25B,'&(Y)%LKKEP4/KT!G;&Y_3)%TA/\,Y
MM+4$G%YR&<3'=73VO&6-R.>;3:]PQ@F</76##WF47!`6-LED&:SR4SK+HRM<
MGY,0_P`=:CU!852Q((XA-D>/$$'MQP))(5R%T0HW-L6)7%M<4J=<WN"%02K0
MKD*LD"A(L1JTXS"%25408$99@!"`,`L9QG.,XSP*R]?NJ'4UKRS<=DM9%%-:
MHSISLT#5.26#:=M11OBDULI2F3K6SZ/N+JDCJ)N0/29>F"C`L/`K/5'9)"3W
M@]H@E>;N)J<162*Z#ME:+*J-R>7Z/(++':<*#!U;[%!N@)6T$2;+SZ(,<(J%
MC7&.A6#>^W$HE!JC!99)HPA(9&L1N*-*X-ZI,N0+DQ"Q"N1GE*D:Q&J*">F5
M)5)`ADJ$R@D81@&`60C#G&<9SC/`Y/`<!P'`<!P,$M&PV.HZRL6UY,F>EL;K
M&"2ZPY"CC;6<^2)6QPN/N$D=DS"RIQ!4.[T>@;3`)4H,X&H/R$L.>T6.!#_0
M_>I#O=`TMLPNM\-51R9G,?*^LV/6+%K&BLB\S?G%@>HB^B9B6MUAMD1HY(48
MO:STJA*`"CL)6GC*."`)]\"%DTW2CL+WFI'1A;7$V-E-W4_:URLEFB51@B`I
M&.ICXXC>V8L@MY52M8_#62A*$6#4"1*6`>!`..SWP@"!*'KTZK@@LZMF2Q::
ML54H-=-EMH*BE2=2T.B^YZUU9O\`<=;9XC;F$PQL^BTQD]@EMZB-H%2H\IP9
MW4E0H4(CBE*8D)ZZS;K0O8(W9"//+$.LK"U,G#7"KPBZ]]221J8@R&K8G<D:
ME++*$2)M`\1EVA,O*[QIB1(<0O1+",E"`46<<%?;?U\=92ZEFMO2R`SZ+M";
M56N]RJ>8O.V5SD5Q4S;M_P`AUFK=.4FP-"CAD_=[7;6LA8V*CU*9N0R%$H$L
M,$!82E"R74W;2*[5(;Q1-C$KB,]ULV"G^M-RQ!2Y$O:5EL6!$,KL-7'9`4C;
M!2*)2.,2=M<6]88C0G"`I$2<G).),!@)9\#T*E!:1,H5&X,R4F(-4&8)*,/.
MR626(P>"B"0C..,R$.>Z``<B%GR8QG/`K9T%ZD<9ZA#<IG52U>Z$4NH'(435
M9)<UC3\M8I-'$$!=%->6_!DA:-]JVQU*">=X#=@;L068U+BCE11H"0'!9;P.
MI?GUFB[([221.2-F86%N6.[R[.!P4Z%M;&].8J6K51X\X"40G3E"$+.?R8X%
M*S;UPZ=D]75K/H935B.DBN*;[YM-<UU('!OA\@<J^Z>C7,WRYIZ_F.:$_,7<
M79!%TB9J8U!`E/I5Y3)E9R4HM4J(#\.Z[.M#A(6);"X3-Y72Y9V@:>R;>$K:
M605<CZDC(_OFO"TV%*\GKY`T-"9N0!EIQ:M.<S#=R0IB7`9"L!`;YWTZIM5Z
M'V'#:ME\25R&8S:@]AMA6`MSE35`623,6NC*TOC_`%E`WMY1.!,SO2:)G,7H
M".%`(`IPF'E0K2]]/@\-CV?U#JNK>WM&*1'$)TXS[>>19;XVSK6L3`JJ>/AJ
M*86SZ7M0E8!1Z!?E)$2,;4S((05BE2!8,(O#0'YR%@'`<"M#8OJ316DMLX?I
M7%*S<[1OR6U0.Z6N%BF<>KQPF,,`39YAK34.920)OLN?HQU0N"J:\J6M,DRN
M;_%6ARIS@L+*4YWG!!!_A'$^.26=X*@'AGE>(`(_"/+[<^&<7WNP0>W/8+&<
M<#W<"G^8=7)AIG8*_J;V3UAN>BX?46I]O[I0BVW5W@$O;;<HRBWE#'I^XDQ&
M*2!:_5[)U#JYIL,S2\B+6+RU1&%`41YQ2<8;7U]ZFM27$P['*IE&GNIY5JW$
MZ+G]G1!0M)FJD4,V3IM@NBG5<65L2),HDLAD3:\FL8VI.ERI^DB`Y(ERK*,2
M*5(="EZJM/)>E<GZKLN@\UC51*JC*MDFO"3FAZG9B=XE`8?$(P%02H1L6'N1
MORU"1D8C@I$@E6<F&Y+*$/(8._=5&4E5=ML[U_IS8]KWOI);$CKB_:-BEF5R
MUH6*/1RO&RW/K59K/F)T<;GV'R*NW<HUH1EM@']<Z@-18;PA*&IP%B&M%\Q7
M:37FD=D8,V2!FAM[U9!K9B[3*T13=)&UBGD=;Y(V(GI&G4+$I3@F2N`0&9).
M.('G'>*,&7D(\AN_@1>W*VOKS2/7:<[)VHG<U$(@JV%MCGZ,``($JJ?3J-UX
MRN3XY'_[)'HFUO<I3J7AT/[Q3:V%'J<@,R7@L8<[5>_'K8^K&NS76MC:]0OZ
M.,OD55(IFQ6'#IW$)?"HU-6*8P69L1+?AX8S"9$)O/PJ0MZHEQ0*`>$(GP3S
M@DGP'`K8O[J$/>N^W.MVO4SU6MY34&S%H(J%AVTC8_0,^))[R>(<\3IGB`ZU
M`]&60HBIL?85F5,B&E3H4YR-3@(#BTXS<A#Z/_\`,!:P*H1);:EU>V##ZA5:
MM[";<4I,!+6%V<;DKG6N\GN@IQ&@QO!S<9"K,>Y:C;EC*V*52I(J:W<D:A8D
M4$J4Q061:H[AQO9YYO\`@8HLJ@5L:QV-'JWMR#G/:.3HT*V9UI#[9AC['I*C
M1M@'M@?XE-"`8,-2(SB7%&L(R7D!19YP:/B75/H=9"NH)9]IL$OHNM^G3:KW
M5=P2&?#87!<]+V"#Q29GNL99H8ZR3SHI[%+T:%H1A4&N#BJ.*+P26<;@G`3'
MUXN%3?55QVUAQ9)#FZ7%#<65@#-HS.7IN;!"[A2.7KH6<YQ)IEZ,P(BG%M;W
M-W)0*0")RK,&$6`AN_@=4^O"6/,CP_KP*S$+&U.#PL+0)#W!<8E;$ARU0!$@
M2@,5+58R2,X+)+"(PP?8$.,YSC'`KRZ?O46C_4+BY5GU=6*U%2KVUKU\5LY%
M/(O+4Y#PUI(*N<:XLR.MI:)WK>U4*6=E^,U?^*)2S&U>5E;XB<(30LBX#@5@
M1+J.21RW4G>ETZT]N^NY(50LVV.H:6JY#6<B27Y75?3%H@+_`()8V:4"555(
MG"3/R,+8AD2A,8:E4%FK<H!C`2(-,1GK$HSXLXH[(U:L.J+Q%U"H=TVHM5SS
M/H-)X?*;RG<:13MG=TMSPK+Y&PPUE@IYRQ\,3HEJ]K6$90>;'J1@#D)F:I[M
M1K<'49IVHJ6MIRL6KS)U&UM+*U$92SQJM*MIF^5S+ZY4.RUY10X)J*:1\\DI
MT-7$-YB`1:P8RBQ9"$--47U.(K8&JFQVSESTK8FOH]5[5NJF[-KI<X,%FN4A
MFU)!3X>DM.26$'#9+62OB]3Z,1&HL%!R\)U24?=\V,-X$P-4;\;=JM9-?]F&
M:.KHBT7]3U>7`UQ9S7)7-RCS=8<6;)2B9E[BB+)1K5C<G<PE&&E!P6,8<Y#Y
M.S@;_P"!&C<':6O]+-<['V8M)*\JX+6I,:$]%LB<)Z@H<MF,>@K4M7GF""G:
M(XW/,F3J'9Q-[26QK*4*QA$$G(<AZ=4-A7?9BL$-FKZX^@C0^I(X^PQW:9U'
M[+@EB0V615EE+-,('-6`AM$YM>,.QB!44L;V]4G7HC@^&,G))YH2=X#@5?W9
MU(Q0#>*O]%*DHXF^K'?66$R:S%S;L7KU6;G4,:FCZN2A>EE7V1-V>U;#3,44
M;#GY;B--#D("')0`]XXS`,!K.$=8VLK.?5[%65,6%8*V:PG<B5:LML7=XZH?
M]F7C2*TT5-V?#6-I6F(2(0[RR7N)2J-'+U1R56Q`.7+AMXB<I\A(?2'="U-J
M7?86,V[I[8^I$MUYDT'B+]')U8U7V>H?'R:09+8^$+:YU,\R%A)5LT0?656>
M2)4([`7DC&0A%@6.!&">]8M)2B;J!*[ZU`O2N"M$:FKB[U(6A^KJRQ6;7UN/
M#]'H"`Q1!W]Q;*RFBQTCYY[@SNRDPUL9RS7$TS*<K/:$W=/-Q8OM^W7"OBC$
MG3(:?LY%6XII%94WV)4=G%.U:P&TFJ8U%9;6A:D<QCGH2PDR%=WD:12W/*16
MD-+[2L#&&J/_`)NW_P!.'_XF^!T/3[V?UI9=#=*6=XV(HIK=FO4S79O<VQPM
MROT:]N7HZBB"=6A7)%$A+4)%B106(LTHP(1EC#D(L8SC..!6:SZO1&GM4^H!
MHC0V[&E8:,W9L^[9E";)G-SL9<^UXB.T"!`U7-#3X(SGJ6:U38JE$X&Q)9E]
M8QFC6%EN.,839-4A%V\^F9`D\.OZD-8=XM)!TO=]3=+6`-+C>%^)$T^K`WIG
MR1#Z-;&TB)-\B:I.QVI&T>5AYPU+<-O>E"ONIS"E&#"PF;4(-/[)W4Z@VP-=
M;/4:*E;IA8ZYG^O]M29%"X&Z;RP%DL_7>P[/**=%[`[O$!EE&'-B%0Y,P!)9
M$B>1N!1YQF21%!$97T[&%!KHP5!!^HKK]%IG25WS2R=';.6[C)I/8&ET,D$`
MJ^&HZ=(G#A$B#=EJ+7C8)`@=(E*VU"$Z)'-34!?C"0W)@;JB%,:BZLS[<Z]M
ML+ZU&V.UW?;5VUV.B4L9[=G,XV&C<;W,A3/#-A:;%KQ#W597#VPKFQ'E/AT;
MO23@I8TY"83>5E.2H2A/3I9+J)U(TZKRK)WNG25JRAA1N,>BTPD=JUTSO6**
MB+V],>M$,<B!/85J(<2I0IG)4%'E^,2X'*^\'`LYQP([LNLVNHMFZ0W.>=N=
M6V"XJOU]OJD)U`(EL1&E5<70"2VB=9FNZN8ORY,T.`D50/3ZZ+Q9-9E1X'3"
M`Q/G):$(3`K@^&[)$O3EU+T6;-Y.FF0[T;1'4!I&P;1Q<(4<I>4FV14@6P,<
M`FZ-AS,F""I'9_`&;1D(T262`;$>5!ZM*`;<8%BFK&O]0T_M-*MBK3V6T)FP
M%^A6HFL421(;HC+N^1:U-;6-P)=Y>VKY&S)@-<<?WUR"8B6)QX<B`(231D8,
M%W"@K39NECANUDIRB%6]?3T4O-9=,S<_196_8O(.&Q3-=H+C'8K#8+2G-8#5
M:9@C#($*584+N+#3S#,%]I?8(06"ZZZR595.W\BN*S=HM&;9JN2R762^(V>O
MV=E3?8M&;&T1JJVZM/ZB%0]LD#56MAQF1Q9$>6TN[P:A7M#<X*DIC>K"9CL#
M+=PJ&I+9CJ+4]MRZ7EH/8=-U;J[-:-.K"QMCVB/2QQF\CGS?8D;L1D=6F(S9
MJC:F#/S*C-1F@$:K\8`C0Y!V8`(/5M9"I%L=,=(]A$>V/3?B^T>G-BYLQ))\
M7F0.&3)KF\N-+M77U>#Z.JWWZJ3JS2MQ3:[#QEU-DC>F<1)4@B/ZX*Z:0CE>
M[0;F[B^%LCJU6]=4IUY:CWI73.1W`T(YY-VBBJ&8VMHB=9M@DI#$^Q*=3%2:
MTJG_`-+EDHT2=V(PE4FFA"$,GC738;8YKZV5O]_31I=,W'5[JC:C28H=[)1P
M1CBO43N3ZV&>VXG@Q&2Y*YA6.#S&]R9SDR4E\*)39+<DO@]T83FH/6.BZ8V+
MW=MYWVKT3M-JO'5S4NAZ$<[1L2%SF5QJ3:Q4')J<52JU6IR-3H%;98J]^+6.
M)+4YB/.2E&$&#SDW`@!7&P=,=^.H[;:`R[?KIX$S+8>H^E]'X^='+N%B$QJ<
M]/:P$LG<V`EF"SL:.'5/,&5$!''T3&WE)HNFP4B(;1$)_%/"6\]T]C<XVGO_
M`&E5[M:2HU\TW]Z=>]5?0)OOIM]'/1NEM2*ZFF56V$\J4@<M*:7I790Z,+FD
M3.N&]Q3)1'I18"+.`T-*^FA&5E1TY7#+OCHLZ+H5JKU;JCDRZ17*W(VI!974
MY<7U[;#(*@3IWHTNO*=7O/FYAIXTJ]S)\4X"9,,W)(0N&TFO]ZIEP;->+DV+
MT:>=>Z5U7U8@563RO[;2)9@MM.&5ZGAEQ-,K72R3IVJ5,ZUT82G-I4MJ!#E`
MWJB4ZOQE8S?!"KF;:0(YG!NH3$C=SM`DP]RNI-2>\,6&HV"(6HXM#:OL2!2]
MV@$K(%&@>>R!U;8"424<FP8CR:L'W^Z`H.30XC+HX5"9W&+;9-PNF_8KJP;T
M=2^[9%1%L7.G7T=:6M/4J:65@FM?S)2G97):FL"!-+.(HDO#,N9W0A6I3G#`
M2<8`87OTILE$XO(;.8K+V6T&24VT*8`TZT,5.6(T1U^CL):8`S-TN:K&0OLR
M61PDXB;)E/H(EDP!.F9/!+.R(X.>P)!_>RU8]Y?7_P!LM=>L?`?>RU8]Y?7_
M`-LM=>L?`?>RU8]Y?7_VRUUZQ\!][+5CWE]?_;+77K'P'WLM6/>7U_\`;+77
MK'P'WLM6/>7U_P#;+77K'P,;F6U5`*XA*DL'VDUF;9JIC;X1#W&1VS`G&/()
M2<V*BX^M?6]'*"%:YF2NPB1JB2A@,-("((18%G&<!4[TZZ/UUU`V/VYV(SL?
MJ+4##M&H95COK32>PD5?:823YBF$Y=5]SMR9W#"D$:?Y-&9`W-6&YM:4Q84Z
M`2A28<I49`0%PWWLM6/>7U_]LM=>L?`K:M<BL)WU-=6-SFK:G3HFJZ%H*^J9
MD<<<]@(\5/GY;=B^&.('MF0)4BN.@11XR&%EB*/<0&*0J1BQDO)80C"I/'2)
MUD?Z1?-=95OQJVE@==:>[C:HZYR-KM6).4A$IV<VQ5;.1&Q[)9U#XU(6\56H
MVUHCY[8WK%N'H6%JS"A'@1"<(3]IZO&JJ9UL)8S=MKT_S'#>G8R$/NW$9=[H
MR]I8[K!!]9FRB$<,I"1H7:,G++>6O[/EXRY/+>0U%)G$Q+X!@DP#CPKY%TDJ
M`E-'/-63G?\`U.)D5=:$TGHYK[*62THNL0.`:)V_==O6&U;*:U3TVGL9TL>F
M>+LBYF;C7(*(A*XJ"EA^5"<HD+H=$D.N&KA^VLYF.V&L[I8>X6V]E;22UJC=
MV0=?'(*3+&B+1.*P!G>7)R95TC]`1B')C5CB8A0^<N"M1X9`"0%=H3Y^]EJQ
M[R^O_MEKKUCX'I4;7ZO#3G@3;.:^D*!DFA(/'<%<G`).$`6"C1%9DH,&A+'G
M&<A[<=[&.SMX%,^GM&TK2V_-R;URG9;2VI7VX:L!7ULUGKU?C$96%]3X:.I'
M$J]9'$WDV+-$,DC)((M)!$%EIG%T6&2=2)4XF8*[ZT+GOO9:L>\OK_[9:Z]8
M^!'_`&8F>J>RM7FUD9O?&Z5%F4PZ7))Y25_4BR3E`YPB0H9.T$$GS1%/(RJ;
M375N)&>0J:U`#/##G'=$'`L!\_5<=,Z'U=5]1]WJ3:S6I=%43CJB%MZ^R+SA
MGT355OU'(,_PX9X76/L[8ZIY7#)&2T2MW3";C4SLYJGHA,I2$GH\IPE$5T\>
MGZJQH_!%NR.KC;7^H\0U;:K.L%CO)D16MM^JU`:@JJ4AEGQE#,&^MFFN6"Q%
M!D@4*%94A?#0D`:T1K:C,4&'!AN\FLR[J&,Y96SNYO3QE!C73FT]=5C#87=C
MA"(315T36SXU(=5=R8<Y'N\@ESY;]55U'?0\A;##T*)4)4I`@4ED*U.!AF$Y
MTIK-YVET;V,;NL'F7`UZNUFN&Z(S8^P=$F,\M=V/7I/2JQWK%N;(<L?&EUL/
M#42F?D[T_+B`,:]<4B-(4B*-"%\OWLM6/>7U_P#;+77K'P'WLM6/>7U_]LM=
M>L?`IFZK%)TOU%4L)@J;8_2..-$0?([+ZMV%^OAEC&Q>LUCMC18I;I-H`OC:
MH9TJ:#W=1%5Q#26]L0#G!IR%9DX@19J4+CD&U.KB-"B2';14.O.2I$Z8U<JN
M6MO.EIA!("AJU/@R`HKSA2(.1C[H0A[PL]F,8\G`Y?WLM6/>7U_]LM=>L?`H
M8L"II_L_86^+-L[N/TMFBC]O*)L[7Z+2VK;*?I1LA6M;*&9V:J1@:=SFTF8:
M[20Z*2.1+Y?(BF]&0J?I(=@(S?-"TP$P=57&BU(FK+RLF=]32"TE=%KIM3&E
MK=M4]B:@1-K:V:B:G+-;XP"0.-JQ*4DOZ"92&5O\B&F"SIU+.$]`4G6&*$QB
MDT,]T[IUHUXTNJ'I_7;M+TZMJ]78YJ?-JVMJ(V!<J1/*)K<\@L/TG'6".2(@
MHN/,NNT=@*U0F*\Y9%,I3.!"<TLTS(<#"&OEVL*"FM2+AIS5G<WI_/\`<6X-
M[J[/V_DVPM^345?O-5J6!MB:;7"NSXQ.Y);IU?MU=QUMB&5[M(?2ZIFRXJ1'
M%JG``40714%LC4<4I:LXW<>S>F0[/9(BTMTS)I>QH9%ZC;G=,1@L;)6D?>90
M:[M<'82,`1-A:H65/FB<&3.P><XP&WOO9:L>\OK_`.V6NO6/@:AO;8BA)M6$
MABD.OG2^6KGTUF;GJ%W-:T#<*UF\'5/;>38,-DQ:19(3""I-"1KTB<\3<X$$
MJS2AG)3R<#+$$%^DW6FM_3NU_F=3+-N=>LLTXM5?:T:J9EV&C$K@M")I#"X2
MTR*NH%()*_)'->QN4V8'20&!+2($*96\FD)D^`%9/4!:-][+5CWE]?\`VRUU
MZQ\!][+5CWE]?_;+77K'P*J+FF5K6!U`*>NZ-[6]+$.K%/A;&R*L\_M1^DE]
MQ$J4X)3WC8$&2MK\T5:W6E-(MXD7:5KAZ1`S,1BKP1!&YKRS`AM;_3"T&N]O
MW+5#V;U1H@R]=<;&UXU^K*KKL:9'5E$&6=9:.]+`MYP;9-,4")1-K/N%C:5#
MJU1IMCC(W-+>8G3A4JURM>,)5:X,`==KIMZ]HOMUT_,2';W:*N+`VCCKU<>9
M`EC.OM4ZY,5-Q:(4H_(WB+B<;24R^.^F5"]Z0$-8$;B8D"2,:8)Z@(NV5I=`
M;FH;JUT[+-W=+HDNWXVHBFU--/S#>#-*4,&?ZZ-J)UB,0M1G<"HQZ39')ZIM
M&%T,;CE&?-'$_!18AD%Y-"POI\L^N^HJ3:UVD>T^JB1?M/MI8NT&*TKNZ(0=
M750ESJ/0QA'#HRM7JXV:\K%JN)FNSHO`UMA2EP<#`A3]A?C'!8;][+5CWE]?
M_;+77K'P.O=MK=:3FMR)9]H-=T3N:WK"FM:KMVNU:5(XF)S`H52E*&3E"4IT
MZG(1C+P(.1AQG';CM[>!3QHY2%&Z\;M;$[G/VR.F5/GW_7C1$;'I#7Z_XZNI
MZS[.2'0EW6;!K8^]CB2"&R4A<SO"5*D3HE*M0!^6'+5AQV>^>%R_WLM6/>7U
M_P#;+77K'P'WLM6/>7U_]LM=>L?`IJADSVG8-H]G]B';:OHXN6;`ACY%J-&J
MM:PG>?,,:BBL9E'TU-I.H?6UFC]4)'!Y=Y#*#X\V8=7.2KL&_P!8E)3D$!BL
M?U+TU9XQMD]$SC0!#,=JKPI_8YCI<&R/_P"'[6F_JIAJ9O)O6MGV'BKJPS[$
M>)_YS(%YS(1$%+@,PM+YXFQXZLT-H4@TG:)435^M&E^W'3LGM75_3TW62EZV
M?MU<DLJV]IIQ;#7.I3.9`]U])G9F8:_F;:^RDQ05A&Y.#<XJD`"PJDA!@!!H
M)9H-J<II?9&)5MU`J_U%?+SMRX;WC%6:T[(T\"C:YE]MZ]L-(OD+4ESR%OBE
M[A<A7MKD\.A[2SQU87F1+DJ$*<D(,C"RKI]R"@=/=(]6]79ON?0-CRVB*5@]
M;/\`,`W571S>Y.4;:"49Z2/"&L8E(8>Q=W#>R@4I0+"VE*F`I$:>$PT83"^]
MEJQ[R^O_`+9:Z]8^!JN[-CZ%EU9R2,PJ_P#3>2.[UZ(;UT5MZV(&OK>7Q%0^
MMA<^A\I)1KGXXM'*H-EQ;RCLH%Y2=2H+--3*"@#)&$`.DS5>M_3NIFT*Z4[:
MZ[)(_9UNJK:B]+1S8:+2JNZ!*>H9$6:2PJ`O<B>6Y<>V2&8LC@_'DIT2!M1G
MN>4Z5/W"A*%`6I_>RU8]Y?7_`-LM=>L?`?>RU8]Y?7_VRUUZQ\"I':*G]5]M
M-A29C8DQZ:[`T0.R-=K?HW;."6_'&'=R#2BFY=#Y9*HV_..&P;5(&.6D1<;*
MB.+DA"9&T*L^.WJ3B"<Y#3>FVFNM>LFQ5"6$Z[FZL.U9ZAD[^D4*WLUR1+Z6
MO^-Z+Y16O@4Z3+71,T,>*FAP54?`%&I7^FU"@*[.4."_-1A+NNYX[4Q7C$"L
MMN.GHKMJU-M;)O;;-YL.V3'F/.E?V*[S%4FC=2'L$F877$R@D62PR.-BAW*"
MA$TL9W?+P,178$%K+U8B]RAVPO9+N%HCJEM[M9JG"M<[4QKW?"5_I*V'^-6T
MV3>761/AR!/$)0C<+'K9I,@@3@(7)Y9&%W6#\^7F@("$)E]-&M]6]!&79:+L
M.U&M<;J6Y-AGJXZ>UVB-_P`7D==ZVQA]B\:0/<)A;O(G9I5"3R29-[@]'I4B
M%"V(,K"TZ8H?AF*#PR[[R>NGQ6/I1]?U)_1KX>_H'Z0?6M!/0OIS[Q_I#T/Z
M3]/>9>D_,/Z[P._XOA?G]WN^7@;MZ>U(4LYZ$:2.+C3]6KEZ[4G7-6M6JZ^B
M2A6L5J*@AYJA4J4&M`C5"E0:+(S#!YR,8\YSG.<YSG@3`^H*B?L5J7V<0[YF
MX#Z@J)^Q6I?9Q#OF;@>8Z&HTSN^)3-4#[@,`!WZ[B`NX`/\`1`'O,^>Z`/;Y
M,8\F.!X?4%1/V*U+[.(=\S<#R!0M&%C"873%3EC!G`@#!74/",(L?)D(@L^,
MASC_`%<#\S0=%9SG.:6J;.<YSG.<US#\YSG/ESG.<LW;G.<\#\^H*B?L5J7V
M<0[YFX#Z@J)^Q6I?9Q#OF;@/J"HG[%:E]G$.^9N`^H*B?L5J7V<0[YFX#Z@J
M)^Q6I?9Q#OF;@/J"HG[%:E]G$.^9N`^H*B?L5J7V<0[YFX'L'1%'FA`$RFJI
M,"4'NE!'7D1&$L/_`%08$SYP`/D^3'`]?U!43]BM2^SB'?,W`?4%1/V*U+[.
M(=\S<!]05$_8K4OLXAWS-P'U!43]BM2^SB'?,W`?4%1/V*U+[.(=\S<!]05%
M?8K4OLXAWS-P'U!43]BM2^SB'?,W`?4%1/V*U+[.(=\S<!]05$_8K4OLXAWS
M-P'U!43]BM2^SB'?,W`?4%1/V*U+[.(=\S<!]05$_8K4OLXAWS-P'U!43]BM
M2^SB'?,W`?4%1/V*U+[.(=\S<!]05$_8K4OLXAWS-P'U!43]BM2^SB'?,W`?
M4%1/V*U+[.(=\S<!]05$_8K4OLXAWS-P'U!43]BM2^SB'?,W`?4%1/V*U+[.
M(=\S<!]05$_8K4OLXAWS-P'U!43]BM2^SB'?,W`?4%1/V*U+[.(=\S<!]05$
M_8K4OLXAWS-P'U!43]BM2^SB'?,W`?4'1/E_]RU2^3R9_P#=S#O)^7R_^#?Z
M,\!]05$_8K4OLXAWS-P'U!43]BM2^SB'?,W`?4%1/V*U+[.(=\S<!]05$_8K
M4OLXAWS-P'U!43]BM2^SB'?,W`8H.B<^7%+5+G&?+C.*YAWE_P#N;@/J"HG[
M%:E]G$.^9N`^H*B?L5J7V<0[YFX#Z@Z)QV=M+5)Y<]F/_=S#O+GLSGLQ_P"#
M>7/9C@/J"HG[%:E]G$.^9N`^H*B?L5J7V<0[YFX#Z@J)^Q6I?9Q#OF;@/J"H
MG[%:E]G$.^9N`^H*B?L5J7V<0[YFX#Z@Z)^3ZEJE[?E[/JYAWY>WL_\`Z-^7
MLX#Z@J)^Q6I?9Q#OF;@/J"HG[%:E]G$.^9N`^H*B?L5J7V<0[YFX#%!T3GRX
MI:I<XSY<9Q7,.\O_`-S<!]05$_8K4OLXAWS-P'U!43]BM2^SB'?,W`?4%1/V
M*U+[.(=\S<!]05$_8K4OLXAWS-P'U!43]BM2^SB'?,W`?4%1/V*U+[.(=\S<
M!]05$_8K4OLXAWS-P'U!43]BM2^SB'?,W`?4%1/V*U+[.(=\S<!]0=$Y[>RE
MJD\F>S/_`+N8=Y,]F,]F?_!O)GLSP'U!43]BM2^SB'?,W`?4%1/V*U+[.(=\
MS<!]05$_8K4OLXAWS-P'U!43]BM2^SB'?,W`?4%1/V*U+[.(=\S<!]05$_8K
M4OLXAWS-P'U!43]BM2^SB'?,W`?4%1/V*U+[.(=\S<!]05$_8K4OLXAWS-P'
MU!43]BM2^SB'?,W`?4%1/V*U+[.(=\S<!]05$_8K4OLXAWS-P'U!43]BM2^S
MB'?,W`?4'1/V*U+[.(=\S<!]05$_8K4OLXAWS-P'U!T3]BM2^SB'?,W`?4'1
M/V*U+[.(=\S<"O'ZF*=^+#Z"^J:LO0OP\?2WHGZ!17T;Z4^\EYGZ1\R]$^;^
M?>:?U7B]WO\`A_F]O9Y.!)[IT?Y?FC7[(.MO]SL.X%"-)6K;NK6X-6O=^1^(
M[=:GW_LIMI/M8.H)0LH>@WI%).?"+WL"2ZZ[954`Y2NL=CKB',,A9&O"4L2&
M.CCR()99)J8M,F"'56]1]H?-[HIN#+9Y'T\8W+;`W1TQWR76[Z%K1)*)1!(3
MK1<^CFX%A,IJQLK5+4)#+B=HXSA`8TD2Q>>J+7+W/!):L)$[?T'<&Y/5OW+U
MYU[L:.5]-9YTS=4K$A=Q$6+/(PV4S-0[&95NE\5HCKT"EW>)V?%&4I"DR0M:
M@KTIY12M;E(,P!@6J]6;7V_;UU@HW6RJ;?UT7SISF;"JE$6V?M.WJ04;59K6
M#N:TZ&Q:0:[3"#6*V25VD0"9"JRV+,ITHD`/'),2>*'@?.1=]ZWXFJN5O]7U
MU9>M3[1W39Z>LMT[HY1/YG/W.NKW?.J2@J:W%T*FLD=WF0V:Z6*_1]*QGO2H
M]6MD$2<$9"C(DSD86H";&NEP;-N'4XJUR?'F6BL&8]9KJJT):K$8X.9J4[42
MKM4JV?ZAB;L@&/S<NN(.B2QE^8<B+`F*=',*DD7C.QXE033V3>%C#_S"M#>B
MEY242;I/[#V$4U+#E2F/'3J+V8>W1F6.T;+<$2)S=FEJ,/3%*!=Q3A'D90#@
M!QC(0@Q7W_,$;C(M<K/NJPJSH.=R$GI*5KU"8!'8!%)_%FR+3J7[7375YUCD
MSPOL69.DGKYB):D4G<E"8;6J2IB%:<(^[D"@`>$,WOM/3K<7J7=LVB%MN%P]
M1WI=:RF6,C*(:*DJ]KOG5AQDDLM)DA+U9^8?'#'-R9#4)8%DF0M2F3.!:A:H
M[@1IQ!8--^HEN[3=I=.N,[!D:MU=#-S?2-+VF^QH3A9:>A=EVJ<#;X4O4RMA
ML@R+NM8[&1YC7LT>2#SA2QS)06G5N*LE*>68'T'\!P'`<!P'`<!P'`<!P'`<
M!P'`<!P'`<#6=TD%*:<ME,?8:ZHB5%9SL@ZV&PQ.4Y5@4;%G4LRPV\U7G"4M
M="@"RY%",SX>#$V,B\G;P*!.B-(;&K^]-D]0=AH6A<-@*4A4??\`[TE1RV0.
ME#[;5$_3B1,$0LM]A[BO6IXC=R-XCBXE:J4B,7/91JH\!IB4LD60^D?@4@[(
MO#VT]=KIK,:"72XEBEVJ&\;H]P@<VDN8.XO,525>FCKQB#&.PHLG>TB5[7`\
M]*1!5&ECS@8Q8+#W0^9PW93>J.:C2>S(/++*3W_9?2QZK-D[9.")W?4\E8K#
MKOJ8.5?-M@.99)P5$>G=00EQD+#'E0`IU3.RI3$R7)9"`L)`?0IH+?AU2V[U
M-:G<IS$8M6B/:JJ:PT8BDMES<WLLGNB7:1UA9DUI>HRGMR`%V5+)"46]C96T
M1F<+71:?@O!AYN1!\XAFR&Z4<U!5R&NYW:!BRV>CA0]N[<2PE]?RY$FMN8=5
MY^JZS+,D;B6<%:PV0Y4N\SAI<EF!)EJ=D9Q@R(LEG3A3!]7W2,D<^7/'4T@[
MP:X&5'474YV"KO7M(I$<)GC%?I(S6SX^P>%!,SDA+"XM8;X[@2I4_P#LJ!2<
MI2%8+"1@HL+BN!Z5.>Q.?G)PT_82;GQRPA$81^8+^N`$8#`B&7_2QC(18SG'
MR9^3@?+[TD7FQ*9WPGVJ5ZFE["RAWJ.8W70?4*J^9NJJ,;-4HX(]>CEC;L9!
M1.2Q-FWF,B71YR1R$SSA(H4.;D0@.``PW!X?41P-'[-$94:YWP$+J]L9A5/V
M.K)>8W(WF(OK6H11!W6)U[5)8\X-3VRK$IY`1A4)E!)@,X[<"QP/ELF)-#6I
M_P`NCH6DV.O<,+NFU==XA$]9)G86S[_1K$@VCE;*-0PWE.9?F:1HA_)I3*-3
M(G10[G+P%-R=8G)(-7+4Y1H:-VHMNT8[N<R2F`WE9&T&L,"2=$JLMA+K9A'(
M[RIF53.?$RZHK8U`59D9:";0K;PD6$UE8(2&Y="Y1YN5EQPF[B(+`NK)OG*5
M5OT6RZ_3JJK-UJKK7+J![=6>PES]R#6VSEG:),K2%UU=DD[K-Y`X$#@@E+H[
MN;$,P]`K=$B(+ND4H$QZ8T(XS/[Y;]OUIO9D/9Y`U.>X^WFDNTE$@;)VFS)*
M*Z?,;U&<&G<;6NVJI*/;7"$5U&G5Z*\8\I(./O4I=4)F3"7D1!&`^P'@.!\P
M76Y<K'I._(%MNG6(-FM<:VKQDA6RFES=-E\`NZJ8X^L^P+JAVKUPD[>XH@-$
MV-9B73*@.?-W!Q5PUN(0J?$`+S4/IL:#BU+2UJ"O/O"/;D1Q?I,LPIR\,U,4
M,'I`HT(#2UW=%CQ0BQ@6#.W&<8SP.QX'S[Q"V914G5[ZN,@0([ANA#6&B>I-
MCQ2D8T]RZQ'Q?(U9UR.+G&JM@ZMQ=PLRZ5*V]('*%I2E@&:/`PDC&/L&%>6O
M.Q-#V\R]<]YZ@[_LB13;'L%0KU(&2Z\V/I^I>3W_`%YBD=AFO3:6ME,)<(*!
M18X\>AHVJ<DN<(C&ER=CCBU!YY@3(@VU*W1KH1":*RVUJ[;7<BE]&[MLV!2!
M@LY@N%5)1UO(75GE\QAJH3BO4VY5NL#Z_ELASP6`]`I)CN"S\EYR84`(>MLV
MN&65>Y0=[;HA.ZKZ9VR6NEN[W6*LN%U:F7?W7V^-*3K;.L"7V#:+H(J1VC7K
MU:2!^=(HX.N&)4I"@]%92!*;D80O4Z,3?L2V=+K3!)M6?+U%W8J4I3(/K"-7
M'3Y-&%TC?UU6MTX,=1"=Q2]KJA2R)G+"S_;0K"C,*/Z[!G`L[X$,NH/7TPM;
M4*WJVKV^D.M%@34J%1^"V\["."P-<R76+$0QB(2CS90D6&1.UGK!$3=2TY@5
M)S>]G%DX$:(`!!`GH2VXYV1KM;$4G%'+J$NFE+69:ONR-L,N<I?2$NFB*HZ[
M?&RTZ-$L/-1Q2-V/"WEL='%B(`28WNAYHE(,J3S##`O#X#@4<[<O3VR]<GI`
M,C?,)@BC\YIOJ'*I/"P362AA+VXPJKJ]^BCJH@F7;Z*B>VHN3.6"U@4>%0P'
M"P(P02P8`%5,TOC;+=SJ5;7TO4YFUFMMRVST9+UB-`Q&YJMLRD(O1TW<-A$J
M-DF*1<J0X4MY<O9XVD1*K#3@4`Q(5&$;:8(M"F`()L](:X'6'6!NVJMV1,>O
M.O-I;'ZVZ[:F0&56I$'>+NFV,8UG8HGM=$M=)-Z771NP$TEN&*GG$%L@E)#@
M^H'8?@X6`7E@"`^[6J48TLJ7JQVYH@YWU''"BM>===;)K-'J_KLM%[<9K>5S
M5Q:FULT3+9U.9*FBK["M:7N-B,7,I+8)O`^.)F,DX*QW0NQZ3$@G*B:=4.`K
MC5XZ8J+J26O!-?D1PSALD5B.*XJJ0RN"P@)G:G1PV-SY\<!DI$V?-4*U8J3E
MX+P5DH`7%<#K7D8"V=V,-<#&DL#:N&8ZDA+$<V`"E-$-P*":4<4(Q$''B!P(
M`PYR'RASCR<#YE^CRZV/3>ZUJ:BWV4FNZ?HJ6=+@IW?JJIF[KZ_VKHUT3:Z$
M!67E"E+HY`3WDUAD#"XDOR@U6!>>[O0$)_@B-&J#Z>N`X%"%4Q\^RNLGU:Z,
M?[!LW,$E.D.HK2!K265*C%4(!99%T-<Q5UKEQ=7$JN%ZQ,84<`;24E"G4]Q0
M`(3>P60U1K1HUJ)"63J$L$&`H(J"Y[J9-1*+JR]=O;^;(Y=EAZYP61!F4?+L
MB33^86*`B7WP^2=K<6Z/94&*4L'`=YF<$DT&0VUTJ+EK"*]+S7?7G;BWPU%:
MC9`[Y@$K9+IV-:VR?R6.TI>\HJ"=S*#V2:]1Z3+Z>)?%*1M8'I(;@Q&S*D!!
M2PXP):HT(&4=9ET:%:U]3.A$=,[2QTQGW:NQ!#Y5K1FS-RX/K_4UB:U1BYX8
MZ4V].;/B51)K;VU8WEK3W<K*&/R5\5+C0!\##<(+E>B3,U4^Z2W3]DS@&79<
MU.LM;('99.$#HAD#P[LC0!D=9`,3P,Q>ZM<A<&\Q:WN(A"`YH#R59><@.#G@
M6E<"'V_4#D]HZ@W97$(OPG6*:SEA98M#+J5G"(;8M+GJ7QU!&6I[,*5(5/T=
MGCX<1'G()!Q:@:!U."2+!N0<"N_H3VN]SNEKNK^QJ0.HR]Z(LB*5M=S7$I6[
MR>@;!DHZTC4ECMO4>F7G#1PQOL2%O2!:[,1("CT*K)8U8?.3C,Y"]'@.!2!O
M4\NS'UB^A\VMTSES8TSQRZ@J640Q/.9(EA4H^ANKQ3C&5KG`0/`(HYO#$L?5
M8TZT:(:LOQLAP9W<!P$*;M-+&FR[J*M`+KM.RCM1MA9WUE'2A=FF>5*ZULZ:
M-4"E#&Q7I66XX\R@3G7E>ZW!@;@?6SR6)`:WE'-AA`6KOB1IPLKZ.=BZ;TI#
M=FGNM=Q*T4:_;`[EMH-6*5=-D4UK'U*WV1&<LE;UVF>93,).\MEK[%OD#?I:
M@@XE9SRB;#TI1J8*T*LL(?/_`$UNEMQK'5>Q%TQ1[L"QG<?31W%V!TBV#*)\
M]?\`8&LY/NZPMTBN[>"!KWZ4$-VP>L!<C\\CH!D'MZ9C6*T*DW'=\SP'U6])
M>U7=Z:-H]<9-%6I1*M0+EB=7/M_,4HE<X2;/"FU-5_<;;;$EELY-7RI?9J]K
MGI69"0H7+R4YYQ0DIA:8TI.2&VO_`)NW_P!.'_XF^!J[01HW9,T5TO'';"U6
M2L`]4=>1,B9WIVW5[LG:15)$<MY#JN2WHVI%CD4DR`)YI2<@HPW`A`+`'.`X
M#=,<UZV.A\@'+(DW]/R+RDP"\`Y''=6)ZRO@@NQGBNN,NK;=J9=VNIN,"59[
M_:HR$/B=[NX[`U[C1Z;!:)#'PT_TMPL,ND2.72MDQI"[8:)/+&X\Q4WR>0MN
M+9\R>I$A4FB,)6J0&J2C!9$$>,YSG@;-0T3LVV3I7:+:5H(WV8X-P6A?8J'5
MZP4DZ7-("RB@M:R7)[O+D"EN"406'!`U`BL!`''=[`X[`]=B4+LO;Z=A26RG
MT!M!+%7LB2QA-8FKD_FI$<D:4(BTS^PDR2[G(MH>DY8LA`J3X+/"'.<8%V9X
M'8/%-[62!TB;X_*]$GIZ@9F#H.[NVM5DN+G#C0B2C"9%ERN\SE3`((T!`L92
M"*[!$%Y^4L&<![DM1[:(IFXV,C<M&$E@O#<6T.TY3:W681,'-J*"B`6VKY*5
M>H7E8@`6VI@X*,.$7W4Q6.SL+!W0Z1XU]V0D,R#8K^@Z?CY8(&@^/`G3QJO/
M'.9`8%290B5,8).MNT]["SJ4:LTHQ+@_P!E&C#D.0B%C(=&SZK77'0*"X_#^
MF^Q%K(2NK566SZ@RQL`JKES4J%CE`%`$5RD!/A+@K6&FGM0NU":8:,0BLB$+
M.0ZA+IO9J&)RF!(JTZ9"2"SE(QH)M"TNE\@(B<Q0QD!)<;12J.E6\!GD*2/E
MIRPH2U9)P$F"PX*P#`<=@=T[:M7<_H4S8^Q+IQ/3:B;HPSHF]VU#ESDA2-,)
M$J%#&M*D67*<G3MT1$M.RV$`#@I!DX>2`E]\7:&XPLF^`<8"&R-10A#C`0A#
M2-R8P'&,=F,8QC8'LQC&.!^^A=\OM)U&]B5R?X@>`]"[Y?:3J-[$KD_Q`\!Z
M%WR^TG4;V)7)_B!X#T+OE]I.HWL2N3_$#P'H7?+[2=1O8E<G^('@/0N^7VDZ
MC>Q*Y/\`$#P'H7?+[2=1O8E<G^('@/0N^7VDZC>Q*Y/\0/`>A=\OM)U&]B5R
M?X@>`]"[Y?:3J-[$KD_Q`\!Z%WR^TG4;V)7)_B!X#T+OE]I.HWL2N3_$#P'H
M7?+[2=1O8E<G^('@/0N^7VDZC>Q*Y/\`$#P'H7?+[2=1O8E<G^('@/0N^7VD
MZC>Q*Y/\0/`>A=\OM)U&]B5R?X@>`]"[Y?:3J-[$KD_Q`\#CJXUO.X)%2!?8
M&GRU"M3G)%B-71=P*4BM(I+$2H2JDYU_C)4)U!(\@&`>,A&'.<9QG&>!@5<4
M-LY3R!T:JH^X96K8]N9KR[M\%UHLF*HG)T.[<#7+$S)>B(E0>$&>Z#(L9\,'
MYH>P/DX&Q?0N^7VDZC>Q*Y/\0/`P!SH[:!ZF[-9CS]PAVLB.$#2QZP'/6&PU
M\W84I@1@,3,TK57@:_-:<P!@L"`0H+#G`LXSCRYX'O;*7VI97*7/+.HT/:G>
MP._].W1MUGL=$XS3!GG7B8EBU->1:F1!,RN/R+"L1V,Y/,SGRC%VATR+7;8E
ML01)J;FKI[(&N`R<4V@C<BU3G*5!"IF-,L1CET32$76!/').-&XJ"LN",)*O
M)9Y@<F=T8L9#LFRC]H68J9D,^="6HBQQJS+");M8[$1$SH;@%<%>*8%)KQ++
MDN5V'15XWGN#O%\Y.[W;XH^\'?16N-QX*Q(HO"9)I/$(TV^<>CH_&->K4865
M#E6J.6JQ)&MKOE*B3B5K5!AQN0@QDPTP0Q=HA9SD,A]"[Y?:3J-[$KD_Q`\!
MZ%WR^TG4;V)7)_B!X&M(#K]LG52R1N-8I]!:\72]8G7RA5"=8K%BY[^L2I2$
M28]U,9;R1"6"(3IPX#@?:'`N\+L[PQ9$&R_0N^7VDZC>Q*Y/\0/`ZE]@^ZLI
M9W*.R:8:82*/O*0U`[L3[0-LNS.ZH3P]T]$Y-B^^U")<D.#Y!EF@$`6/)G&>
M!IA[TXLZ2QR,PZ1UKTR7^(PK#GB&Q5[TPD+K'(EAZ-3GO.(PQK[?/;&'#L>D
M*&I\T**\<90,C[V0XS@,P%KWL>-\CLG$AZ?HI)$&UC9HH_9U9GWIB,M,8RIS
M&6Q@<OKN\\:$$;\].]'DIQEEHO&,\'`/$'VAU2O5Z\U[$WQ9=%^G,LC+3)WB
M;-<=4ZCS$YC;9G(E*Y9():@:3+G$@1R5^5N:DQ:N++"J5C4FY-&/)@^\&?-U
M:;B-#^]2MKD.DK=*9(2C3R&2(M>;42O[XF;L#"W)G=X)OD#BXIF_!@O`+.,&
M`GO9[F,=N>T,D]"[Y?:3J-[$KD_Q`\!Z%WR^TG4;V)7)_B!X&M)5K]LI.99%
MYY-$^@LKF\*/)4Q&82+6*Q7B31LY,!R`FRS/B^\CW-`!-EX4C+`6:$!9IPC`
MXP9V"P&R_0N^7VDZC>Q*Y/\`$#P'H7?+[2=1O8E<G^('@8"UT?M`R39YLME^
MX0T6/(TP44AL!LUAL-!-WY&')>0I'F5I;P*?G1*')0>PL]08#'=QV8\F.!C\
MKUCO>>))"@G,:Z=$S0RZ1-\PE:*5ZD3&1))/+6EI]`-4HD*9WN=82]2)L8L^
M9)UJG!JDE)_4@'@O\W@<B/ZW;`Q/+#F*L?3PC.8K%GZ#1C,?U.FS-F.0J4N0
M7F3P]ARW72F]#Q:1O``JU[>G\-(L4XP::6,>.]P#/K=L''6!JBD?9NGJQQ9B
M?R94R1EGU3G39'FB3I@IP)9&VLJ*["&Q$^I`(R0E*RR@GE!*!@`L8`'L#:WH
M7?+[2=1O8E<G^('@/0N^7VDZC>Q*Y/\`$#P.CDM?;FS-C<8Q,)1I5*XT[E`(
M=H])=>[5?6-T(+.+4%DN+2Z7RJ0+2@*"0#P$TL6,#!@7RXQG@=7`ZDVWJZ+M
MD(K9YTA@</9BLE-49B6O%J,#(A`+/:9E.W-E])DP#3A_G&#[O?,'G(A9SG.<
M\#,/0N^7VDZC>Q*Y/\0/`>A=\OM)U&]B5R?X@>!@+Q1^T,AF;!8[_P#<)?+#
MBA9A46GCOK%8;E,XT4=@03BF"4+;P.?&8LT(\X$%,>7@6,Y[>WMSP.6[4_M@
M_O2^2/B_19WD;I$S8$YR%RUMLM:^N$&/<,NQ\,6O"B]3'%5$SG465(VX9@D8
ME&<F9+R//;P..LI/:1Q;X2T.`]"US36CRTR.N6Q9K'8BIO@$A8$JE"Q/T)1'
MWB--%7EE1+3B4BI`$@],4:,!8@A$+&0[(BK=O4J*5-B5ZT>3MLZ7.CI-V\C7
M*SRD4Q<WQO3M+TXRI*"]@D2%<[M2,E*J-5A.,/3E`+'D0`A#@/=%*UW%@;$C
MB\'D6DL.C3>)2-#'XMKS:;`RHQK%)RU88F:VJ^$B(@Q8M4&'&B"#&3#1B&+.
M1"SG(9'Z%WR^TG4;V)7)_B!X'YEDWQ%C(161J+G&<9QG&:1N3.,XSY,XSC.P
M/9G&<<#6U?4!LK4QLA/JTG0>N398N3N4F%!]8[&BOIQ<D1)VY*I<PLEY(@JA
MIT:8``=[&<!\N<8[PA9R&RO0N^7VDZC>Q*Y/\0/`>A=\OM)U&]B5R?X@>!@+
M71^T#'-GJRV7[A#/8\D3!1R*P&O6&PT$V?D@<@R%(]2M)>!3ZZ)@Y*#V%GGF
M`QW<=F/)C@=+)-;-@)E$D$!E[%T\)5!6N3&S5LA<CU.FSW%&V9GN[E(3Y<@C
MSG=2IH1R@Y_>5BX3@62%6)8J..R9XAHQ"#RE6MVP,Z3IDDV8^GA,4J*'N=>(
MTTJU.FTA3I(`]B;1O,'3$N]TJRR(>[C9TF538#&$2C*4G(RQ>$#NAE,=J?;>
M(Q0F!Q1UT:C,'3H3VPB&L&N%FL\6*;E18RE2`N/M]ZIVD"-468()A>"NX9@6
M<"QGMSP.TCL"W0A["T1:)2O2R+QB/MZ5H88Y'=?K69&%D:D)02$38T-#9?29
MO;6]&0#`"B22P%E@QC`<8QC@=SZ%WR^TG4;V)7)_B!X'2R.`[GS!C<HS+95I
M9*8V\I\HW>/R/7VUGMC=4@A!&)*Y-+G?2I`N3Y&#&<@-+$'MQC/9Y.!TT!J#
M;2JHP@A5:.VC\!B+7XF6^-1#7:TX^RI1G9P(XTIN:[Y3)L'GBQVF&9#D9@O*
M+.<\#,_0N^7VDZC>Q*Y/\0/`>A=\OM)U&]B5R?X@>!@+_1^T$KED:GTH^X1)
M)U#,F"A\T?\`6&PWB6101W;DX4:D;C>"EX8LF]OYV4IQ7>_+P.E-ULV!4*I@
MN4,G3R/66$B>VV>J3]49P<=-FZ3&ISY*AE@S+K$*1(Y&>D)&O+5^,!:,D&3L
M#R`/8'31O4BW8<@0M41@?34BK6V31ELAM;8WIQ)V-`WV)&R3D\=GJ%&V7$E3
MI)HP$*3`(G0L(5R4!@L%&AP+.,ADS%K]LC&#9,?&T73^CYTT3."*8&LNK<_:
MQRE$[K%[B[(I")%=Q.7E$Z.+JJ4J2E'B%GJ%1QH\",-,$(.]A%2[:UFPE1:N
M'/1FOXP0><J(CD)UNLR*L1*E1@&#U!30Q7JA0%GG8+#@8\%X$+`<=N?)C@0O
M]%;E?%-\'Z>ZQ_37[@/B>D/JDM7Z,_1?[Q7=\S]#_79Z3].^EOS_`#GS[P/-
M_P`SP.__`%G`G;TZ/\OS1K]D'6W^YV'<"MZ9]<5OK-JVEFT]UE="ZUU"WKB6
MC-H.T.M=')YX\R&;+8RWLE@5W7:ZOXWB6M85$N194-`'4IV`5XPRBSL$B[0M
M:<-Q-5&F9KJY==AZ?;9ZV6O#*)<H<OGL>22-ON>QFP][KZK%K0H7%K4L\G+,
ME,5L[6,`5;DF+$:G`8#&1<#UAW&U:,2/*XB^*V5)&*1-,26FHY&D6><29^DD
MGAS*R,@$N3C)*XNDLA#VVD%MV%63%K,O)QVC1J,%ASS]JM?37N*P]DN.L7B>
M6'%6>65M$P3)M`KFC=*XX^2J#&MYB;"XP),X88RXK6GL*,/<D3<L/2%*`)%'
M<"M_1CK',&[4ZT_AC;0+Y71>W>HUP[6LCHX6$VR,<+24[>&*4=H0ZH$D6:L.
MJAW5F%N*=P)/*"$H>2AI\"#W\AO2X^H%.Z/W:UUUCFNILY*I;9J72FL*[VB1
MV+"%:45H1"MGNTW9O<Z;3A.F+;`2XU'5V/I"H5D]TQ"H,$CPE`4I."%B3_F%
M=:TU43.YY16TS9(89J5*]S:+*2O#6XOMQ57'=F7;5)N9%K>H2-B>"SV2V,-@
M5IT8CW)*2T2,LTU2$U$L)`&\E76`AQ4LS1J6J<J]HR-MKBU%65:*?E)8;B24
MEKLKVBE%A);&'$1N)L!=*OPB)0#&P%KA/J\*,T@LDDY6$-PS#J7P-)TMU/5,
MK2!N<^K8K7M)L0373M($T.DYK"!O*62"**'@AIE;8DE<<5!4(S0X+-2&JTH@
MA.P6()O`SACZDFI[/7-/2J_KQI/7B<VS2=8WP"KYW;,?3OD?A-KY:$L<<S5#
MP1&E3DQE/CV2UGNH41*`*_`@9'C&.W(81N5U/*9U*L&BZH1YC5MV9;&T^N>L
MLMKR.6$UM<SJ86RK@M1PV>R-GRTO03TB5(A\^$U'&H%ZIO-`I)SDD6!Y"2DD
MW3U)AX;,-E6QM/1Y/3212X6FL=YTQ($$%;VZ1E0YY<)"O4*P(D2".3`\MI=3
M\F9*:G084BP1"C."\AN&O[0KRUFQ<]5O,6&;,[8Y99USI'5Y3D@3N>$*%SRB
M$J(R(D1^$#D0;G`<Y[`&AS^7@9YP'`<!P'`<!P'`<!P'`<!P'`<!P,,L><-]
M95Y/;)=VU^>6JOH9*)PYL\6;#'N3NK?$V-<_+6V.,Q0RC7=^7)D`BD:4(@B4
M*!@!C.,B[>!!OIZ[^$]0.ODUQPFO&)!34D:37*%6+$;3:K#0G.Z%>4C?JZGC
M+]'8J^P2RHV4L3FJD0B%R(>!F8*5CR5^>%B_`A!86ZK=7V]VN^C:VKY,J=-A
MJJN6UF6UA/T<3Q-K;Z8(8!OK(%C)4KI.N=3U$F2`R(\A`F``SO%F'Y",`0K^
M:>OEK@.`S.WI)`Y4RU2'67:C:ZEY"B>6UT>K=KK4W8!UUSF#*;'E*-H)ATWF
M\N3M[C'$HUJ]*I:'0(U:A&H3GD8"?.JV\,6V*=MF85(HT565E:DRJ%,%Q1_$
MD#+H^C:K'IJ'7E#)8QRD++'CG%F6Q*6B3*,'($IR=R:UA>`F$X)/."N9'_S!
MFO":I93;LKJV9L#6OU/B.X]$L!#ZU.#];E76%LR]ZG0EC=0'H6Q'`9\Y6B!A
M.5H\F.B-"U2,DW*HTU(K)`%H>HNW,=VK3W^TIH\9$+`U@V,L'6.WXSAUP_-:
M:=0-*Q/)+W%GX3<RJ7J)2J+2EN7HSCT*)26(XU.<2$T@><A+W@>LTS!)1AH@
MC&$HL9F0E`$::+``Y%D)90,"&8/.,>0.,9SG/DQP*P.GQU+6GJ'%/$OJ^K0-
M]2-[C)H^KE'UAMKG/:\F\;1PI?\`5Q>E3*H^Q/E:39T22E5DHI.J>4A9[.K(
M,/"+!(SPM#X&`VI.1UC6D^L<$:=YC]!(A(9<.+L"ED1O+X3'FM4ZGMS:JD;H
MRL9"M02E%@`E*HDK&?E%^3(5WJ>JE6++TLV+JA2>O9.V1>44`KO*.TPVN29_
MG#P:",.\J20Q&YI6].C,5`:F<Y2X.'FWFC6WD*5AV,D)ABR&LI-U<#CMG=:M
M5:?HZOK0L>ZJJI6VK&:WW<*CJ?E5/L%QE%.P"66M9]A/85WJHI$,&O"PN-MY
MAXTO@!`5@9^,`"1W4<W@G.A%+&7M']:GG82&QMSCX+%*9[3A5;O+,T2*3LT3
M;4D#:).F<G"T+%='-Z!YA'DA23SS!>0>>%G#(*-#6UP[];/59M56%+)^GA.'
MRA;8O.M:(BVT+GL!5,8*<)!,87F>2]Y;J,&E>+0<&*MF)I?1JU&`%D*PL*HP
MLP).2S!!:MP'`J]V5ZEK-1NX$#TBB=8E3Z\I]5([@BS!)[!0U259#(`FT<FP
MVF71[CCRQSNRD"BL#`*VY4K9TR?+LW8$J[%!HTP6>)S<GIR#\E&D9.)*-R0>
M'`#R<F`"/)1P`B$$)I?;V"QC.<8SCY>![N!743OXK==G]T-58SKS8$@G^HFO
MM?WBW`2R2(Y47FLLY--C8="8(WI%:\#$>ZK8;E&%8\*$F2SU&!')RB0>*,(C
M1SK`6VQNLL@VS6B+WK/:Y.QNG>J5:PQ?L;6UOMDYN?<AQ>38PU/,PJY@=&>%
MM5?05HQ)GW(O/W`+4I(P0C,-/)",),,?5*I!;TZ[5ZB[\P21A@E(M5UDV37Q
M2AO=)4VS^B9O):UE$`9W#`D+2[*GZ<1S"9F6F92D*TR]*><%-@8P%A':;=;2
MKJS"YQFR:[206R8QN/1^G=A&/UCIT]*5DZ["T8WW_7%LSJXC(B0-DK9?%UPF
MH9I[*4=B1)S$PL`1X](<"RO3_8LO;36NI]BBJ^E%6E6@Q+7DN$2_)9SLU@0/
MSLPA6I7`DA*2^1B0X:?23(Y@)(`Z,JQ*K"47@_!80DIP(K;K;90G1_6V?[,6
M(SO+U#Z_50M&[D,Y9O=0!G$ZC4!2/\@7DI'`;%"XTMDY;@^.7FZG+>TIE!X2
M3QEA)&'+U)V!?MEZB9;7=H&SPYIE"",R"%.\2L-KM&"V##I7"XW+6V6P^6M[
M3'59J,A4^*&I6F6MR-2F<6T_&,&DY)/,"3W`<"#]B;JMU>[V:[:.+*NDZMTV
M'JNYK59+5].1TF*M;?2Z9@,?6,#`G4+Y2X.ZA1)D8.TXA"G"$WO%&*,A&`(0
MM3=6*ZH+8=K,FU>@TBU7J^MM:;HVH2VA,]FJ8EBQ[K:JY#'XRP$OD#BA*AQK
MI_LIVDZ4E`E>EB<1)I:H&?$$D.[H2KZ?VZLZW4HF0WS*:+B551Q.\JT4$*K#
M9^G=N6^Q&EM9TR]R=6V5T<8KC34O(<CQ(`M1ZC+EXY0LF%%!$7WPT11/4.W'
MLZSK8J&SNF+,**G<"U_8+WB[(];54=.39:5.)RO@T`C,E60].H:*P.>SHX_+
M59[BJ./1I&%7X2169@L`PE/H!M\X;P:[I;P=J@=J2=R;&M>KGJ&K9@Q6,QFO
MU03]]KJ0/D#LB-)D#)84$<7V/J0H'=,F3DJO",[@1`"$P837X'5OCL0P,CP^
MJ4Z]8G96MP=E"1J1G.+FJ(;DARPU.W-Z?`CUR\\LG(2208R,TS.`X\N<<"M[
MIV]1UNZB<9,LZN:S0-E.+F]<8U35LLQJECU&I4V(H(N7U7;\(^C\>=J\LQ*1
M-3.^E(,=T`36A<7YWGPTYBH+->`X%-4[ZN:BB=@]B:AV<U,LFEX'3NG]P;O0
M&VDT_@=A?6K2U)2!!&)64[0>.F$+:MFSRZNR0+*V+URP2S"LDM08D4"RG"&`
MR_KD597],;$3&:UNQQ:Y*$==2VO%2R^]8%7T-F1FZ%41VYJ?P3?%AH8M"HKY
MA$E;Z4]F.:<I.D61=9X)B@@Y*<8%@M=[?)"]*S-T-GHI&M;XLQ5S+K:G;0T6
M[#M@H_%J]C67=P1/[;9U5$J8A/`R*+-Y#BE`R968,$L+3%"-/_-R$8K'ZJ[#
M7?3CLOJ2@II7-J[@["EE26L(1;%;OMB-K&X+FM&C26LM2+S8A7DV;POR(QYC
MZ%=(G%F\;)0PG*`#)"%JD?=?3K"R/>",I</#0VNOFV3/&RG]((R5?@9-P`OQ
M<E>-W>]W0][L[>S'R<#M^!&#<S:>&Z4ZU6=LY8+,^OT/J]+'%+VBCZ<PY201
M)IA'H60\.9Q2=6-JBD?62,M>].'@G^C6A,I5>$;X/AB#C:@[%/>T-2-5LKX*
MPQ6/2A#')!`9)"K*:K6K^R89)XLS2)!*XC*T#/&UP2DBYQ4M:U$O;4BE*N0&
MXQXI0BS1A*C@.!!VU-V&RK=Y=4M(E]72=P==JX5>TWCEI@?8VFB;"DH6--4@
MDK4<R%JELH<'54.0("0^(G0I0A4Y,+..R487@*Y/_P`P'1#7%WFT)74$V::?
M>Z0WDNZC92V/S:[R>TT>A%MK:DM&%/$+4MC0"OY;+U1!+Q'O$<7!&8U*.U><
MA/+R2()\ZF;\Q[8^5[45G*H0.K[1U#5U.LL]D0R7,^C"Z$7G2['>=8S2*R@F
M/1E8Z)W.*N:E*K2C;23DK@VG`#DXH91HPA;2W7HUOG3(]3FVH<^4;69^BCGU
M%H#,'%]23$Z2:[L-PR6DW]I?F1I:T"B/7$@E38U#*CZ(UY)68D"<A.L,4DGE
MX"TS5J^OO+U`P7$G9HS'6N5^(H:X\Q6/&K-=H\G#@'?89Z[PO"J(LMA-)@O!
M=FAO<'8AL5!$1YX<(.1<"-?_`,W;_P"G#_\`$WP,-T!VYU1CFB>E\>D.S>OC
M"_L6J6O3.]L;U<U=-3RS.[;4L21N+4[-:^1IUS<Y-ZPD91Y!Q8#230"",.!8
MSC@4D2S0"I7:S-A]F89U$]!*^VR<NH<7OKJK98;5C<NC,,)<6=EALPHN[(FX
M/S27-X5)H@TB%YZA,(7(7$[)B3)`<F^.&=VQJ7#K$W*DFRB'J']/AJB,]WWZ
M=._,KBRNX6Q7)V^4:85$NJR8U;'78J0DM1C!+1+A+VEX4I_."O(0>BQW?%$'
M6NVA&L;E"-G*V(WBT]9*INRS8%=M84]%=QU\99=8-A8VX6_(I)L?J_812]QF
M5#2N2R^8,+B&+IR7R/D#2NY>3!DN)!:$-H5%K%3U?[0FW?:G4`T+VH;)I!],
M);/I%;-PHXO8$6VVTRI4RH&*Y*MCD'L,JN?,9\`9CCVNI!BJ.+%JD:8M6`T\
ME0'3=.75*I=+++T3E\SZA.BTT9]1M,+_`-59`3&+FCB%SF#E<>P!MUMLP9R7
M5\PE;T3*E3IF\]*<:(PTP9IP!XP$!>0EG8LTDL_Z@,8OH[?CI8XU8B+%B`1N
M"R&5%RB^HI`)*G1*KB/A,K-M9LKB.3JXUS<E:W%S&T+#D<<1$I4@RQC5C5!6
M:'I+Z6/U(2"C9CU(]5LM4!T?END^MDF:K6K]6YMS:Z[@+=N(U:=FMBN8($V7
MUE<6&,L"EK;E!Q*M*D<E0510EI"=&$F%6H^M/ULCVV1;V:48VC5[KWUM@J8U
M5Z1053IXU>6J:G4XVI2)&0[@E*KZ+L25OD@'@;44)8YEJ464I)!Q:@@-\2NE
M]3&;HS*^E14&]VI>',S6$.O15I3>Z($B:#71X2?^V,^4,+))W5<5Z1>EJU<F
M;0'""5XP"1*,X!DP009VJT;@&QL=RSHNHGT_XP>KZ/<%Z92PY5<K.X@(F$6O
M:LK9<;51#*>$XQ1E>TUYE&4V#"%4!0JP,9P@%]@PSBT-48=*+S>IK%.HAT_`
M5Q*>I5I/U*W=)+KE;5L];)AK1`8W")Q3S6K02,+.OA\D%$TJAC=#<D*$"<TQ
M*:C%W`GB#86MNM6O=#1G8>!2G:_IL7DS2G.UD-H^>V%>KD?86*.W-MHVT[=J
MVW6=78#W`@(DSBXJ!J!LJ/(92I3(C%04`RCAGA.OIH2^FM*M58KJW:^^NH5J
M-5./DJC=-35FNZ`II(II,Y^7NM?,=DX6/#8@<)Y%&MP]'*G!"44G7E)RC<E@
M.R;D83_^^GIS[V.M/MUJ_P!:>`^^GIS[V.M/MUJ_UIX#[Z>G/O8ZT^W6K_6G
M@/OIZ<^]CK3[=:O]:>`^^GIS[V.M/MUJ_P!:>`^^GIS[V.M/MUJ_UIX#[Z>G
M/O8ZT^W6K_6G@/OIZ<^]CK3[=:O]:>`^^GIS[V.M/MUJ_P!:>`^^GIS[V.M/
MMUJ_UIX#[Z>G/O8ZT^W6K_6G@/OIZ<^]CK3[=:O]:>`^^GIS[V.M/MUJ_P!:
M>`^^GIS[V.M/MUJ_UIX#[Z>G/O8ZT^W6K_6G@/OIZ<^]CK3[=:O]:>!C\LW(
MU=7163(H=N/JRPRY9'WE+%7UUN.L7EK99&H;E)3&[.30"9(QNK>W.8RCCDV#
MBLGE@R#`P][O8"JO0NL=4=5]I-JMK'7;K2:O7/:-NCR274=0]_1'--KY@P2:
M2OJBYU3?(79A+:IL]-[Z6V!1H4!92=*08<H5+52LTT`6Z??3TY]['6GVZU?Z
MT\"M^XG&A[&ZDFHVY[5NGI4BKK6^G;_JI\A[G?40%,Y2*]RHE@]W;#4SH8Q(
M"XR;#B>Z2<:/*P*@SM&3D(>T*NVWI;:0KZDD-`R_J)ZK?5K"M/\`<?4C79U:
M+9KY;*&A'M=LZY;(-5CV$A62]N;AN]183M+"2W(%!I#X62K6&'HA'E)2`FU3
M42K^GIU=MI,F^'3VQ*MRM@*:>MN&!SM1HD,>SK#4.M#50!5<4\[ESF,N*.S7
MQP9A/7IES2Y0IL.1B3S8W"8)RD(!XZ4NG#_2SK4\UZD6IYJ^N-)(!I7KA+6J
MU(`H&G;:MW$<=PHO:5G-"B7H`%/3N_,T88W%I;%!Y`$B%P4%*\B6DD(PN9T<
M<M1M6![4S*4;H:IOMC[>[763M)/$\=O6O#8Q$%$O;(S%HW`8ZXN;^W.3Z@C4
M5AR3)SBH1HC%K@H4F83DE9++"$[?OIZ<^]CK3[=:O]:>!X&;HZ=B`,(-M-:B
MQB`((#,7I5HLEBSC.`CP$4HR$60Y\O9GR9X%.>K%4ZW55O\`65O_`#_<G1B'
M6)8]1'559D?U^O"+,T.V&?E":IU)-PV7%'F1-S-&Y.P/4%=SD29.6ZKC#)&H
M$H=30$E@,"X_[Z>G/O8ZT^W6K_6G@:VN3:K5B<U)9L)BVVNJ),BF4"ED49U$
M@ORO$[(E72-C7,Y*MS-;7Y<O\S2"6^(,)10ACP'NX[O;WL!1K+=(=<K$Z7U/
M:4OG51JBN;AH[42RM6F&4TUM1`V"D+&1SQH:6HU9;L&=L+GZ01MQ!'40%R%*
MH2J/-#%2<"D19V>P-IR'7;5&TF6EJANW9OIO36"T`RZC.U4[5HK8B:#?.*V1
MK@J@[I)ERBPS74YG>4$Y40T2!$L2JF<3:T+!$J4+@,L(LAG^RIJ/=.BIQJ_M
M=MUTC;)J2UX_<C&^2)LFF6:?U"_.TS>14!:E4IGFPY4Q.\SK&OUJ42@H\;,<
M*1)<'%..4HC2#`F`*=:H&7OJ]-5>[.LKI5>JU,3^+0UD>-@8`XS=\M^9M<+K
M]!8\B<#)&%M59CM2L[\W`-QGSE0IE"L8L!`''>"8/WT].?>QUI]NM7^M/`??
M3TY]['6GVZU?ZT\"GGJFUEK=U'VJ+5DY;@:&LL`8'B/RV#6NMNJ+M6P6N-DM
M3/82-?8U4/D<DQ6)":H7.D;6)FPQS8R0+F3O*C59!@2B0M[0;DZ=HD*)$/;O
M7)<-(D3I1+5M\588L6"3D@*$J5F`DQ8#%2C(.^8+`0XR/.<XQCY.!R_OIZ<^
M]CK3[=:O]:>!7%4KI1,"ZE6UVZKSNII6KKW8:D:*J%DB#9?<1S-(X;2*J6*D
M[XZGJW0EC6%R44R/P,@DP.4>$Y?8,[OBS@-/V?4FL%J5W''21[VZC';!1#J>
M0[J7-KW]>D%^@[W(:ML`IKKJIW98)Z,?V]B2ZQ,[7#AN)2508C<$N%P$R@L'
MFQH:*3:K4D;I+973W<^HSHQ]0.P57;5/UV2%-.8L=9B7;*_;H47%!IK`U([/
M2L`ZCJY2X90&-BTDMR=B6\D8CB1J!>;AU$CTZUFGCY8,\LC=O12=&;`;5U7=
M&SVN#O><;^H*Z:?IW4XO6>`U`^R'#J9)SU<7E1>+"1K5#0<C`_%IB,I,C1)G
M$(6:].R3:LZ/Z7T/JO)^H%K]<3O3T9<V(R<.UZ5[C)B)QE#[(FF+L^'2;.+I
MB*U^TO!#`S^<GC/]%-J?OX!G^K`$U/OIZ<^]CK3[=:O]:>!JF[-KM<)?6[Y'
M*_VMTE6OCJ<SI5S#;%MUN_5Y+HB8\H`SN%2=$DD2Q04BE\,RO;P*<)E@$AZ@
M!QB926`9!@0;Z54,TXZ<]%3FJT^Y^K>&^Q+77V\DK&*[#PQUK*EE;]"81'I#
M":T6R64E.RA@=Y3%UT@/%YJVI0KW@XM.C(*+#DP+.OOIZ<^]CK3[=:O]:>`^
M^GIS[V.M/MUJ_P!:>!7#<+I1-B=2;4/=%HW5TK0UYK94%_U:]1%ROJ(YFDH,
MO<J(X.>&LY*Z&,2`$8-AI'<).-'E8%09VC)R$/:&2S2=TNX2[="W&+;_`*><
MQLNZX?4=843&+MLB(3*H8O5]3-"Y\)C-I,C3,V=Y=,2FU[`EKBK]''=PM.:V
M"S@\:81>0TMKFP4)JE.7J?ZY[3=-6B6_8N^X):&W5(PZT(XXU`W1F+5(MA,A
M*UO1M\F@B2,6+/)D6B=71U6M"=(H**"$:01I(S%8;C4VE!8DX;<6M6^X_3ND
MMW;"VY7BA@;+=N1I6UBBUNK:+16$M52/IT=EA3\@?E[?F5N^%I29P;T;W)S1
M"1JR`B`8'=:#EZ&:-5M:<%AFU6I[&U6YL)9VPY]?0R\:V2UE5"^S,,11];U4
MW*9$C&VP5C*CY9Q184R,HQ<J5'%)4I1@$Q03E^^GIS[V.M/MUJ_UIX'`==S=
M25#6Y)VG;[61M=#T"PEM<3KLJU:2@<#4Y@$:TU$*6%!5E)5`@C$5D0<&8#W>
MW';V\"HO3&KM8J#W=V`WCE^X&C4$F5^5FRU_8U9Z^7O%T556K,$!T*=S[YE4
M=D#\T(HU.B'-B=$Z1(C3*SL$OBTU6Y+#C>_P+@_OIZ<^]CK3[=:O]:>`^^GI
MS[V.M/MUJ_UIX%$DQK9PV0GF];1M-U%>F!FBMQJ6LJCFU75$C(4[!5W`5;,[
M,E(0I/-9O;9D.'"JU<9$X2AP2(&EO-?)2K...,PG-P24'E6M&4Q5@[NL8_9W
MI2WO:&QCQIG#;5K>_K"CDII`=#ZD:YET0%%$58G-P=&BTIHZ+7-]`N7LKJV-
MR9?Z*$G5^'EP,#V3+5W6MQTTL_IQUUOWI!6>F=NU'LN6NC:&S(Z[S>JKUN"[
MC;EJY)5:PZST3(5KQ4HEYS8)B4E%N#@E)QV'DY/SYN&O+'U)I^P]2NIM4P=^
M]#(G;?4H=Z45OR-ANJ-XI*H@U-5E4UR\/T>;P.:-^D4GL5SKY:\N`Q)6\.#7
M$A.,9_F65"H+\(1N#J@SPV*-#_M?JN%[:HXRMCMAGOVN5;5Z00-R=*JRW*5S
M\A6'(A'%9R6(TDLS(<X[P<9X&4??3TY]['6GVZU?ZT\#6-Q[::X2BN9`P5[M
MEI:;(W,30G&UV?;M;OL`DD;$^-N9M$)0WHY*>IPWS"&87MF%`25.$AJL!XDZ
M@!8B#`@1TJX-IWTZZDM2!D[G:K)VZVK<46^CJ2%[#0ISJBE%CI"HA&Y!%ZV5
M2*1HW,YNDLACBI^69`C;$12MR$G2HR22`C-"T7[Z>G/O8ZT^W6K_`%IX#[Z>
MG/O8ZT^W6K_6G@5N7POHBU>HUHQN4Q[K:6-L!U)@FRT,D$2=KYB`IC,1;%QN
M)Q\Y>SG(W4UD;,1$40).``\PSS[!XP9R1W0CR&H8KK7TU4&R]V;022W]`%?T
MUJZW:F@6M3)=,%3T6!%?[N2][!V)9F7=V=4;U8=^&H$:%Z]%QYO:TC6G-`).
MXJUBE:(/W5>M:!TD1*W;7;>+0-).+XV7@5A[:F2ZQFERBX-;8#`%5=P[7771
M..W%K[%\5A%&YJ;V%UD"MUP;GS]4>06!02A3!%:U^FATW[9KG=Q`W[?Z743.
M-F*A9*6I6-5#:L&-IS6F&1*[T^RQ*5J87:<(#9*KM.]FY,[R\2%)'V\:(HI$
M@0)Q%'*U@63:(*]5M5W;;:=RS<O3T4MV\V5==C)#!ZWO"`$UG7+@OK^"P0YE
MBYSL^M2]\7O:B&&.SFYFH4!BE2NP5DG.$^#C@\OO5:P?%/\`IK]XZB/H9\/[
KZ+?2[ZW8!]%_I/\`>+]+?1SZ0?2#T3Z?]%?[5YGXWG/F_P#6=SN?G<#_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
