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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950133-04-003915.txt : 20041026
<SEC-HEADER>0000950133-04-003915.hdr.sgml : 20041026
<ACCEPTANCE-DATETIME>20041026135222
ACCESSION NUMBER:		0000950133-04-003915
CONFORMED SUBMISSION TYPE:	10-Q/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20030331
FILED AS OF DATE:		20041026
DATE AS OF CHANGE:		20041026

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACCERIS COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000849145
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEGRAPH & OTHER MESSAGE COMMUNICATIONS [4822]
		IRS NUMBER:				592291344
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17973
		FILM NUMBER:		041096130

	BUSINESS ADDRESS:	
		STREET 1:		9775 BUSINESSPARK AVENUE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92131
		BUSINESS PHONE:		8585475700

	MAIL ADDRESS:	
		STREET 1:		1001 BRINTON ROAD
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	I LINK INC
		DATE OF NAME CHANGE:	19971020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDCROSS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q/A
<SEQUENCE>1
<FILENAME>w01103e10vqza.htm
<DESCRIPTION>FORM 10-Q/A
<TEXT>
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style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 18pt" face="Times New Roman" size=5>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>WASHINGTON, D.C. 20549</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 18pt" face="Times New Roman" size=5>FORM
10-Q/A#3</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0
cellPadding=0 width="100%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="MARGIN: 0in 0in 0pt"><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Wingdings; LETTER-SPACING: -0.1pt"
      face=Wingdings size=3>&#253;</FONT></B><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 12pt; LETTER-SPACING: -0.1pt" size=3>
      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES<BR>EXCHANGE ACT
      OF 1934</FONT></B></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=2>For the quarterly period ended March 31,
      2003</FONT></B></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=2>OR</FONT></B></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="MARGIN: 0in 0in 0pt"><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Wingdings; LETTER-SPACING: -0.1pt"
      face=Wingdings size=3>o</FONT></B><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 12pt; LETTER-SPACING: -0.1pt" size=3>
      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES<BR>EXCHANGE ACT
      OF 1934</FONT></B></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=2>For the transition period from
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      to
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=2>Commission file number:
      0-17973</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 18pt" face="Times New Roman" size=5>I-LINK
INCORPORATED</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
size=2>(Exact name of registrant as specified in its charter)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0
cellPadding=0 width="100%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 48.66%; PADDING-TOP: 0in"
    vAlign=top width="48%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=2>FLORIDA</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.7%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 48.64%; PADDING-TOP: 0in"
    vAlign=top width="48%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=2>59-2291344</FONT></B></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 48.66%; PADDING-TOP: 0in"
    vAlign=top width="48%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(State or other
      jurisdiction of<BR><FONT style="LETTER-SPACING: -0.1pt">incorporation or
      organization)</FONT></FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.7%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 48.64%; PADDING-TOP: 0in"
    vAlign=top width="48%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(I.R.S. Employer
      Identification No.)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=3>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=3>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
      size=2>9775 Business Park Avenue, San Diego, California
      92131</FONT></B></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=3>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(Address of principal executive offices)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=3>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=3>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=2>(858) 547-5700</FONT></B></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-TOP: 0in"
    vAlign=top width="100%" colSpan=3>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(Registrant&#146;s telephone
number)</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by Section 13 or 15(d) of the
Securities and Exchange Act of 1934 during the preceding 12 months (or for such
shorter time period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.&nbsp;
Yes&nbsp; </FONT><FONT style="FONT-FAMILY: Wingdings"
face=Wingdings>&#253;</FONT>&nbsp; No&nbsp; <FONT style="FONT-FAMILY: Wingdings"
face=Wingdings>o</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>


<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>

<DIV style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>

<HR align=center width="25%" color=black noShade SIZE=1>
</FONT></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>As of May 15, 2003, the registrant had outstanding
116,669,547 shares of $0.007 par value common stock.</FONT></P>
<P>&nbsp;
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</div>
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<P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic" face="Times New Roman" size=2>Explanatory Note</FONT></I></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Amendment No.&nbsp;3 to Form 10-Q/A (this &#147;Amendment&#148;) amends our
Quarterly Report on Form 10-Q/A (Amendment No. 2) for the three month period ended March&nbsp;31,
2003, filed on October&nbsp;15, 2003. I-Link (&#147;the Company&#148;) has filed this
Amendment No. 3 to 1) recognize deemed interest expense for a
beneficial conversion feature (&#147;BCF&#148;) embedded in certain of its indebtedness as required by
Emerging Issues Task Force Issue No.&nbsp;00-27 (&#147;EITF 00-27&#148;),
as fully outlined in Note 2 to these
Consolidated Financial Statements, and to 2) revise Part I - Item 4 -
Controls and Procedures. The BCF-related error affects 2001, 2002 and
2003. The cumulative effect on earnings through the third quarter of
2002 is immaterial and has been recorded in the fourth quarter of 2002 as
a charge to interest expense. Although we have revised our previously
filed Form 10-Q/A (Amendment No. 2) for the three month period ended
March 31, 2003 to
give effect to these matters, other information contained therein has not been
updated.

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1</FONT></P>

</DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>
PART I &#151; FINANCIAL INFORMATION</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>
Item 1 &#151; Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>I-LINK
INCORPORATED AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>CONSOLIDATED BALANCE SHEETS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0
cellPadding=0 width="100%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>March 31,<BR>2003</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>December 31,<BR>2002</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>(Unaudited)<BR>(as restated)</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>(as restated)</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>ASSETS</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Current assets:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Cash and cash equivalents</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.34%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 10.92%; PADDING-TOP: 0in"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>3,957,868</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.34%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 10.92%; PADDING-TOP: 0in"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>3,619,642</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Accounts receivable, less allowance for doubtful accounts of
      $2,532,331 and $2,783,571 at March 31, 2003 and December 31, 2002,
      respectively</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>14,300,502</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>16,924,149</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Other current assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,161,229</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>3,063,986</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total current assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>20,419,599</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>23,607,777</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Furniture, fixtures, equipment and software, net</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>10,357,790</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>11,479,111</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Other
      assets:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Intangible assets,
      net</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,523,906</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,747,262</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Other assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>3,188,084</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,261,887</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net assets of
      discontinued operations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,550,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,350,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.34%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 10.92%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="10%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>38,039,379</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.34%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 10.92%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="10%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>41,446,037</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P
      style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; TEXT-ALIGN: center"
      align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=2>LIABILITIES AND STOCKHOLDERS&#146;
      DEFICIT</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Current liabilities:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Accounts payable</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.34%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 10.92%; PADDING-TOP: 0in"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>5,395,058</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.34%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 10.92%; PADDING-TOP: 0in"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>7,016,628</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Accrued liabilities</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>22,572,614</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>18,090,312</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Unearned revenue</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>6,304,348</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>958,185</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Revolving credit facility and other current debt</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>14,778,611</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>12,073,374</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Current portion of capital leases obligations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,751,642</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,713,650</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total current liabilities</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>51,802,273</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>40,852,149</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Notes payable</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,058,024</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,033,024</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Notes payable to a related party, net of unamortized
beneficial conversion features</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>25,131,958</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>23,948,635</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Capital leases obligations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>3,488,459</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>4,145,711</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Notes payable to a related party, to be converted into common
      stock</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>30,014,033</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>29,281,984</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total liabilities</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>111,494,747</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>99,261,503</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Contingencies (Note 9)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Stockholders&#146; deficit:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Preferred stock, $10
      par value, authorized 10,000,000 shares, issued and outstanding 619 at
      March 31, 2003 and 769 at December 31, 2002, liquidation preference of
      $612,810 (unaudited) at March 31, 2003</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>6,190</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>7,690</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Common stock, $.007
      par value, authorized 300,000,000 shares, issued and outstanding
      116,669,547 at March 31, 2003 and 116,549,547 at December 31,
      2002</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>816,689</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>815,849</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Additional paid-in capital</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>136,120,385</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.26%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>135,962,725</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Accumulated deficit</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(210,398,632</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(194,601,730</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total stockholders&#146; deficit</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(73,455,368</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(57,815,466</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">

    <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.38%; PADDING-TOP: 0in"
    vAlign=bottom width="70%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total liabilities and stockholders&#146; deficit</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.34%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 10.92%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>38,039,379</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2.04%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.34%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 10.92%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>41,446,037</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 1.02%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>The accompanying notes are
an integral part of these consolidated financial statements</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>2</FONT></P>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>
I-LINK INCORPORATED AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center
><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>for the
Three Months Ended March 31, 2003 and 2002</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>(unaudited)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0
cellPadding=0 width="100%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>2003</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>2002</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>(as restated)</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Revenues:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Telecommunication services</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 10.7%; PADDING-TOP: 0in"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>30,367,250</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 10.7%; PADDING-TOP: 0in"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>22,811,324</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Technology licensing and development</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>&#151;</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,580,712</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total revenues</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>30,367,250</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>24,392,036</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Operating costs and expenses:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      face="Times New Roman" size=2><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt">Telecommunication network
      expense (exclusive of</FONT> <FONT
      style="LETTER-SPACING: -0.1pt">depreciation shown
    below)</FONT></FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>25,748,481</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>13,272,584</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Selling, general and administrative</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>14,224,567</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>8,699,844</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Provision for doubtful accounts</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,174,886</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,356,371</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Research and development</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>&#151;</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>382,492</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Depreciation and amortization</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,826,143</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,021,242</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total operating costs and expenses</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>42,974,077</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>24,732,533</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Operating loss</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(12,606,827</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(340,497</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Other income (expense):</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Interest expense</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(2,915,472</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(2,172,554</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Interest and other income</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,262</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>9,201</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total other income (expense)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(2,913,210</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(2,163,353</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Loss from continuing operations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(15,520,037</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(2,503,850</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Loss from discontinued operations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(276,865</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(3,098,977</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 40pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Net loss</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 10.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(15,796,902</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 10.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(5,602,827</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Basic and diluted weighted average shares outstanding</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>116,669,547</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>116,549,547</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Net loss per common share &#151; basic and diluted:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Loss from continuing operations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 10.7%; PADDING-TOP: 0in"
    vAlign=bottom width="10%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(0.14</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 10.7%; PADDING-TOP: 0in"
    vAlign=bottom width="10%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(0.02</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Loss from discontinued operations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(0.00</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(0.03</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Net loss per common share</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 10.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="10%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(0.14</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 10.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="10%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(0.05</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>The accompanying notes are
an integral part of these consolidated financial statements</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>3</FONT></P>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>
<B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>I-LINK INCORPORATED AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>
<B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>for the Three Months Ended March 31, 2003 and 2002</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>(unaudited)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0
cellPadding=0 width="100%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>2003</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>2002</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>(as restated)</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Cash flows from operating activities:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Net loss</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 10.7%; PADDING-TOP: 0in"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(15,796,902</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 10.7%; PADDING-TOP: 0in"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(5,602,827</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Adjustments to reconcile net loss to net cash used in operating
      activities:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Depreciation and amortization</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,826,143</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,297,760</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Provision for doubtful accounts</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,177,886</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,492,852</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Amortization of discount and debt issuance costs on notes
      payable</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,091,828</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>677,651</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Accrued interest added to loan principal</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,047,244</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>778,089</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Decrease in allowance for impairment of net assets of discontinued
      operations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(140,736</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>&#151;</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Increase (decrease) from changes in operating assets and
      liabilities:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 50pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Accounts receivable</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,573,762</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(877,703</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 50pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Other assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(212,466</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,147,710</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 50pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Unearned revenue</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>5,346,163</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(1,180,723</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 50pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Accounts payable and accrued liabilities</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,819,481</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(2,022,986</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 80pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Net cash used in operating activities</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(1,267,597</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(3,290,177</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Cash flows from investing activities:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Purchases of furniture, fixtures, equipment and
    software</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(640,339</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(481,399</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Cash received from sale of assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>160,184</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>&#151;</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 80pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Net cash used in investing activities</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(480,155</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(481,399</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Cash flows from financing activities:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Proceeds from revolving credit facility, net</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,705,237</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>470,518</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Proceeds from notes payable to related party</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>&#151;</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>3,816,603</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Payment of long-term debt</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>&#151;</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(10,336</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Payment of capital
      lease obligations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(619,259</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(632,283</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 80pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Net cash provided by financing activities</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,085,978</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>3,644,502</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Increase (decrease) in cash and cash equivalents</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>338,226</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(127,074</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Cash and cash equivalents at beginning of period</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>3,619,642</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="12%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>4,662,532</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="12%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 71%; PADDING-TOP: 0in"
    vAlign=bottom width="71%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Cash and cash equivalents at end of period</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 10.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>3,957,868</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 10.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="10%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>4,535,458</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 1%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>The accompanying notes are
an integral part of these consolidated financial statements</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>4</FONT></P>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>
<B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>I-LINK INCORORATED AND SUBSIDIAIRES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>(unaudited)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
face="Times New Roman" size=2>Note 1 &#151; Description of Business and Principles of
Consolidation</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The consolidated financial statements include the
accounts of I-Link Incorporated and its wholly-owned subsidiaries WorldxChange,
Corp. (&#147;WorldxChange&#148;), I-Link Communications Inc. (&#147;ILC&#148;) which is included in
discontinued operations and the Enterprise and Agent business of RSL Com U.S.A.
Inc (&#147;RSL&#148;) which the Company purchased on December 10, 2002 (see note 5).&nbsp;
These entities combined are referred to as&nbsp; &#147;I-Link&#148;
or the &#147;Company&#148; in
these financial statements.</FONT></P>


<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>At the next shareholders meeting, I-Link intends
to change its name to Acceris Communications, Inc. (&#147;Acceris&#148;).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>For the past six years, I-Link developed and
marketed enhanced communications products and services utilizing its own private
intranet and both owned and leased network switching and transmission
facilities.&nbsp; The communications solutions are delivered through
I-Link&#146;s
proprietary technologies.&nbsp; Enhanced communications products and services
were marketed through master agent and wholesale distributor arrangements with
ILC, which is an FCC licensed long-distance carrier.&nbsp; The Company developed
and licensed communications applications products and software that support
multimedia communications (voice, fax and audio) over the public switched
network, local area networks and the Internet.&nbsp; The second principal
operation began on June 4, 2001, when I-Link, through its wholly owned
subsidiary WorldxChange Corp. (WorldxChange), purchased certain assets and
assumed certain liabilities of WorldxChange Communications, Inc. from a
bankruptcy proceeding.&nbsp; WorldxChange is a facilities-based
telecommunications carrier that provides international and domestic
long-distance service to retail customers.&nbsp; Telecommunication services
provided by WorldxChange consisted primarily of a dial-around product, which
allows a customer to make a call from any phone by dialing a 10-10-XXX prefix,
and a 1+ product (1+ is when a customer can pick up the phone and directly dial
a long distance number by pushing 1-area code-phone number). Billings to these
customers are primarily done through the customers&#146; local exchange carrier
(LEC).&nbsp; Marketing of the WorldxChange products is primarily done through a
multi level marketing (&#147;MLM&#148;) channel.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>In December 2002, I-Link through its subsidiary
WorldxChange, completed the purchase of the Enterprise and Agent business of
RSL. (see note 5). The acquisition included the assets used by RSL to provide
long distance voice and data services, including frame relay, to small and
medium size businesses (&#147;Direct&#148; business), and the assets used to provide long
distance and other voice services to small businesses and the
consumer/residential market (&#147;A&amp;R&#148; business), together with the existing
customer base of the Enterprise and Agent business.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>In order to reduce I-Link&#146;s need for continuous
infusions of capital and to refocus its ongoing operations, I-Link began, over
the past year, to resize ILC&#146;s operations (which offered enhanced communications
services) in relationship to its revenue base.&nbsp; This process culminated in
the sale of the business operations of ILC to Buyers United (see note 7) which
closed on May 1, 2003.&nbsp; Future operational results of I-Link will consist
primarily of the operational results of WorldxChange and RSL, and the technology
licensing business of I-Link.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>All significant intercompany accounts and
transactions have been eliminated in consolidation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The interim financial data are unaudited; however,
in the opinion of the management of the Company, the interim data includes all
adjustments, consisting only of normal recurring adjustments, necessary for a
fair presentation of (a) the results of operations for the three-month periods
ended March 31, 2003 and 2002, (b) the financial position at March 31, 2003, and
(c) cash flows for the three-month periods ended March 31, 2003 and 2002.&nbsp;
The year-end balance sheet was derived from audited financial statements, but
does not include all disclosures required by generally accepted accounting
principles.&nbsp; The financial statements should be read in conjunction with
the Company&#146;s annual report on Form 10-K for the year ended December 31,
2002.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The results of operations for the three-month
period ended March 31, 2003 are not necessarily indicative of those to be
expected for the entire year.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>5</FONT></P>

</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt"><B>
<FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman" size=2>
Note 2 &#151; Restatement</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>

<P align="left" style="font-size: 10pt">The accompanying consolidated financial statements as of March&nbsp;31, 2003 and for
the three months then ended have been restated from those originally issued to
account for 1) revenues from the Company&#146;s network service offering when the
actual cash collections to be retained by the Company are finalized,
and 2) deemed interest expense for beneficial conversion features
(&#147;BCF&#148;) embedded in certain of the Company&#146;s
indebtedness as required by Emerging Issues
Task Force Issue No.&nbsp;00-27. Both
restatements had no effect on loss from discontinued operations or net loss per
share from discontinued operations. The network service offering restatement
increased the net loss for the first quarter ending March&nbsp;31, 2003 by $11,972
and the net loss per share by $0.10. The BCF restatement increased the net
loss for the first quarter ending March&nbsp;31, 2003 by $902 and the net loss per
share by $0.01. Both matters are discussed in more detail below.

<P align="left" style="font-size: 10pt"><u>1) Network Service Offering &#151; SAB 101/103</u>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>In November 2002, the Company, through its Acceris
Partners segment, began to offer a network service offering. The Company ceased
offering this network service offering on July 23, 2003.&nbsp; The Company
initially recorded the revenue and expenses related to this service offering on
the accrual method of accounting.&nbsp; In the second quarter of 2003, the
Company determined that collectibility of the amounts billed to customers was
not reasonably assured at the time of billing.&nbsp; Accordingly, the Company
has revised its method of accounting for revenues from this network service
offering from the accrual method to recognition of revenue when the amount of
our actual cash collections are known and retained by the Company.&nbsp; Under
the Company&#146;s agreements with the LEC&#146;s, cash collections remitted to the
Company are subject to adjustment, generally within two to four months.&nbsp;
Commissions (included in selling, general and administrative expense) and
estimated bad debt expenses associated with the eliminated revenues have also
been eliminated.&nbsp; All other direct expenses such as telecommunications
network expenses are expensed as incurred.&nbsp; Commission expense (which is
based on cash collected) will be recognized when amounts collected can be
reasonably estimated.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The following sets forth the effect of these
restatements on the net loss and net loss per share for the three months ended
March 31, 2003.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="75%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 77.4%; PADDING-TOP: 0in"
    vAlign=top width="77%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net loss as
      originally reported</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.02%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.62%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 16.44%; PADDING-TOP: 0in"
    vAlign=bottom width="16%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>(2,922,733</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 77.4%; PADDING-TOP: 0in"
    vAlign=top width="77%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Reduction of
      telecommunication services revenue</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.02%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 18.06%; PADDING-TOP: 0in"
    vAlign=bottom width="18%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>(11,626,798</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 77.4%; PADDING-TOP: 0in"
    vAlign=top width="77%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Reduction of
      provision for doubtful accounts</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.02%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 18.06%; PADDING-TOP: 0in"
    vAlign=bottom width="18%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
size=2>976,263</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 77.4%; PADDING-TOP: 0in"
    vAlign=top width="77%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Increase in selling,
      general and administrative expense</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.02%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18.06%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="18%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>(1,321,634</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 77.4%; PADDING-TOP: 0in"
    vAlign=top width="77%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net loss as
      restated on Form 10 Q/A#1</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.02%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="16%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>(14,894,902</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 77.4%; PADDING-TOP: 0in"
    vAlign=top width="77%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.02%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18.06%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="18%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 77.4%; PADDING-TOP: 0in"
    vAlign=top width="77%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net loss per share
      as originally reported</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.02%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="16%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(0.03</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 77.4%; PADDING-TOP: 0in"
    vAlign=top width="77%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net loss per share
      as restated on Form 10 Q/A#1</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.02%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="16%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(0.13</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>6</FONT></P>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>The following sets forth the effect of these
restatements on the consolidated balance sheet as of March 31, 2003.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="75%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 44.06%; PADDING-TOP: 0in"
    vAlign=bottom width="44%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.56%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 15.64%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>As Originally<BR>Reported</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 15.64%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>Adjustments</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 15.64%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>As Restated<br>on Form 10 Q/A#1</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 44.06%; PADDING-TOP: 0in"
    vAlign=bottom width="44%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Accounts receivable, net</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.56%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.02%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="14%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>24,652,459</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.02%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="14%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(10,351,957</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.02%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="14%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>14,300,502</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 44.06%; PADDING-TOP: 0in"
    vAlign=bottom width="44%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Unearned revenue</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.56%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,179,093</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>5,125,255</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>6,304,348</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 44.06%; PADDING-TOP: 0in"
    vAlign=bottom width="44%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Shareholders&#146; deficit</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.56%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(63,342,156</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(15,477,212</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(78,819,368</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=238></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=14></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=9></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=76></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=14></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=9></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=76></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=14></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=9></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=76></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=7></TD></TR></TABLE>


<P align="left" style="font-size: 10pt"><u>2) Beneficial Conversion
Feature &#151; Emerging Issues Task Force Issue No.&nbsp;00-27</u><br>
The consolidated financial statements of the company have been restated in each
reporting period from the fourth quarter of 2002 through to the first quarter
of 2004 to record additional deemed interest expense for BCF as
required by Emerging Issues Task Force Issue No.&nbsp;00-27 (&#147;EITF 00-27&#148;).


<P align="left" style="font-size: 10pt">On September&nbsp;20, 2004, management of the Company concluded that the accounting
principles as set forth in EITF 00-27, regarding BCF, had not been properly applied in current and prior
periods to its convertible debentures issued under a March&nbsp;2001 loan agreement
for which the Company had previously determined BCF of $1.1&nbsp;million. The
initial determination of the BCF in 2001 at the respective issue dates of such
debt was correct. However, adjustments to the conversion price and the number
of conversion shares were made under the debentures&#146; anti-dilution provisions.
The various anti-dilution events and their respective impacts on the number of
shares and the conversion price were disclosed in the Company&#146;s previous public
filings. However, the principles under EITF 00-27 also require a
redetermination of the BCF at each date an anti-dilution event occurred. This
redetermination was not completed in prior reporting periods. Additionally, the
accumulation of unpaid interest costs which are required by the debt terms to
be added to principal and which are payable at maturity on these same
convertible debentures has been deemed to be interest paid in kind (&#147;PIK&#148;);
such interest also contains a conversion feature, and the payment of such
interest in the form of PIK interest is non-discretionary requiring the
determination of a BCF in the PIK interest. This determination was not made by
the Company in its prior reportings.


<P align="left" style="font-size: 10pt">The Company&#146;s management has now concluded that a restatement is required and
has brought these matters for consideration before the Audit Committee and the
full Board of Directors of the Company. Having considered the circumstances
underlying the accounting errors and their effects upon the Company&#146;s prior
filings, and having discussed these matters with the Company&#146;s management, the
Audit Committee concluded that the previously issued financial statements
should not be relied upon and approved and authorized the Company&#146;s management
to amend certain previously filed public reports to reflect deemed interest
expense from such BCF.



<P align="left" style="font-size: 10pt">Although
the error affects 2001, 2002 and 2003, the $23 cumulative effect on
earnings through the third quarter of 2002 was recorded in the fourth
quarter of 2002 as a charge to interest expense. Therefore, the correction is an increase in deemed interest expense and net loss, in all
reporting periods from the fourth quarter of 2002 through the first quarter of
2004, and a reduction in reported liabilities and stockholders&#146; deficit in all
reporting periods from the fourth quarter of 2002 through the first quarter of
2004. The effect of these errors is detailed, by reporting period, below. The
restatement had no
effect on loss from discontinued operations or net loss per share from
discontinued operations.
<P align="left" style="font-size: 10pt"><B>Effect of the restatements on the consolidated statements of operations<BR>
(in thousands of dollars except per share amounts)<BR>
(per share information reported on a post 20:1 stock consolidation basis for all periods shown. Stock consolidation enacted in the fourth quarter of 2003)</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Dec. 31, 2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>March 31, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>June 30, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Sept. 30, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Dec. 31, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>March 31, 2004</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income (loss)&nbsp;as previously reported
on Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(11,117</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(14,895</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(3,713</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(3,257</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(4,456</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">594</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Correction of EITF 00-27 errors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(902</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,089</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,337</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,779</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,801</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss as currently reported on
revised Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(11,418</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(15,797</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(4,802</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(4,594</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(6,235</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(1,207</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income (loss)&nbsp;per share as previously
reported on Form<br>10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1.92</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2.55</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.64</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.56</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.44</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss per share as currently reported on revised Form<br>10-K or
10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1.96</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2.71</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.82</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.79</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.59</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Effect of the restatements on the consolidated balance sheets<BR>
(in thousands of dollars)</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>Dec. 31, 2002</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>March 31, 2003</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>June 30, 2003</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>Sept. 30, 2003</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>Dec. 31, 2003</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>March 31, 2004</b></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Notes payable to a related party:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As previously reported on
Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">41,060</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Correction of EITF 00-27 errors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,109</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,364</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,265</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,356</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,834</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As currently reported on
revised Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>23,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>25,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>26,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>30,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>28,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>36,226</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Additional paid-in capital:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As previously reported on
Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">129,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">129,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">129,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">129,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">171,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">171,192</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Correction of EITF 00-27 errors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,043</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As currently reported on
revised Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>135,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>136,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>136,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>136,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>182,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>183,235</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Accumulated deficit</B>
<BR>As previously reported on
Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(194,301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(209,196</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(212,909</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(216,166</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(220,622</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(220,028</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Correction of EITF 00-27 errors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,203</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,292</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,629</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,408</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,209</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As currently reported on
revised Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(194,602</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(210,399</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(215,201</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(219,795</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(226,030</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(227,237</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Stockholders&#146; equity (deficit):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As previously reported on
Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(63,925</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(78,820</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(82,468</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(85,725</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(49,309</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(47,292</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Correction of EITF 00-27 errors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,834</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As currently reported on
revised Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(57,816</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(73,456</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(78,031</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(82,460</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(42,953</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(42,458</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
face="Times New Roman" size=2>Note 3 &#151; Liquidity and Capital
Reserves</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The Company incurred substantial operating losses
and negative cash flows from operations since inception and had a net capital
deficiency of $73,455,368 and negative working capital of $31,382,674 at March
31, 2003. The Company financed its operations during the quarter ended March 31,
2003 through a revolving credit facility with an outstanding balance of
$11,791,288 as of March 31, 2003.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The Company has taken steps to improve its cash
flow from operations, which include the curtailment of its Draper, Utah
operation, the sale of its former telecommunications segment to Buyers United
Inc. that was completed in May 2003 (note 7) and the acquisition of RSL (note
5). The Company is pursuing additional third party funding and has also taken
steps to improve its capital structure, which include the conversion of amounts
owed to its controlling shareholder of $30,014,033 to equity as described
below.&nbsp;&nbsp; This conversion is subject to shareholder approval, which is
expected to occur at the next shareholders&#146; meeting.&nbsp; The remaining
$25,131,958 of related party debt which is not subject to the debt
restructuring, matures on June 30, 2004.&nbsp; The Company also has an ongoing
commitment from its controlling shareholder to fund, through long-term
intercompany advances or equity contributions, all capital investment, working
capital or other operational cash requirements of the Company through April 15,
2004.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>At March 31, 2003, the Company had $55,145,991 of
related party debt.&nbsp; In order to reduce the cash requirements to pay this
debt, the Company entered into an amended debt restructuring agreement with its
controlling shareholder whereby $30,014,033 will be converted into common stock,
reducing the Company&#146;s debt obligation and related interest charges without
expending cash. Additionally, in March 2003, the controlling shareholder extended the
due date of a $9,350,000 note from the Company to June 30, 2004.&nbsp; As a
result, the remaining $25,131,958 of related party debt matures on June 30,
2004. Subsequent to April 15, 2004, should the controlling shareholder not
extend its commitment to provide financial support to the Company, and in the
event cash flow from operations is insufficient to cover the maturing debt, the
Company will be required to restructure its debt with the controlling
shareholder to further extend payments of principal or interest or find
alternative funding to replace the related party debt.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>There is no assurance that the Company will be
able to improve its cash flow from operations, obtain additional third party
financing, extend, repay or refinance on acceptable terms amounts owing to its
controlling shareholder that are due on June 30, 2004 or obtain an extension of
the existing funding commitment from its controlling shareholder. Additionally,
there is no assurance that the controlling shareholder will continue to provide
financial support to the Company.&nbsp; These matters raise substantial doubt
about the Company&#146;s ability to continue as a going concern.&nbsp; The
accompanying consolidated financial statements do not include any adjustments to
reflect the possible future effects on the recoverability of assets and
liquidation of liabilities that may result from this uncertainty.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
face="Times New Roman" size=2>Note 4 &#151; Summary of Significant Accounting
Policies</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
face="Times New Roman" size=2>Net loss per share</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Basic earnings per share is computed based on the
weighted average number of I-Link common shares outstanding during the period.
Options, warrants, convertible preferred stock and convertible debt are included
in the calculation of diluted earnings per share, except when their effect would
be anti-dilutive.&nbsp; As the Company had either a net loss or no dilutive
potential common shares outstanding for the three-month periods ended March 31,
2003 and 2002, basic and diluted income (loss) per share are the
same.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Potential common shares that were not included in
the computation of diluted EPS because they would have been anti-dilutive are as
follows as of March 31, 2003:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="75%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 76.58%; PADDING-TOP: 0in"
    vAlign=bottom width="76%" bgColor=#eeeeee>
      <P
      style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>Assumed conversion of Series N preferred stock</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.12%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 18.74%; PADDING-TOP: 0in"
    vAlign=bottom width="18%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: right"
      align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>495,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.56%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left><FONT style="FONT-SIZE: 1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.58%; PADDING-TOP: 0in"
    vAlign=bottom width="76%">
      <P
      style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>Assumed conversion of convertible debt</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.12%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P
      style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 18.74%; PADDING-TOP: 0in"
    vAlign=bottom width="18%">
      <P style="MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: right"
      align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>128,475,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.56%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left><FONT style="FONT-SIZE: 1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 76.58%; PADDING-TOP: 0in"
    vAlign=bottom width="76%" bgColor=#eeeeee>
      <P
      style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>Assumed exercise of options and warrants to purchase shares of
      common stock</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.12%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18.74%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="18%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: right"
      align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>24,141,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.56%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left><FONT style="FONT-SIZE: 1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.58%; PADDING-TOP: 0in"
    vAlign=bottom width="76%">
      <P
      style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 3.12%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P
      style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18.74%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="18%">
      <P style="MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: right"
      align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>153,111,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 1.56%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P
      style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
      align=left>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The above table excludes the potential dilutive
effect of the Amended Debt Restructuring Agreement.&nbsp; Should that Agreement
be approved by the I-link shareholders at its annual meeting in 2003,
approximately 9,300,000 additional shares of common stock&nbsp; (as of March
31, 2003) would be issued (which are not included in the above
table).&nbsp;&nbsp; During the quarter ended March 31, 2003, approximately
1,028,000 options expired.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>7</FONT></P>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>
Concentrations of credit risk and third party providers</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>WorldxChange utilizes the services of certain
Local Exchange Carriers (&#147;LECs&#148;) to bill and collect from customers for
substantially all of its revenues.&nbsp; If the LECs were to refuse to provide
such services in the future, the Company would be required to significantly
enhance its billing and collection capabilities in a short amount of time and
its collection experience could be adversely affected during this transition
period.&nbsp; If the LECs were unable to remit payments received from their
customers relating to I-Link billings, the Company&#146;s operations and cash
position could be adversely affected.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The Company depends on certain large
telecommunications carriers to provide network services for significant portions
of the Company&#146;s telecommunications traffic.&nbsp; If these carriers were to
refuse to provide such services in the future, the Company&#146;s ability to provide
services to its customers would be adversely affected and the Company might not
be able to obtain similar services from alternative carriers on a timely
basis.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>Stock-based compensation</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>At March 31, 2003, the Company has five
stock-based employee compensation plans.&nbsp; The Company accounts for those
plans under the recognition and measurement principles of Accounting Principles
Board Opinion No. 25, &#147;Accounting for Stock Issued to Employees&#148; (&#147;APB 25&#148;), and
related Interpretations.&nbsp; No stock-based employee compensation cost is
reflected in net income, as all options granted under those plans had an
exercise price equal to the market value of the underlying common stock on the
date of grant. The following table illustrates the effect on net loss and loss
per share if the Company had applied the fair value method for the recognition
and measurement provisions of SFAS Statement No. 123, &#147;Accounting for
Stock-Based Compensation&#148;, to its stock-based employee compensation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 0.5in; WIDTH: 80%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="80%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="16%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>Three-months<BR>ended<BR>March 31, 2003</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="16%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>Three-months<BR>ended<BR>March 31, 2002</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="16%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>(as restated)</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="16%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 16.44%; PADDING-TOP: 0in"
    vAlign=bottom width="16%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 16.44%; PADDING-TOP: 0in"
    vAlign=bottom width="16%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net loss as
      reported</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.62%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 14.82%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>(15,796,902</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.62%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 14.82%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>(5,602,827</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
size=2>Deduct:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 16.44%; PADDING-TOP: 0in"
    vAlign=bottom width="16%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 16.44%; PADDING-TOP: 0in"
    vAlign=bottom width="16%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Total compensation
      cost determined under the fair value based method for all awards, net of
      -0- tax</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="16%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
size=2>(17,986</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="16%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>(481,677</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Pro forma net
      loss</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.82%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="14%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>(15,814,888</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.82%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="14%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>(6,084,504</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="16%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.44%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="16%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Earning (loss) per
      share</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 16.44%; PADDING-TOP: 0in"
    vAlign=bottom width="16%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 16.44%; PADDING-TOP: 0in"
    vAlign=bottom width="16%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Basic and diluted &#151;
      as reported</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.62%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 14.82%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(0.14</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.62%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 14.82%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(0.05</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 60.32%; PADDING-TOP: 0in"
    vAlign=bottom width="60%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Basic and diluted &#151;
      pro forma</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.78%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.62%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 14.82%; PADDING-TOP: 0in"
    vAlign=bottom width="14%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(0.14</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.74%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.62%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 14.82%; PADDING-TOP: 0in"
    vAlign=bottom width="14%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(0.05</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.28%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>Reclassifications</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Certain balances in the March 31, 2002 financial
statements have been reclassified to conform to current year presentation.&nbsp;
These changes had no effect on previously reported net loss, total assets,
liabilities or stockholders&#146; deficit.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Recent
Accounting Pronouncements</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>In November 2002, the Emerging Issues Task Force
(&#147;EITF&#148;) finalized its tentative consensus on EITF Issue No. 00-21 (&#147;EITF
00-21&#148;), <I><FONT style="FONT-STYLE: italic">Revenue Arrangements With Multiple
Deliverables</FONT></I>, which provides guidance on the timing and method of
revenue recognition for sales agreements that include delivery of more than one
product or service. EITF 00-21 is effective prospectively for arrangements
entered into in fiscal periods beginning after June 15, 2003. Adoption of this
statement is not expected to have a material impact on the Company&#146;s results of
operations, cash flows and financial condition.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>8</FONT></P>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Note 5
&#151; Purchase of the Enterprise and Agent Business of RSL Com U.S.A.
Inc.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>On December 10, 2002, I-Link through its
subsidiary WorldxChange, completed the purchase of the Enterprise and Agent
business of RSL Com U.S.A. Inc (&#147;RSL&#148;). The purchase of RSL was to advance the
Company&#146;s commercial agent business, to increase network utilization and to
provide an entry into the management of information technology services for
enterprise clients.&nbsp; WorldxChange paid a purchase price of $7,500,000 in
cash and assumed a non-interest bearing note for $1,000,000 which matures on
March 31, 2004, subject to certain closing balance sheet adjustments, and has
agreed to pay up to an additional $2,000,000 in consideration due on March 31,
2004, which is contingent upon the achievement of certain revenue levels by the
Direct business for the year 2003.&nbsp; The actual amount due will be prorated
based upon 2003 Direct business revenues between $25,000,000 ($0 amount payable)
to $35,000,000 ($2,000,000 payable).&nbsp; The cash element of the purchase
price of $7,500,000 was financed by a loan from I-Link to WorldxChange that is
due March 1, 2004. The Company also incurred $1,063,000 of transaction costs
related to the purchase.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Any amount of the $2,000,000 contingent payable
which is paid in the future will result in a future adjustment to the purchase
price.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The preliminary allocation of fair values of
assets acquired and liabilities assumed is as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 1in; WIDTH: 69.98%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="69%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 75.24%; PADDING-TOP: 0in"
    vAlign=bottom width="75%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Accounts receivable
      and other current assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.28%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.3%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 17.52%; PADDING-TOP: 0in"
    vAlign=bottom width="17%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>6,527,108</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.66%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 75.24%; PADDING-TOP: 0in"
    vAlign=bottom width="75%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Furniture, fixtures,
      and equipment</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.28%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 19.82%; PADDING-TOP: 0in"
    vAlign=bottom width="19%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>3,101,966</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.66%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 75.24%; PADDING-TOP: 0in"
    vAlign=bottom width="75%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Intangible
      assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.28%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 19.82%; PADDING-TOP: 0in"
    vAlign=bottom width="19%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>2,623,507
    </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.66%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 75.24%; PADDING-TOP: 0in"
    vAlign=bottom width="75%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Accounts payable and
      accrued liabilities</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.28%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 19.82%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="19%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>(2,815,131</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.66%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 75.24%; PADDING-TOP: 0in"
    vAlign=bottom width="75%" bgColor=#eeeeee>
      <P
      style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.28%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 2.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 17.52%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="17%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>9,437,450</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.66%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P
style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Note 6
&#151; Commission on Network Service Offering</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The Company made advances of $722,305 against
commission pursuant to its network service offering (which it terminated on July
23, 2003), to the network supplier. These advances were expensed in the first
quarter 2003, as they represented the Company&#146;s best estimate of commissions
payable.&nbsp; In the first quarter of 2003, the Company entered into a
concession arrangement with the network supplier that may result in a reduction
in commissions otherwise payable the supplier over the offering life.&nbsp; Over
the life of the offering, based on the financial performance and the concession
negotiated with the network supplier, the Company now expects that commission
obligations will be less than commission advances made to date.&nbsp;
Accordingly, while the Company believes that it has a right to a refund of the
advances it has made to the network supplier, collectibility of the refund is
not assured and accordingly the Company will recognize the benefit of the refund
when collected.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Note 7
&#151; Discontinued Operations</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>On December 6, 2002, the Company entered into an
agreement to sell substantially all of the assets and customer base of ILC to
Buyers United.&nbsp; The sale includes the physical assets required to operate
I-Link&#146;s nationwide network using its patented VoIP technology (constituting the
core business of ILC) and a license in perpetuity to use I-Link&#146;s proprietary
software platform. The sale closed on May 1, 2003 and provides for a post
closing cash settlement between the parties. The sale price consists of 300,000
shares of Series B convertible preferred stock (8% dividend) of Buyers United,
subject to adjustment in certain circumstances, of which 75,000 are subject to
an earn-out provision (contingent consideration) based on future events related
to ILC&#148;s single largest customer.&nbsp; The earn-out takes place over a
fourteen-month period beginning January 2003, on a monthly basis.&nbsp; The
Company will recognize the value of the earn-out shares when and if
earned.&nbsp; In the first quarter of 2003, 16,071 shares of the contingent
consideration were earned.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>As the transaction had not closed as of March 31,
2003, the assets to be sold have been reclassified as assets held for
sale.&nbsp; The book value of the assets to be sold as of March&nbsp; 31, 2003
was $2,936,531. The fair value of the 225,000 shares (non-</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>9</FONT></P>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>
contingent consideration to be received) of Buyers
United convertible preferred stock was determined to be $1,350,000 as of
December 31, 2002, based on the value of the underlying common stock of Buyers
United and adjusted for other qualitative issues such as the common stock
underlying the preferred stock would be restricted by Rule 144 and the common
stock is thinly traded.&nbsp; As of March 31, 2003, the fair value of the
original shares (225,000) and the earned shares from the contingent
consideration (16,071 shares) was determined to be $1,550,000 based on the same
criteria.&nbsp; As the value of the consideration to be received increased from
the value at December 31, 2002, the Company recorded a $200,000 decrease to the
original impairment charge of $1,586,531 which was included in the loss from
discontinued operations in the fourth quarter of 2002.&nbsp; In prior years, the
results of operations related to ILC had been reported as a part of our
Telecommunications segment which segment has been discontinued as of December
31, 2002.&nbsp; As additional contingent consideration is received, it will be
recorded as a modification to the impairment loss or as a gain on the sale of
ILC.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Net assets of the discontinued operations are as
follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="75%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 57.38%; PADDING-TOP: 0in"
    vAlign=bottom width="57%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.96%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 17.66%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="17%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>March 31,<BR>2003</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.94%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 17.66%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="17%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt" face="Times New Roman"
      size=1>December 31,<BR>2002</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.4%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 57.38%; PADDING-TOP: 0in"
    vAlign=bottom width="57%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.96%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 17.66%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="17%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.94%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 17.66%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="17%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.4%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 57.38%; PADDING-TOP: 0in"
    vAlign=bottom width="57%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Furniture, fixtures
      equipment and software</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.96%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.72%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 15.94%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>2,666,531</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.94%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.72%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 15.94%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>2,666,531</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.4%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 57.38%; PADDING-TOP: 0in"
    vAlign=bottom width="57%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Intangible
      assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.96%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 17.66%; PADDING-TOP: 0in"
    vAlign=bottom width="17%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
size=2>270,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.94%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 17.66%; PADDING-TOP: 0in"
    vAlign=bottom width="17%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
size=2>270,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.4%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 57.38%; PADDING-TOP: 0in"
    vAlign=bottom width="57%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Impairment
      charge</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.96%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 17.66%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="17%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>(1,386,531</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.94%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 17.66%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="17%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>(1,586,531</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.4%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 57.38%; PADDING-TOP: 0in"
    vAlign=bottom width="57%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net assets &#151;
      discontinued operations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2.96%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.72%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 15.94%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="15%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>1,550,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 2.94%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.72%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 15.94%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="15%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>1,350,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.7pt; WIDTH: 1.4%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>In the first quarter of 2003, the Company recorded
a loss from discontinued operations of $276,865.&nbsp; The loss was a
combination of a loss from operations of $476,865 and a reduction of $200,000 to
the original impairment of assets held for sale.&nbsp; The reduction in the
impairment allowance represents an adjustment to the value of shares to be
received for the ILC business and realization of contingent consideration
(16,071 shares of Series B convertible preferred stock) received in the first
quarter of 2003.&nbsp;&nbsp; In the first quarter of 2002, we recorded a loss
from discontinued operations related to ILC of $3.1 million.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Revenues of the discontinued operations were $1.6
million and $2.2 million in the quarter ended March 31, 2003 and 2002,
respectively.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Note 8
&#151; Income Taxes</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT
style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
size=2>The Company recognized no income tax benefit from the losses generated in
2003 and 2002 because of the uncertainty of the realization of the related
deferred tax asset.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Note 9
&#151; Legal Proceedings</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The Company is involved in litigation relating to
claims arising out of its operations in the normal course of business.&nbsp;
Litigation, which the Company is involved in, is not expected, individually or
in the aggregate, to have a material adverse affect on the Company.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>10</FONT></P>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>
Note 10 &#151; Intangible Assets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT
style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
size=2>Intangible assets consisted of the following at March 31, 2003 and
December 31, 2002:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT
style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 0.5in; WIDTH: 85%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="85%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.38%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="14%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>March 31,<BR>2003</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.38%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="14%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>December 31,<BR>2002</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Intangible assets subject to amortization:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.38%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="14%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.38%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="14%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Acquired technology</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.86%; PADDING-TOP: 0in"
    vAlign=bottom width="12%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>8,875,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.86%; PADDING-TOP: 0in"
    vAlign=bottom width="12%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>8,875,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Customer contracts and relationships</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 14.38%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,786,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 14.38%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,786,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Agent relationships</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 14.38%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>587,507</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 14.38%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>587,507</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Agent contracts</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 14.38%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>250,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 14.38%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>250,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Accumulated amortization</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.38%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="14%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=2>(9,147,940</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.38%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="14%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(8,924,584</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Net intangible assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.38%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="14%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=2>2,350,567</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.38%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="14%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,573,923</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 14.38%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 14.38%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Intangible assets not subject to amortization:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 14.38%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 14.38%; PADDING-TOP: 0in"
    vAlign=bottom width="14%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Goodwill</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.38%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="14%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>173,339</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.38%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="14%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>173,339</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in"
    vAlign=bottom width="65%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total intangible assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.52%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="12%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,523,906</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 2.4%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.52%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="12%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>2,747,262</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 1.2%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Aggregate amortization expense for the quarter
ended March 31, 2003 and 2002 was $223,356 and $443,750,
respectively.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
face="Times New Roman" size=2>Note 11 &#151; Potential Acquisitions</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>On July 22, 2002, the Company agreed to purchase
certain assets and related liabilities of Transpoint Communications, LLC
(&#147;Transpoint&#148;) and Local Telecom Holdings, LLC (&#147;Local Telecom&#148;), completion of
which is pending subject to regulatory approvals.&nbsp; The total purchase price
shall not exceed $1,850,000, $250,000 of which is fixed and the remainder of
which is variable depending on revenues achieved by the acquired businesses in
June 2003.&nbsp; At closing on July 28, 2003, the purchase agreement was
augmented resulting in an increase in the purchase price to $2,791,000.&nbsp; At
the same time, the Company and Local Telecom entered into a management
agreement, pursuant to which the Company provides certain management services to
Local Telecom for a monthly fee of $15,000, and a wholesale telecommunications
services agreement, pursuant to which the Company provides network services to
Local Telecom.&nbsp; The Company recorded revenues from Local Telecom for
management and wholesale telecommunications services totaling $80,000 during the
quarter ended March 31, 2003.&nbsp; As part of the management agreement, the
Company collected customer accounts on behalf of Local Telecom and paid certain
costs and expenses of Local Telecom from the date of the agreement through March
31, 2003.&nbsp; At March 31, 2003, the Company had a receivable from Local
Telecom of $2.0 million that represented uncollected revenues from Local Telecom
plus costs and expenses paid for Local Telecom, less collections on accounts
receivable of Local Telecom.&nbsp; This receivable will be applied against the
purchase price and, as a result, has been recorded as a long-term
asset.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
face="Times New Roman" size=2>Note 12 &#151; Segment of Business
Reporting</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT
style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
size=2>The Company&#146;s reportable segments are as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.3in; TEXT-INDENT: -0.3in"><FONT
style="FONT-SIZE: 12pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
size=3>&#149;</FONT><FONT style="FONT-SIZE: 3pt; LETTER-SPACING: -0.1pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="LETTER-SPACING: -0.1pt">Acceris Solutions &#151; is comprised of
the enterprise business of RSL which was acquired in December 2002.&nbsp; This
segment offers voice and data solutions to enterprise customers through an
in-house sales force.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.3in; TEXT-INDENT: -0.3in"><FONT
style="FONT-SIZE: 12pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
size=3>&#149;</FONT><FONT style="FONT-SIZE: 3pt; LETTER-SPACING: -0.1pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="LETTER-SPACING: -0.1pt">Acceris Partners &#151; includes the
operations of WorldxChange (which began operations in June 2001 and was formerly
reported as the dial-around segment) and the agent and residential business of
RSL which was acquired in December 2002.&nbsp; This segment offers a dial around
telecommunications product and a 1+ product through two channels, namely,
multi-level marketing (MLM) and commercial agents.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.3in; TEXT-INDENT: -0.3in"><FONT
style="FONT-SIZE: 12pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
size=3>&#149;</FONT><FONT style="FONT-SIZE: 3pt; LETTER-SPACING: -0.1pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="LETTER-SPACING: -0.1pt">Acceris Technologies &#151; is the former
technology licensing and development segment, which segment offers a fully
developed network convergence solution for voice and data.&nbsp; The Company
licenses certain developed technology to third party users.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>11</FONT></P>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Inter-segment revenues consist of $4.3 million in
relation to telecommunication services render by Acceris Partners to Acceris
Solutions. The Company&#146;s business is conducted principally in the U.S.; foreign
operations are not material.&nbsp; The table below presents information about
revenues from external customers and segment loss for the three-month periods
ended March 31, 2003 and 2002.&nbsp; There has been no material change in
segment assets from the amounts reported in the Company&#146;s annual report on Form
10-K for the year ended December 31, 2002.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT
style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
size=2></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0
cellPadding=0 width="100%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>For the Three<BR>Months Ended<BR>March 31,
      2003</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>For the Three<BR>Months Ended<BR>March 31,
      2002</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>(as restated)</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"
      align=center>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><U><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Revenues from external customers<I><FONT
      style="FONT-STYLE: italic">:</FONT></I></FONT></U></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Acceris Solutions</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.3%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>7,095,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.3%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>&#151;</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Acceris Partners</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>23,272,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>22,811,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Acceris Technologies</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>&#151;</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,581,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total revenues from external customers for reportable
      segments</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="12%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>30,367,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="12%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>24,392,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><U><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Segment income (loss):</FONT></U></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Acceris Solutions</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.3%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(1,276,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 12.3%; PADDING-TOP: 0in"
    vAlign=bottom width="12%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>&#151;</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Acceris Partners</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(11,383,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(1,413,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Acceris Technologies</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(75,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>919,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Total segment loss for reportable segments</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(12,734,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(494,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Unallocated non-cash amounts in consolidated net
loss:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P style="MARGIN: 0in 0in 0pt 40pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Amortization of discount on notes payable</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(165,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(135,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 40pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Amortization of intangible assets</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>&#151;</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 13.6%; PADDING-TOP: 0in"
    vAlign=bottom width="13%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(148,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%">
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Other corporate expenses</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(2,621,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.6%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(1,727,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 67.16%; PADDING-TOP: 0in"
    vAlign=bottom width="67%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Consolidated net loss from continuing operations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="12%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(15,520,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 2.26%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double"
    vAlign=bottom width="12%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(2,504,000</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0.7pt; WIDTH: 1.12%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>12</FONT></P>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Item 2
</FONT></B><B><FONT style="FONT-WEIGHT: bold; LETTER-SPACING: -0.1pt">&#151;</FONT>
Management&#146;s Discussion and Analysis and Results of Operations</B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The following discussion should be read in
conjunction with the information contained in the financial statements of the
Company and the notes thereto appearing elsewhere herein and in conjunction with
the Management&#146;s Discussion and Analysis set forth in the Company&#146;s Form 10-K
for the year ended December 31, 2002.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><I><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic"
face="Times New Roman" size=2>Forward Looking Information</FONT></I></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><I><FONT
style="FONT-SIZE: 10pt; FONT-STYLE: italic" face="Times New Roman" size=2>This
report contains certain &#147;forward-looking statements&#148; within the meaning of
Section 27A of the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended, and information relating to I-Link
that are based on management&#146;s exercise of business judgment as well as
assumptions made by and information currently available to management. When used
in this document, the words &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; and
&#147;intend&#148; and words of similar import, are intended to identify any
forward-looking statements. You should not place undue reliance on these
forward-looking statements.&nbsp; These statements reflect our current view of
future events and are subject to certain risks and uncertainties as noted below.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, our actual results could differ
materially from those anticipated in these forward-looking
statements.</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Although we believe that our expectations are
based on reasonable assumptions, we can give no assurance that our expectations
will materialize.&nbsp; Many factors could cause actual results to differ
materially from our forward-looking statements.&nbsp; Several of these factors
include, without limitation:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 12pt" face="Times New Roman" size=3>&#149;</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company&#146;s ability to:</P>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; finance and manage expected
growth;</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
maintain its relationship with
telecommunication and network providers;</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provide ongoing competitive
services and pricing;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman"
size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; retain and attract key
personnel;</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; operate effective network
facilities;</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
maintain favorable relationships with local exchange carriers (&#147;LEC&#148;s),
long distance providers and other vendors; including our ability to meet our
usage commitments;</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
attract new subscribers while minimizing subscriber attrition;</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
adjust the channel of distribution for Acceris Partners from a direct and
MLM agent channel strategy to a commercial agent and MLM strategy which includes
adding a 1+ offering to our current 10-10-xxx product;</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
revitalize the sales efforts of the business operations acquired out of
bankruptcy (RSL);</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
efficiently integrate completed and currently contemplated
acquisitions;</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
address legal proceedings in a effective manner;</FONT></P>

<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 12pt" face="Times New Roman" size=3>&#149;</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Changes in federal and state governmental regulation of the long distance
telecommunications and internet industries;</P>

<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 12pt" face="Times New Roman" size=3>&#149;</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The adoption of new, or changes in, accounting principles;</P>

<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 12pt" face="Times New Roman" size=3>&#149;</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our ability to maintain, operate and upgrade our information systems
network;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 12pt" face="Times New Roman" size=3>&#149;</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our ability to complete our debt restructuring agreement with
Counsel;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 12pt" face="Times New Roman" size=3>&#149;</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counsel&#146;s continued commitment and ability to finance funds required by
the operations of the business as well as our own ability to fund any cash
requirements;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 12pt" face="Times New Roman" size=3>&#149;</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other risks referenced from time to time in our filings with the SEC.</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>We undertake no obligation and do not intend to
update, revise or otherwise publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of any unanticipated events.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>13</FONT></P>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Restatement</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2><u>1) Network Service Offering &#151; SAB 101/103</u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I-Link commenced the sale of a network service
offering in November 2002 and ceased offering the service on July 23,
2003.&nbsp; Revenue from this service offering was recorded as an element of
telecommunication services which we had initially recorded on the acrual basis
and estimated uncollectible revenue.&nbsp; In the second quarter of 2003, we
determined that collectibility of the amounts billed to customers was not
reasonably assured at the time of billing.&nbsp; Accordingly, we have revised
our method of accounting for revenues from this network service offering, from
the accrual method to recognition of revenue when the amount of our actual cash
collections are known and retained by us.&nbsp; Under our agreement with the
LEC&#146;s, cash collections remitted to us are subject to adjustment generally
within two to four months.&nbsp; Commissions (included in selling, general and
administrative expense) and estimated bad debt expenses associated with
eliminated revenue have also been eliminated.&nbsp; All other direct expenses
such as telecommunications network expenses are expensed as incurred and totaled
$6,205,000 in the first quarter of 2003.&nbsp; An estimate of commission expense
of $722,305 has been recognized in the first quarter of 2003, which coupled with
a reversal (due to change from the accrual method of accounting) of a commission
adjustment of $599,329 as originally reported, results in an adjustment of
$1,321,634 to commissions expense.&nbsp; The effect of these changes is an
increase in the net loss for the first quarter of 2003 of $11,972,169, or $.10
per share.&nbsp; Under the program as of March 31, 2003, we have collected net
cash of $5,125,255 for which no revenue recognition has occurred and in
accordance with the accounting policy this amount has been recorded as deferred
revenue.&nbsp; We anticipate recognizing revenue from this program commencing in
the second quarter and ending in the fourth quarter of 2003.&nbsp; The fourth
quarter of 2002 has also been restated as presented in our amended annual report
on Form 10K/A.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The effect of this change is set out in the below
table:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 0.75in; WIDTH: 65%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="65%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 76.84%; PADDING-TOP: 0in"
    vAlign=top width="76%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net loss as
      originally reported</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.08%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.02%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 16.54%; PADDING-TOP: 0in"
    vAlign=bottom width="16%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>(2,922,733</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.84%; PADDING-TOP: 0in"
    vAlign=top width="76%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Reduction of
      telecommunication services revenue</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.08%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 18.56%; PADDING-TOP: 0in"
    vAlign=bottom width="18%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>(11,626,798</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 76.84%; PADDING-TOP: 0in"
    vAlign=top width="76%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Reduction of
      provision for doubtful accounts</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.08%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 18.56%; PADDING-TOP: 0in"
    vAlign=bottom width="18%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
size=2>976,263</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.84%; PADDING-TOP: 0in"
    vAlign=top width="76%">
      <P style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Increase in selling,
      general and administrative expense</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.08%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18.56%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="18%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
    size=2>(1,321,634</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 76.84%; PADDING-TOP: 0in"
    vAlign=top width="76%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net loss as
      restated on Form 10 Q/A#1</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.08%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 2.02%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.54%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="16%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman"
      size=2>(14,894,902</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.84%; PADDING-TOP: 0in"
    vAlign=top width="76%">
      <P
      style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.08%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18.56%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="18%" colSpan=2>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"
      align=right>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 76.84%; PADDING-TOP: 0in"
    vAlign=top width="76%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net loss per share
      as originally reported</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 3.08%; PADDING-TOP: 0in"
    vAlign=bottom width="3%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 2.02%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.54%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="16%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(0.03</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.84%; PADDING-TOP: 0in"
    vAlign=top width="76%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Net loss per share
      as restated on Form 10 Q/A#1</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.08%; PADDING-TOP: 0in"
    vAlign=bottom width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 2.02%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.54%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="16%">
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(0.13</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.52%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>)</FONT></P></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The following sets forth the effect of these
restatements on the consolidated balance sheet as of March 31, 2003.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 1in; WIDTH: 75%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="75%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 44.06%; PADDING-TOP: 0in"
    vAlign=bottom width="44%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.56%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 15.64%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>As Originally<BR>Reported</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 15.64%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>Adjustments</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 15.64%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
      style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt"
      face="Times New Roman" size=1>As Restated<br>on Form 10 Q/A#1</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 44.06%; PADDING-TOP: 0in"
    vAlign=bottom width="44%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Accounts receivable, net</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.56%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.02%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="14%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>24,652,459</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.02%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="14%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(10,351,957</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.62%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>$</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 0.5pt solid; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 14.02%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
    vAlign=bottom width="14%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>14,300,502</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 44.06%; PADDING-TOP: 0in"
    vAlign=bottom width="44%">
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Unearned revenue</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.56%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>1,179,093</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>5,125,255</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>6,304,348</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 1pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 44.06%; PADDING-TOP: 0in"
    vAlign=bottom width="44%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Shareholders&#146; deficit</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.56%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(63,342,156</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(15,477,212</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 2.6%; PADDING-TOP: 0in"
    vAlign=bottom width="2%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 15.64%; PADDING-TOP: 0in"
    vAlign=bottom width="15%" bgColor=#eeeeee colSpan=2>
      <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(78,819,368</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #eeeeee; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in"
    vAlign=bottom width="1%" bgColor=#eeeeee>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>)</FONT></P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=238></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=14></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=9></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=76></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=14></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=9></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=76></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=14></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=9></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=76></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=7></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>

<P align="left" style="font-size: 10pt"><u>2) Beneficial Conversion Feature &#151; Emerging Issues Task Force Issue No.&nbsp;00-27</u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of the company have been
restated in each reporting period from the fourth quarter of 2002 through to
the first quarter of 2004 to record additional deemed interest expense
for beneficial conversion features (&#147;BCF&#148;) as required by Emerging Issues Task Force Issue No.&nbsp;00-27 (&#147;EITF 00-27&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;20, 2004, management of the Company concluded that the accounting
principles as set forth in EITF 00-27, regarding BCF, had not been properly applied in current and prior
periods to its convertible debentures issued under a March&nbsp;2001 loan agreement
for which the Company had previously determined BCF of $1.1&nbsp;million. The
initial determination of the BCF in 2001 at the respective issue dates of such
debt was correct. However, adjustments to the conversion price and the number
of conversion shares were made under the debentures&#146; anti-dilution provisions.
The various anti-dilution events and their respective impacts on the number of
shares and the conversion price were disclosed in the Company&#146;s previous public
filings. However, the principles under EITF 00-27 also require a
redetermination of the BCF at each date an anti-dilution event occurred. This
redetermination was not completed in prior reporting periods. Additionally, the
accumulation of unpaid interest costs which are required by the debt terms to
be added to principal and which are payable at maturity on these same
convertible debentures has been deemed to be interest paid in kind (&#147;PIK&#148;);
such interest also contains a conversion feature, and the payment of such
interest in the form of PIK interest is non-discretionary requiring the
determination of a BCF in the PIK interest. This determination was not made by
the Company in its prior reportings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s management has now concluded that a restatement is required and
has brought these matters for consideration before the Audit Committee and the
full Board of Directors of the Company. Having considered the circumstances
underlying the accounting errors and their effects upon the Company&#146;s prior
filings, and having discussed these matters with the Company&#146;s management, the
Audit Committee concluded that the previously issued financial statements
should not be relied upon and approved and authorized the Company&#146;s management
to amend certain previously filed public reports to reflect deemed interest
expense from such BCF.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the error affects 2001, 2002 and 2003, the $23 cumulative effect on
earnings through the third quarter of 2002 was recorded in the fourth
quarter of 2002 as a charge to interest expense. Therefore, the correction is an increase in deemed interest expense and net loss, in all
reporting periods from the fourth quarter of 2002 through the first quarter of
2004, and a reduction in reported liabilities and stockholders&#146; deficit in all
reporting periods from the fourth quarter of 2002 through the first quarter of
2004. The effect of these errors is detailed, by reporting period, below. The
restatement had no
effect on loss from discontinued operations or net loss per share from
discontinued operations.

<P align="left" style="font-size: 10pt"><B>Effect of the restatements on the consolidated statements of operations<BR>
(in thousands of dollars except per share amounts)<BR>
(per share information reported on a post 20:1 stock consolidation basis for all periods shown. Stock consolidation enacted in the fourth quarter of 2003)</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Three months</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Dec. 31, 2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>March 31, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>June 30, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Sept. 30, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>Dec. 31, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid gray"><B>March 31, 2004</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(unaudited)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income (loss)&nbsp;as previously reported
on Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(11,117</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(14,895</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(3,713</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(3,257</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(4,456</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">594</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Correction of EITF 00-27 errors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(902</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,089</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,337</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,779</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,801</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss as currently reported on
revised Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(11,418</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(15,797</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(4,802</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(4,594</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(6,235</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(1,207</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income (loss)&nbsp;per share as previously reported on Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1.92</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2.55</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.64</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.56</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.44</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss per share as currently reported on revised Form&nbsp;10-K or
10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1.96</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2.71</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.82</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.79</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.59</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Effect of the restatements on the consolidated balance sheets<BR>
(in thousands of dollars)</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>As at</b></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>Dec. 31, 2002</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>March 31, 2003</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>June 30, 2003</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>Sept. 30, 2003</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>Dec. 31, 2003</b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid gray"><b>March 31, 2004</b></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Notes payable to a related party:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As previously reported on
Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">41,060</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Correction of EITF 00-27 errors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,109</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,364</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,265</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,356</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,834</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As currently reported on
revised Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>23,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>25,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>26,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>30,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>28,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>36,226</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Additional paid-in capital:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As previously reported on
Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">129,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">129,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">129,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">129,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">171,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">171,192</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Correction of EITF 00-27 errors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,043</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As currently reported on
revised Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>135,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>136,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>136,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>136,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>182,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><HR size="1" noshade>183,235</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Accumulated deficit</B>
<BR>As previously reported on
Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(194,301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(209,196</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(212,909</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(216,166</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(220,622</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(220,028</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Correction of EITF 00-27 errors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,203</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,292</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,629</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,408</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,209</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As currently reported on
revised Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(194,602</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(210,399</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(215,201</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(219,795</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(226,030</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(227,237</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Stockholders&#146; equity (deficit):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As previously reported on
Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(63,925</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(78,820</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(82,468</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(85,725</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(49,309</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(47,292</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Correction of EITF 00-27 errors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,834</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">As currently reported on
revised Form&nbsp;10-K or 10-Q</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(57,816</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(73,456</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(78,031</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(82,460</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(42,953</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right"><HR size="1" noshade>(42,458</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>Operations</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>I-Link has a single majority owner (Counsel
Communications LLC) which is a wholly-owned subsidiary of Counsel Corp.
(collectively &#147;Counsel&#148;).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The principal continuing operation of I-Link began
in June 2001, when our wholly owned subsidiary WorldxChange Corp.
(&#148;WorldxChange&#148;) purchased certain assets and assumed certain liabilities of
WorldxChange Communications, Inc. WorldxChange is a facilities-based
telecommunications carrier that provides international and domestic
long-distance service to retail customers.&nbsp; Telecommunication services
provided by WorldxChange consist primarily of a dial-around product that allows
a customer to make a call from any phone by dialing a 10-10-XXX prefix.&nbsp;
WorldxChange also offers a 1+ product (allowing a customer to pick up the phone
and dial 1+ area code and number) to its customers.&nbsp; WorldxChange primarily
utilizes commercial agents as well as a network of independent commission agents
recruited through its multi-level marketing programs to retain and attract new
customers.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Continuing operations also includes the Enterprise
and Agent business of RSL COM U.S.A. Inc (&#147;RSL&#148;) which WorldxChange purchased on
December 10, 2002.&nbsp; These businesses provide long distance voice and data
services, including frame relay, to small and medium size businesses (&#147;Direct&#148;
business), and long distance and other voice services to small businesses and
the consumer/residential market (&#147;A&amp;R&#148; business).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>14</FONT></P>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>I-Link, through it&#146;s subsidiary I-Link
Communications Inc. (&#147;ILC&#148;), has offered enhanced service products based on
Internet Protocol (&#147;IP&#148;) technology.&nbsp; The suite of services included a one
number &#147;follow me&#148; service, long distance calling, unified messaging and
conference calling.&nbsp; On December 6, 2002, we entered into a definitive
purchase and sale agreement to sell substantially all of the assets and customer
base of ILC to Buyers United, Inc. (&#147;BUI&#148;). The sale closed on May 1,
2003.&nbsp; The sale includes the physical assets required to operate I-Link&#146;s
nationwide network using its patented VoIP technology (constituting the core
business of ILC) and a fully paid perpetual license to use our proprietary
software-based network convergence solution for voice and data.&nbsp;
Operational results of ILC have been classified as discontinued operations in
our financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>With over eight years experience developing VoIP
technologies, I-Link continues to offer a solution for companies to use our
technology to reduce telecommunication costs and/or who wish to enter the
enhanced communications market.&nbsp; At present, I-Link licenses its enhanced
services platform to partners and service providers domestically who wish to
offer voice services without incurring high development costs.&nbsp; In January
2003, we entered into our second domestic agreement with a communications
company, to license and assist that company in deploying a similar network
solution for voice and data.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>We have three issued patents and utilize the
technology underlying those patents in providing our products and services. We
have also licensed certain portions of that technology to third parties. We have
several patent applications that are currently pending before United States
Patent and Trademark Office.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>At the next shareholders&#146; meeting, we intend to
ask shareholders to approve a proposal to change the name of I-Link Incorporated
to Acceris Communications Inc.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>In late 2002, we reorganized I-Link into three
operating segments, namely:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Acceris Communications Partners (&#147;Acceris Partners&#148;). Acceris Partners is
a combination of the WorldxChange assets acquired in June 2001 and the A&amp;R
business of RSL, which we acquired in December 2002. Acceris Partners is a
facilities-based provider of circuit-switched long distance telecommunication
services to end users.</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>2.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Acceris Communications Solutions (&#147;Acceris Solutions&#148;). Acceris Solutions
is the Enterprise business of RSL, which was acquired in December 2002.&nbsp;
Acceris Solutions provides customized integrated communications solutions for
voice and data.</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>3.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Acceris Communications Technologies (&#147;Acceris Technologies&#148;). Acceris
Technologies is the former technology licensing and development business of
I-Link.&nbsp; Acceris Technologies offers a fully developed network convergence
solution for voice and data.</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>Liquidity and Capital Resources</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Cash and cash equivalents as of March 31, 2003
were $3,957,868 as compared to $3,619,642 as of December 31, 2002.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Cash flow from operating activities</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Cash used by operating activities during the
three-month period ended March 31, 2003 was $1.3 million as compared to $3.3
million during the same period ended March 31, 2002. The net decrease in cash
used in 2003 was primarily due to: (1) an increase of $10.4 million in our net
loss after allowance for non-cash expenses, offset by (2) a decrease in cash
used of $12.5 million associated with timing of collections and payments related
to accounts receivable, other assets, unearned revenue, accounts payable and
accrued liabilities.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>15</FONT></P>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Cash utilized in investing
activities</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Net cash used in investing activities in the
three-month period ended March 31, 2003 was $480,155 as compared to net cash
used of $481,399 in the same period ended March 31, 2002.&nbsp; In the first
three months of 2003, cash used by investing activities was attributable to the
purchase of equipment in the amount of&nbsp; $640,339, which amount was offset
by cash received from the sale of assets in the amount of $160,184.&nbsp; In the
first three months of 2002, cash used by investing activities was attributable
to the purchase of furniture, fixtures, equipment and software.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Cash provided by financing
activities</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Financing activities provided net cash of $2.1
million in the first three months of 2003 as compared to cash provided of $3.6
million in the same period of 2002.&nbsp; Cash provided in 2003 included net
borrowings from our revolving credit facility of $2.7 million which was offset
by payments of&nbsp; $619,259 on our capital lease obligations.&nbsp; Cash
provided in 2002 included proceeds of $3.8 million from notes payable to a
related party and net borrowings of $470,518 on our revolving credit
facility.&nbsp; Repayments of $642,619 on long-term debt and capital lease
obligations offset these proceeds.&nbsp; As of March 31, 2003, we had additional
borrowings available of $8.5 million under our revolving credit
facility.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>We incurred a net loss from continuing operations
of $15.8 million for the three-months ended March 31, 2003 and as of March 31,
2003 had an accumulated deficit of $210.4 million.&nbsp; We anticipate that
revenues generated from operations will be sufficient during the remainder of
2003 and into 2004 to fund our operations and continued expansion of our private
telecommunications network facilities and anticipated growth in our subscriber
base.&nbsp; However, to the extent that cash flow from operations is
insufficient to fund our operations, we continue to be dependent upon funding
from our majority stockholder, Counsel Springwell Communications LLC (formerly
Counsel Communications LLC), and its parent Counsel Corporation (collectively
Counsel) to fund our operational cash needs (see discussion below).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Current
Position/Future Requirements</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>We have incurred substantial operating losses and
negative cash flows from operations since inception and had a net capital
deficiency of $73.5 million and negative working capital of $31.4 million at
March 31, 2003. We financed our operations during the quarter ended March 31,
2003 through a revolving credit facility with an outstanding balance of $11.8
million as of March 31, 2003.&nbsp; We have taken steps to improve our cash flow
from operations, which include the curtailment of our Draper, Utah operation,
the sale of our former telecommunications segment to Buyers United Inc. that was
completed in May 2003 and the acquisition of RSL. We are pursuing additional
third party funding and have also taken steps to improve our capital structure,
which include the conversion of amounts owed to Counsel of $30.0 million to
equity as described below.&nbsp;&nbsp; This conversion is subject to shareholder
approval, which is expected to occur at the next shareholders&#146; meeting.&nbsp;
The remaining $25.1 million of related party debt which is not subject to the
debt restructuring, matures on June 30, 2004. We also have an ongoing commitment
from Counsel to fund, through long-term intercompany advances or equity
contributions, all capital investment, working capital or other operational cash
requirements of the Company through April 15, 2004.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>At March 31, 2003, we had $55.1 million of related
party debt.&nbsp; In order to reduce our cash requirements to pay this debt, we
entered into an amended debt restructuring agreement with Counsel whereby
approximately $30.0 million will be converted into common stock, reducing our
debt obligation and related interest charges without expending cash.&nbsp;
Additionally, in March 2003, Counsel extended the due date of a $9.4 million
note from I-Link to June 30, 2004.&nbsp; As a result, the remaining $25.1
million of related party debt matures on June 30, 2004. Subsequent to April 15,
2004, should Counsel not extend its commitment to provide financial support to
the Company, and in the event cash flow from operations is insufficient to cover
the maturing debt, we will be required to restructure our debt with Counsel to
further extend payments of principal and interest or find alternative funding to
replace the Counsel debt.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The acquisition of RSL added additional business
channels and customers and we believe will begin generating positive cash flows
in the latter part of 2003.&nbsp; The sale of our telecommunications segment,
which contributed the most significant portion of our negative cash flows in
prior years, and the closure of our Draper, Utah operation will also help reduce
our negative cash flow from operations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>There is no assurance that we will be able to
improve our cash flow from operations, obtain additional third party financing,
extend, repay or refinance on acceptable terms amounts owing to Counsel that are
due on June 30, 2004 or obtain an extension of the existing funding commitment
from Counsel. Additionally, there is no assurance that Counsel will continue to
provide financial support to the Company.&nbsp; These matters raise substantial
doubt about our ability to continue as a going concern.&nbsp; We have received a
report from our independent auditors for the year ended December 31, 2002
containing an explanatory paragraph that describes the uncertainty as to our
ability to continue as a going concern due to our net operating losses, negative
cash flows from operations and capital deficiency.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>16</FONT></P>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>Three-Month Period Ended March 31, 2003 Compared to Three-Month Period
Ended March 31, 2002</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>In order to more fully understand the comparison
of the results of continuing operations for the three months ended March 31,
2003 as compared to the same three months in 2002, it is important to note the
following significant changes in our operations that occurred in 2003 and
2002.&nbsp; Namely:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On December 10, 2002, WorldxChange acquired the Enterprise and Agent
Business of RSL, including the assumption of certain liabilities.&nbsp; The RSL
operations from January 1, 2003 to March 31, 2003 have been included in the
statement of operations for the first three months of 2003.&nbsp; However, there
were no such operations in the first three months of 2002.</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>2.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On December 6, 2002, we entered into an agreement to sell substantially
all of the assets and customer base of ILC. The sale closed on May 1,
2003.&nbsp; As a result of the agreement, the operational results related to ILC
have been reclassified as discontinued operations in the current and prior year
and accordingly are not specifically included in the following analysis of
continuing operations for 2003 or 2002.</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>Revenues</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Telecommunications services revenue increased $7.6
million to $30.4 million in the first quarter of 2003 as compared to $22.8
million in the first quarter of 2002.&nbsp; The primary reasons for the net
increase related to:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.3in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(1)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the acquisition of the RSL business that was acquired in December
2002.&nbsp; Accordingly, the first quarter of 2003 includes revenues of $11.4
million from the RSL business for which there was no comparable revenue in the
first quarter of 2002, and</P>
<P style="MARGIN: 0in 0in 0pt 38.25pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.3in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(2)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the increase noted in (1) above was offset by a decrease in revenues from
WorldxChange of $3.8 million in the first quarter of 2003 (excluding the above
two items) as compared to the same period in 2002.&nbsp; This decrease was
related to our decision in early 2002 to decrease our direct advertising
campaign and pursue more profitable methods of attracting and retaining
customers.&nbsp; This decision resulted in decreased revenues in the first
quarter of 2003 as compared to first quarter of 2002.</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>In the segment reporting section of the
consolidated financial statements, we segment the telecommunications revenue by
its operating segments, known as Acceris Partners and Acceris Solutions. The
Acceris Partners business includes the operations of the former WorldxChange and
the former A&amp;R business of RSL, while the Acceris Solutions business is
comprised of the former Enterprise business of RSL.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><I><U><FONT
style="FONT-SIZE: 10pt; FONT-STYLE: italic" face="Times New Roman"
size=2>Acceris Partners</FONT></U>: </I>The Acceris Partners business accounted
for $23.3 million of the telecommunications services revenue in first quarter of
2003 and all of the first quarter of 2002 telecommunications services
revenue.&nbsp; The overall decrease of $461,000 from the first quarter of 2002
was primarily due to:</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(1)</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>the
acquisition of the former A&amp;R Business of RSL that was acquired in December
2002.&nbsp; Accordingly, the first</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>17</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 0.75in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>quarter of 2003 includes revenues of $4.3 million
from the acquisition for which there was no comparable revenue in the first
quarter of 2002, and</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in">
<FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(2)</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>the
increase noted in (1) above was offset by a decrease in revenues from
WorldxChange of $3.8 million in the first quarter of 2003 as compared to the
same period in 2002.&nbsp; This decrease was related to our decision in early
2002 to decrease our direct advertising campaign and pursued more profitable
methods of attracting and retaining customers.&nbsp; This decision resulted in
decreased revenues in the first quarter of 2003 as compared to first quarter of
2002.</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Excluded from Acceris Partners telecommunication
services revenues are billings related to services rendered through March 31,
2003 that have not been recognized as revenues because of uncertainty related to
the ultimate cash collection.&nbsp; Cash collected as of March 31, 2003 is
reflected in deferred revenue until the actual cash collections to be retained
by us are finalized. This revenue related to the network service offering
introduced in November 2002 that we ceased to offer on July 23, 2003.&nbsp; Net
cash receipts from this network service offering will be recognized as revenue
in the future periods, beginning in the second quarter of 2003, when the actual
cash collection to be retained by us are finalized.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><I><U><FONT
style="FONT-SIZE: 10pt; FONT-STYLE: italic" face="Times New Roman"
size=2>Acceris Solutions</FONT></U>: </I>Revenue from Acceris Solutions in 2003
came from the Enterprise business of RSL, which we acquired in December
2002.&nbsp; Accordingly, Acceris Solutions segment had no revenues in the first
quarter of 2002.&nbsp; Revenue of $7.1 million has been included in the first
quarter of 2003.&nbsp; We expect the second quarter of 2003 to be comparable to
the first quarter and expect to see a steady growth in revenue from our sales
efforts beginning in the second half of 2003 and beyond. </P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><I><U><FONT
style="FONT-SIZE: 10pt; FONT-STYLE: italic" face="Times New Roman"
size=2>Acceris Technologies</FONT></U>: </I>Acceris Technologies is the segment
responsible for licensing and development revenue.&nbsp; Acceris Technologies
had no revenues in the first quarter of 2003 as compared to $1.6 million in the
first quarter of 2002.&nbsp; While we did enter into a licensing agreement in
the first quarter of 2003, revenues from that agreement will not begin until the
second quarter of 2003.&nbsp;&nbsp; Revenues in the first quarter of 2002
related to contracts no longer in effect in 2003, primarily a licensing
agreement with Red Cube International AG, for which revenue of $1.3 million was
recognized in the first quarter of 2002.&nbsp; When examining the technology
licensing market it is important to appreciate that the revenue is project based
and as such revenue will vary from year to year based on timing of technology
licensing, development projects and payments.</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>Operating costs and expenses</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Acceris Partners&#146; telecommunication network
expense was $20.9 million in 2003 and $13.3 million in 2002.&nbsp; The increase
in 2003 over 2002 relates primarily to:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(1)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>the
acquisition of the former A&amp;R Business of RSL that was acquired in December
2002.&nbsp; Accordingly, the first quarter of 2003 includes network expenses
of&nbsp; $2.7 million from the acquisition for which there was no comparable
expense in the first quarter of 2002, and</P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(2)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>inclusion
of network expenses of $6.2 million related to the delivery of network services
for which there was no comparable expense in the same period of 2002.</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The increase noted from the above two items was
offset by a decrease of $1.3 million in telecommunication network expense
related to decreased revenues from Acceris Partners revenues (excluding RSL and
the one large supplier) as compared to the same period in 2002.&nbsp; In the
remainder of 2003, excluding revenues and expenses related to the network
service offering, we expect telecommunication network expense will directly
correlate with telecommunication services revenues and that the
telecommunications services margin will remain consistent with the first quarter
of 2003.&nbsp; The margin on the network service offering will be higher than
normal in the rest of 2003 due to revenue to be recognized in the remainder of
2003 on services provided in the fourth quarter of 2002 and the first quarter of
2003.&nbsp; Acceris Solutions accounted for $4.8 million of the total network
expense in the first quarter of 2003 and we anticipate its telecommunications
network expense will increase in 2003 at a slower rate than its revenue growth
thus increasing telecommunications services margins.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Acceris Partners&#146; selling, general, administrative
and other expense was $10.8 million in the first quarter of 2003, up from $7.5
million in the first quarter of 2002. The decrease in 2003 over 2002 primarily
relates to:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>18</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(1)&nbsp;&nbsp; inclusion
of $1.0 million related to A&amp;R Business of RSL (acquired in December 2002)
for which there was no comparable expense in first quarter of 2002,</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
face="Times New Roman" size=2><FONT
style="FONT-SIZE: 10pt">(2)</FONT>&nbsp;&nbsp; a decrease of $1.4 million in
advertising costs from the first quarter of 2002 to 2003, which decrease relates
to the curtailment of a direct advertising program in the first quarter of
2002,</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(3)&nbsp;&nbsp; an
increase in personnel costs of approximately&nbsp; $900,000 from the first
quarter of 2002 to the first quarter of 2003 primarily relating to the increase
in number of employees,</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(4)&nbsp;&nbsp; an
increase in professional fees in the first quarter of 2003 of approximately
$600,000 related to professional fees compared to the first quarter of
2002,</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(5)&nbsp;&nbsp; an
increase of&nbsp; $2.2 million in other expenses when compared to the same
period in 2002, which increase was primarily related to the increase in Acceris
Partners&#146; revenues and includes $722,000 in commission expense related to the
network service offering.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Acceris Solutions accounted for $2.8 million of
our overall increase in selling, general, administrative and other expense in
the first quarter of 2003.&nbsp; It is anticipated that this expense will remain
constant during the remainder of 2003.&nbsp; Acceris Technologies&#146; selling,
general, administrative and other expense was $75,000 in the first quarter of
2003 as compared to $243,000 in the first quarter of 2002.&nbsp; The decrease is
directly related to our efforts to reduce overhead and focus on the sale of our
existing technology.&nbsp; We anticipate that Acceris Technologies&#146; selling,
general, administrative and other expense for the remainder of 2003 will
increase as revenues are generated in the remainder of 2003.&nbsp; In the first
quarter of 2003, there was approximately $600,000 in selling, general,
administrative and other expenses that were not allocated to a specific segment,
a decrease of approximately $400,000 from the same period in 2002.&nbsp; The
decrease is primarily related to the reduction of workforce in December
2002.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Acceris Partners&#146; provision for doubtful accounts
was $1.1 million in the first quarter of 2003 as compared to $1.4 million in the
first quarter of 2002. The decrease in 2003 over 2002 primarily relates to the
decrease in revenues from WorldxChange of $3.8 million in the first quarter of
2003 as compared to 2002 offset by the inclusion of $386,000 related to A&amp;R
Business of RSL (acquired in December 2002) for which there was no comparable
expense in first quarter of 2002.&nbsp; Other than the increase due to the
A&amp;R Business of RSL, the provision increase in the first quarter of 2003
relates to increased revenues over the same period in 2002.&nbsp; Acceris
Solutions recorded a provision of $24,000 in the first quarter of 2003. As the
revenue stream from Acceris Solutions was acquired in the RSL purchase in
December 2002, there was no revenue, thus no allowance for doubtful accounts in
the first quarter of 2002. Acceris Solutions anticipates that its provision for
doubtful accounts in the balance of 2003, as a percentage of revenue, will
remain consistent with the first quarter of 2003.&nbsp; Acceris Technologies had
no provision for doubtful accounts in the first quarter of 2003 or
2002.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Acceris Partners&#146; depreciation and amortization
was $1.2 million in the first quarter of 2003 compared to $1.0 million in the
first quarter of 2002. The increase in 2003 over 2002 primarily relates to the
inclusion of $134,000 related to the A&amp;R Business of RSL (acquired in
December 2002) for which there was no comparable expense in first quarter of
2002.&nbsp;&nbsp; We anticipate the depreciation expense in the second quarter
of 2003 to increase slightly.&nbsp; Acceris Solutions recorded $662,000 in
depreciation and amortization in the first quarter of 2003.&nbsp; As the assets
of Acceris Solutions were acquired in the RSL purchase in December 2002, there
was no comparable expense in the first quarter of 2002.&nbsp; It is anticipated
that the dollar amount of their depreciation and amortization will remain
constant during the balance of 2003.&nbsp; Acceris Technologies recorded minimal
depreciation in the first quarter of 2003 and we anticipate that to continue
through the remainder of 2003.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Acceris Technologies did not incur any research
and development costs in the first quarter of 2003 compared to $382,000 in the
first quarter of 2002.&nbsp; The decrease is primarily due to our agreement to
sell ILC in December 2002, which entity had been performing research and
development.&nbsp; Our current efforts are aimed at selling our existing
products and accordingly we expect that there will be minimal research and
development activities in the remainder of 2003.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>19</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
face="Times New Roman" size=2>Other income (expense)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Interest expense increased $742,918 to $2.9
million in the first quarter of 2003 as compared to $2.2 million in the same
quarter of 2002. The increase was primarily due to the combination
of:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(1)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>an increase
of $388,000 related to increased debt to our parent company (Counsel);</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(2)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>an increase
of $25,000 on Acceris Partners&#146; revolving credit facility;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(3)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>a decrease
of $50,000 on&nbsp; capital leases; and</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(4)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>an increase
of $380,000 (non-cash) <FONT style="LETTER-SPACING: -0.1pt">related to the
amortization of a beneficial conversion feature on convertible debt with Counsel
and amortization of the discount related to the value of warrants issued to
Counsel.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt"
face="Times New Roman" size=2>Loss from Discontinued Operations</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>In the first quarter of 2003, we recorded a loss
from discontinued operations of $276,865 related to the agreement to sell ILC
operations to BU entered into in December 2002.&nbsp; The sale closed on May 1,
2003.&nbsp; The loss was a combination of loss from operations of $476,865 and a
reduction of $200,000 to the original impairment of assets held for sale.&nbsp;
The reduction in the impairment expense represents an adjustment to the value of
shares to be received for the ILC business and realization of contingent
consideration (16,071 shares of Series B convertible preferred stock) received
in the first quarter of 2003.&nbsp;&nbsp; In the first quarter of 2002, we
recorded a loss from discontinued operations related to ILC of $3.1
million.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Segment
Profitability</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>For the quarter ended March 31, 2003, Acceris
Partners realized operating segment loss of $11.4 million while Acceris
Solutions incurred an operating segment loss of $1.3 million.&nbsp; We
anticipate that through revenue growth and continued control of expenses, both
segments will report operating income for the year ending December 31,
2003.&nbsp; Acceris Technologies reported an operating segment loss of $75,000
in the first quarter of 2003.&nbsp; We anticipate that this segment will also
report segment income for the year ending December 31, 2003.&nbsp; The measures
of segment loss or income discussed above exclude approximately $2.8 million of
expenses that are considered corporate expenses and which are not allocated to a
specific segment.&nbsp; These expenses consist primarily of interest expense on
debt from I-Link Incorporated to Counsel, (which we anticipate will decrease
dramatically in 2003 when the debt restructuring agreement with Counsel is
approved by the shareholders) and unallocated selling, general, administrative
and other expenses.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Other
Items</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Recent
Accounting Pronouncements</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>See Note 4 to the Consolidated Financial
Statements for recent accounting pronouncements and how we anticipate they will
impact our financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: left"
align=left><B><FONT face="Times New Roman" size=2><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LETTER-SPACING: 0pt">Item 3
</FONT>&#151;</FONT></B><B><FONT style="FONT-WEIGHT: bold; LETTER-SPACING: 0pt">
Quantitative and Qualitative Disclosures about Market Risk</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Our exposure to market risk is limited to interest
rate sensitivity, which is affected by changes in the general level of U.S.
interest rates.&nbsp; Our cash equivalents are invested with high quality
issuers and limit the amount of credit exposure to any one issuer.&nbsp; Due to
the short-term nature of the cash equivalents, we believe that we are not
subject to any material interest rate risk as it relates to interest
income.&nbsp; As to interest expense, we have two debt instruments that have
variable interest rates based on the prime rate of interest.&nbsp; Assuming debt
amounts at March 31, 2003 were constant during the next twelve-month period, the
impact of a one percent increase in the prime interest rate would be an increase
in interest expense of approximately $138,000 for the next twelve-month
period.&nbsp; However, as one debt instrument is subject to an interest rate
floor, a one percent decrease in the prime interest rate would only reduce
interest expense by $20,000 during the next twelve-month period.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>20</FONT></P>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" size=2>We did not have any foreign currency hedges or
other derivative financial instruments as of March 31, 2003.&nbsp; We do not
enter into financial instruments for trading or speculative purposes and do not
currently utilize derivative financial instruments. Our operations are conducted
primarily in the United States and as such are not subject to material foreign
currency exchange rate risk.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="MARGIN: 0in 0in 0pt; LETTER-SPACING: -0.1pt; TEXT-ALIGN: justify"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Item 4
&#151; Controls and Procedures</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>As of the end of the period covered by this
report, under the supervision and with the participation of the Company&#146;s
management, including the company&#146;s Chief Executive Officer (CEO) and Chief
Financial Officer (CFO), the Company carried out an evaluation of the
effectiveness of its "disclosure controls and procedures" (as the term is
defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and
15d-15(e)).&nbsp; Based on this evaluation, the CEO and CFO have concluded that,
as of the end of the period covered by the report, the Company&#146;s disclosure
controls and procedures were effective to ensure that material information is
recorded, processed, summarized and reported by management of the Company on a
timely basis in order to comply with the Company&#146;s disclosure obligations under
the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>There were no changes in the company&#146;s internal
controls over financial reporting that occurred during the Company&#146;s last fiscal
quarter that have materially affected, or are reasonable likely to materially
affect, the Company&#146;s internal control over financial reporting, and there were
no significant deficiencies or material weaknesses which required corrective
actions.</FONT></P>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the filing of the Company&#146;s Form 10-Q for the quarter ended June 30, 2004, the Company carried out, under the supervision of
and with the participation of the Company&#146;s management, including the Company&#146;s
Chief Executive Officer and Chief Financial Officer (the &#147;Certifying
Officers&#148;), an evaluation of the effectiveness of its &#147;disclosure controls and
procedures&#148; (as the term is defined under Rules&nbsp;13a-15(e) and 15d-15(e)
promulgated under the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;)) as those controls existed as of June 30,
2004, the end of the period covered by the subject quarterly report. Based on this evaluation, the Certifying Officers
concluded that the Company&#146;s disclosure controls and procedures were not
effective to ensure that material information is recorded, processed,
summarized and reported by management of the Company on a timely basis in order
to comply with the Company&#146;s disclosure obligations under the Exchange Act, and
the rules and regulations promulgated thereunder. This deficiency constitutes
a material weakness, and detailed below are the facts surrounding this matter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;20, 2004, management of the Company concluded that the
requirements of Emerging Issues Task Force Issue No.&nbsp;00-27 (&#147;EITF 00-27&#148;),
regarding the accounting for Beneficial Conversion Features (&#147;BCF&#148;) present on
convertible debt and preferred stock instruments had not been properly applied
in current and prior years to its convertible debentures issued in March&nbsp;2001.
While the initial accounting for the BCF at the time of the issuance of the
debentures was correct, the Company failed to remeasure the BCF as required by
EITF 00-27 when at subsequent dates the number of shares and effective
conversion prices changes as the result of the debentures&#146; anti-dilution
provisions. These anti-dilution events and their respective impacts on the
number of shares and the conversion price were disclosed in the Company&#146;s
previous public filings. However, under EITF 00-27 the BCF should also have
been remeasured at the date of each anti-dilution event. Additionally, the
debentures called for the addition of accruing interest to the debentures, as a
result of which such accruing interest is deemed to have been paid in kind
(&#147;PIK&#148;) and the Company failed, as required by EITF 00-27, to measure the BCF
upon the deemed issuance of the PIK convertible debentures.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This matter was raised by the Company&#146;s recently appointed independent
auditors, BDO Seidman, LLP (&#147;BDO&#148;), in the course of their review of the
Company&#146;s prior public filings. After discussions among the Company&#146;s
management, BDO, and the Company&#146;s prior auditors, PricewaterhouseCoopers, LLP
(&#147;PwC&#148;), the Company&#146;s management concluded that a correction of the prior
accounting on this matter was required. The Company&#146;s management brought the
matter for consideration before the Audit Committee and the full Board of
Directors of the Company. Having considered the circumstances underlying the
accounting errors and their effects upon the Company&#146;s prior filings, and
having discussed the matter with the BDO and PwC representatives as well as the
Company&#146;s management, the Audit Committee concluded that the previously issued
financial statements should not be relied upon and approved and authorized the
Company&#146;s management to amend certain previously filed public reports.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, management and the Audit Committee considered what changes,
if any, were necessary to the Company&#146;s disclosure controls and procedures to
ensure that the errors described above would not reoccur and to provide that material
information is recorded, processed, summarized and reported by management of
the Company on a timely basis in order to comply with the Company&#146;s disclosure
obligations under the Exchange Act, and the rules and regulations promulgated
thereunder. In its review the Audit Committee noted that the errors described
above (i)&nbsp;related principally to periods that preceded changes the Company has
already made to consolidate and upgrade its accounting staff and function, and
(ii)&nbsp;that the errors described above did not result from the failure of the
Company&#146;s disclosure controls and procedures to make known to the appropriate
officials and auditors the facts concerning the Company&#146;s convertible
debentures or the occurrence of the anti-dilution events. As a result
management and the Audit Committee determined that education and professional
development of accounting staff on the complications of EITF 00-27 and its
application would be sufficient to prevent a reoccurrence. These educational
steps and development have been completed as of September&nbsp;2004. No additional
changes to the Company&#146;s disclosure controls and procedures were needed in
response to the discovery of the errors described above.



<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>

<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both"
face="Times New Roman" size=2>PART II </FONT></B><B><FONT
style="FONT-WEIGHT: bold; LETTER-SPACING: -0.1pt">&#151;</FONT></B><B><FONT
style="FONT-WEIGHT: bold; LAYOUT-GRID-MODE: both"> OTHER
INFORMATION</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Item 1
<FONT style="LETTER-SPACING: -0.1pt">&#151;</FONT> Legal Proceedings</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>There have been no material changes in other legal
proceedings reported in our Annual Report on Form 10-K for the year ended
December 31, 2002.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>We are involved in litigation relating to claims
arising out of its operations in the normal course of business, none of which
are expected, individually or in the aggregate, to have a material adverse
affect to us.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Item
6(a) </FONT></B><B><FONT
style="FONT-WEIGHT: bold; LETTER-SPACING: -0.1pt">&#151;</FONT> Exhibits</B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="MARGIN-LEFT: 0.5in; WIDTH: 80%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="80%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 5.36%; PADDING-TOP: 0in"
    vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>31.1</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 93.3%; PADDING-TOP: 0in"
    vAlign=top width="93%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>Certification pursuant to Rule 13a-14(a) and
      15d-14(a)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 5.36%; PADDING-TOP: 0in"
    vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>31.2</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 93.3%; PADDING-TOP: 0in"
    vAlign=top width="93%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>Certification pursuant to Rule 13a-14(a) and
      15d-14(a)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 5.36%; PADDING-TOP: 0in"
    vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>32.1</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 93.3%; PADDING-TOP: 0in"
    vAlign=top width="93%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>Certification pursuant to Section 1350 of
      Chapter 63 of title 18 of the United States Code</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 5.36%; PADDING-TOP: 0in"
    vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>32.2</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in"
    vAlign=bottom width="1%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; WIDTH: 93.3%; PADDING-TOP: 0in"
    vAlign=top width="93%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>Certification pursuant to Section 1350 of
      Chapter 63 of title 18 of the United States
Code</FONT></P></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Item
6(b) &#151; Reports on Form 8-K</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>A Current Report on Form 8-K was filed on February
24, 2003 to file Financial Statements and Pro Forma Financial Information
required by Item 7 of Form 8-K related to the acquisition of the enterprise and
agent business of RSL Com U.S.A. Inc. which occurred on December 10,
2002.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>21</FONT></P>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>SIGNATURES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT
style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunder duly authorized.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0
cellPadding=0 width="100%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=top width="16%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>I-Link Incorporated</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 27.72%; PADDING-TOP: 0in"
    vAlign=top width="27%" colSpan=3>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 44.44%; PADDING-TOP: 0in"
    vAlign=top width="44%" colSpan=5>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>(Registrant)</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
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    vAlign=top width="3%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
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    vAlign=top width="40%" colSpan=4>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
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    vAlign=top width="31%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.62%; PADDING-TOP: 0in"
    vAlign=top width="3%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 40.8%; PADDING-TOP: 0in"
    vAlign=top width="40%" colSpan=4>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>Date: October 25, 2004</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.62%; PADDING-TOP: 0in"
    vAlign=top width="3%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>By:</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=top width="13%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>/s/&nbsp; Allan Silber</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 26.96%; PADDING-TOP: 0in"
    vAlign=top width="26%" colSpan=2>
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.62%; PADDING-TOP: 0in"
    vAlign=top width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 40.8%; PADDING-TOP: 0in"
    vAlign=top width="40%" colSpan=4>
      <P style="MARGIN: 0in 0in 0pt 25.95pt; TEXT-INDENT: -10.1pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Allan Silber</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.62%; PADDING-TOP: 0in"
    vAlign=top width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 40.8%; PADDING-TOP: 0in"
    vAlign=top width="40%" colSpan=4>
      <P style="MARGIN: 0in 0in 0pt 25.95pt; TEXT-INDENT: -10.1pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>President and Chief Executive Officer</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.62%; PADDING-TOP: 0in"
    vAlign=top width="3%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 40.8%; PADDING-TOP: 0in"
    vAlign=top width="40%" colSpan=4>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.62%; PADDING-TOP: 0in"
    vAlign=top width="3%">
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 40.8%; PADDING-TOP: 0in"
    vAlign=top width="40%" colSpan=4>
      <P style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.62%; PADDING-TOP: 0in"
    vAlign=top width="3%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>By:</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 17.16%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=top width="17%" colSpan=3>
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>/s/&nbsp; Gary M. Clifford</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 23.64%; PADDING-TOP: 0in"
    vAlign=top width="23%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.62%; PADDING-TOP: 0in"
    vAlign=top width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 40.8%; PADDING-TOP: 0in"
    vAlign=top width="40%" colSpan=4>
      <P style="MARGIN: 0in 0in 0pt 25.95pt; TEXT-INDENT: -10.1pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Gary M. Clifford</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.32%; PADDING-TOP: 0in"
    vAlign=top width="31%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 24.26%; PADDING-TOP: 0in"
    vAlign=top width="24%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.62%; PADDING-TOP: 0in"
    vAlign=top width="3%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 40.8%; PADDING-TOP: 0in"
    vAlign=top width="40%" colSpan=4>
      <P style="MARGIN: 0in 0in 0pt 25.95pt; TEXT-INDENT: -10.1pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Chief <FONT
      style="LETTER-SPACING: -0.1pt">Financial</FONT> Officer</FONT></P></TD></TR>
  <TR>
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    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=226></TD>
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    width=175></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=26></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=94></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=6></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=24></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width=170></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>22</FONT></P>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>w01103exv31w1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<TITLE>exv31w1</TITLE>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Exhibit
31.1</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>OFFICER&#146;S CERTIFICATION PURSUANT TO</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>(18
U.S.C. 1350)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>I, Allan Silber, certify that:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" size=2>I have reviewed this Quarterly
Report on Form 10-Q of I-Link Incorporated;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>2.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>3.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>4.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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)) for the registrant and have:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(a)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT
style="FONT-SIZE: 10pt" 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,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(b)</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" size=2>[Intentionally omitted];</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(c)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT
style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(d)</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>5.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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 registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(a)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT
style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(b)</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Date: October 25, 2004</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>By:&nbsp;&nbsp; <U>/s/&nbsp; Allan
Silber</U></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 22.5pt"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
Allan Silber</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 22.5pt"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
President, Chief Executive Officer</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1</FONT></P>
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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>w01103exv31w2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Exhibit
31.2</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>OFFICER&#146;S CERTIFICATION PURSUANT TO</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>(18
U.S.C. 1350)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>I, Gary M. Clifford, certify that:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" size=2>I have reviewed this Quarterly
Report on Form 10-Q of I-Link Incorporated;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>2.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>3.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>4.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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)) for the registrant and have:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(a)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT
style="FONT-SIZE: 10pt" 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,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(b)</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" size=2>[Intentionally omitted];</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(c)</FONT><FONT style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT
style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(d)</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>5.</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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 registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(a)</FONT><FONT
style="FONT-SIZE: 3pt"
size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT
style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1.25in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>(b)</FONT><FONT
style="FONT-SIZE: 3pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 10pt" 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></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>Date: October 25, 2004</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>By:&nbsp; <U>&nbsp;/s/&nbsp; Gary M.
Clifford</U></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 37.05pt"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Gary M.
Clifford</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 37.05pt"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Chief Financial
Officer</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1</FONT></P>

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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>w01103exv32w1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Exhibit
32.1</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>I-LINK
INCORPORATED</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>OFFICER&#146;S CERTIFICATION</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>PURSUANT TO</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>(18
U.S.C. 1350)</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>October 25, 2004</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The undersigned Allan Silber, duly appointed and
incumbent officer of I-Link Incorporated, a Florida corporation (the
&#147;Corporation&#148;), in connection with the Corporation&#146;s Quarterly Report on Form
10-Q for the quarterly period ended March 31, 2003, as filed with the Securities
and Exchange Commission on the date hereof (the &#147;Report&#148;), does hereby
represent, warrant and certify pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, as amended, that, to the best of his knowledge:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1.</FONT><FONT
style="FONT-SIZE: 8.5pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Report is in
full compliance with reporting requirements of Section 13(a) of the Securities
Exchange Act of 1934, as amended; and</P>
<P style="MARGIN: 0in 0in 0pt 49.5pt; TEXT-INDENT: -13.5pt"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>2.</FONT><FONT
style="FONT-SIZE: 8.5pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The information
contained in the Report fairly presents, in all material respects, the financial
condition and results of operation of the Corporation.</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0
cellPadding=0 width="100%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 20.78%; PADDING-TOP: 0in"
    vAlign=top width="20%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 36.98%; PADDING-TOP: 0in"
    vAlign=top width="36%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 13.04%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=top width="13%">
      <P style="MARGIN: 0in 0in 0pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>/s/ Allan Silber</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 29.2%; PADDING-TOP: 0in"
    vAlign=top width="29%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 20.78%; PADDING-TOP: 0in"
    vAlign=top width="20%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 36.98%; PADDING-TOP: 0in"
    vAlign=top width="36%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 42.24%; PADDING-TOP: 0in"
    vAlign=top width="42%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt 24.5pt; TEXT-INDENT: -10.1pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Allan Silber</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 20.78%; PADDING-TOP: 0in"
    vAlign=top width="20%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 36.98%; PADDING-TOP: 0in"
    vAlign=top width="36%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 42.24%; PADDING-TOP: 0in"
    vAlign=top width="42%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt 24.5pt; TEXT-INDENT: -10.1pt"><FONT
      style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"
      size=2>Chief Executive Officer</FONT></P></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1</FONT></P>
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<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>w01103exv32w2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
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<TITLE>exv32w2</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>Exhibit
32.2</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>I-LINK
INCORPORATED</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>OFFICER&#146;S CERTIFICATION</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>PURSUANT TO</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman" size=2>(18
U.S.C. 1350)</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>October 25, 2004</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>The undersigned Gary M. Clifford, duly appointed
and incumbent officer of I-Link Incorporated, a Florida corporation (the
&#147;Corporation&#148;), in connection with the Corporation&#146;s Quarterly Report on Form
10-Q for the quarterly period ended March 31, 2003, as filed with the Securities
and Exchange Commission on the date hereof (the &#147;Report&#148;), does hereby
represent, warrant and certify pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, as amended, that, to the best of his knowledge:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1.</FONT><FONT
style="FONT-SIZE: 8.5pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Report is in
full compliance with reporting requirements of Section 13(a) of the Securities
Exchange Act of 1934, as amended; and</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P
style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>2.</FONT><FONT
style="FONT-SIZE: 8.5pt" size=1>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The information
contained in the Report fairly presents, in all material respects, the financial
condition and results of operation of the Corporation.</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0
cellPadding=0 width="100%" border=0>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 57.04%; PADDING-TOP: 0in"
    vAlign=top width="57%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 17.76%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 0.5pt solid"
    vAlign=top width="17%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"
      face="Times New Roman" size=2>/s/ Gary M. Clifford</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 25.2%; PADDING-TOP: 0in"
    vAlign=top width="25%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 57.04%; PADDING-TOP: 0in"
    vAlign=top width="57%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 42.96%; PADDING-TOP: 0in"
    vAlign=top width="42%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt 24.5pt; TEXT-INDENT: -10.1pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Gary M.
      Clifford</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 57.04%; PADDING-TOP: 0in"
    vAlign=top width="57%">
      <P style="FONT-SIZE: 1pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 42.96%; PADDING-TOP: 0in"
    vAlign=top width="42%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt 24.5pt; TEXT-INDENT: -10.1pt"><FONT
      style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Chief Financial
      Officer</FONT></P></TD></TR>
</TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>1</FONT></P>

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