-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 V9jULpv5Msyd/bYbq7BCmkYGSzpoh7XP/JWbH7AReCPjYzqZqoTteCjDfpMeVZiY
 uILwiOPUpxO0lO+n4wtffA==

<SEC-DOCUMENT>0001015402-05-002669.txt : 20050518
<SEC-HEADER>0001015402-05-002669.hdr.sgml : 20050518
<ACCEPTANCE-DATETIME>20050518111902
ACCESSION NUMBER:		0001015402-05-002669
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050517
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050518
DATE AS OF CHANGE:		20050518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YP CORP
		CENTRAL INDEX KEY:			0001045742
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				850206668
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24217
		FILM NUMBER:		05840560

	BUSINESS ADDRESS:	
		STREET 1:		4840 E JASMINE ST
		STREET 2:		STE 110
		CITY:			MESA
		STATE:			AZ
		ZIP:			85020
		BUSINESS PHONE:		4806549646

	MAIL ADDRESS:	
		STREET 1:		4840 EAST JASMINE STREET
		STREET 2:		SUITE 105
		CITY:			MESA
		STATE:			AZ
		ZIP:			85020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YP NET INC
		DATE OF NAME CHANGE:	19991112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RIGL CORP
		DATE OF NAME CHANGE:	19980707

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RENAISSANCE INTERNATIONAL GROUP LTD
		DATE OF NAME CHANGE:	19980115
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>body.htm
<DESCRIPTION>YP CORP 8-K 05-17-2005
<TEXT>
<HTML><HEAD>
<TITLE>
YP Corp 8-K 05-17-2005
</TITLE>
<!-- Licensed to: iec-->
<!-- Document Created using EDGARIZER HTML 3.0.0.24264 -->
<!-- Copyright 2005 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</HEAD><BODY id=38 bgColor=#ffffff>
<DIV>
<HR style="MARGIN-TOP: -5px" color=#000000 noShade SIZE=4>

<HR style="MARGIN-TOP: -10px" color=#000000 noShade SIZE=1>
</DIV>
<DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>WASHINGTON,
D.C. 20549</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>_____________</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>FORM
8-K</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CURRENT
REPORT</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>PURSUANT
TO SECTION 13 OR 15(d) OF THE</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
EXCHANGE ACT OF 1934</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported) is May 17, 2005</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman"><STRONG>YP
CORP.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="30%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify>&nbsp;</DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.8pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Nevada</STRONG></FONT></DIV></TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="30%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify>&nbsp;</DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 8.1pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>000-24217</STRONG></FONT></DIV></TD>
    <TD width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="30%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify>&nbsp;</DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>85-0206668</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="3%">&nbsp;</TD>
    <TD vAlign=top align=middle width="30%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
      or other jurisdiction of incorporation or jurisdiction)</FONT></DIV></TD>
    <TD width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="30%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
      File Number)</FONT></DIV></TD>
    <TD width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="30%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
      Employer Identification Number)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="3%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
    width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="44%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 8.1pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>4940
      E. Jasmine Street, Suite 105, Mesa, Arizona</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=middle width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="44%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>85205</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
    width="4%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="4%">&nbsp;</TD>
    <TD vAlign=top align=middle width="44%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      of principal</FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">executive
      office)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="4%">&nbsp;</TD>
    <TD vAlign=top align=middle width="44%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
      Code)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="4%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
telephone number, including area code: (480) 654-9646</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>see
</EM></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
Instruction A.2. below):</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT size=2></FONT>&nbsp;</DIV>
<DIV>
<HR style="MARGIN-TOP: -5px" color=#000000 noShade SIZE=1>

<HR style="MARGIN-TOP: -13px" color=#000000 noShade SIZE=4>
</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
2.02. Results of Operations and Financial Condition</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
17, 2005, YP Corp. issued a press release announcing its earnings for its fiscal
quarter ended March 31, 2005. A copy of the press release is attached as Exhibit
99.1. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
information in this Form 8-K and the Exhibit attached hereto shall not be deemed
&#8220;filed&#8221; for purposes of Section 18 of the Securities Act of 1934, nor shall it
be deemed incorporated by reference in any filing under the Securities Act of
1934, except as shall be expressly set forth by specific reference in such
filing. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
9.01. Financial Statements and Exhibits.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="75%" border=0>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=top width="15%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>Exhibit
      No.</U></STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><U></U>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=top width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>Item</U></STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=top width="15%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=top width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release dated May 17, 2005 reporting the Registrant&#8217;s earnings for the
      quarterly fiscal period ended March 31,
2005.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURES</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center bgColor=#ffffff
border=0>
  <TR vAlign=top bgColor=#ffffff>
    <TD width="50%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="49%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>Date:&nbsp;May 17, 2005<FONT
      id=TAB2 style="COLOR: black; LETTER-SPACING: 243pt"
      size=3>&nbsp;</FONT></FONT></TD>
    <TD vAlign=bottom colSpan=2><FONT face="Times New Roman" size=2>YP
      CORP.</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR></FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2><FONT id=TAB2
      style="COLOR: black; LETTER-SPACING: 243pt" size=3></FONT></FONT></TD>
    <TD colSpan=2><FONT face="Times New Roman" size=2>&nbsp;</FONT><FONT
      face="Times New Roman" size=2>/s/&nbsp;Peter Bergmann</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR align=left width="80%" color=#000000 noShade SIZE=2>

      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Peter
      Bergmann, Chairman and Chief Executive
Officer</FONT></DIV></TD></TR></TABLE></DIV></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 9pt"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<DIV>
<HR align=left width="100%" color=#000000 noShade SIZE=2>
</DIV></FONT></DIV>
<DIV></DIV></DIV></BODY></HTML>



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML><HEAD>
<TITLE>
Exhibit 99.1
</TITLE>
<!-- Licensed to: iec-->
<!-- Document Created using EDGARIZER HTML 3.0.0.24264 -->
<!-- Copyright 2005 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</HEAD><BODY id=38 bgColor=#ffffff>
<DIV>
<DIV>
<HR align=left width="100%" color=#000000 noShade SIZE=4>
</DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>YP
CORP. ANNOUNCES SECOND FISCAL QUARTER 2005 RESULTS</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Reports
Positive Growth in Revenues, Solid Return to Profitability and an Increasing
Customer Base</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Mesa ,
AZ ) - May 17, 2005 </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YP Corp.
(OTCBB: YPNT), a leading provider of nationwide Internet Yellow Pages and
related services, today reported quarter over quarter increases in its customer
base, net revenue, net income and cash for its second fiscal quarter, ended
March 31, 2005. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
revenue for the quarter ended March 31, 2005 was $6,444,609. This is an increase
of approximately 4.1% over net revenue of $6,190,155 for the prior quarter.
Operating income for the quarter was $383,806, an increase of $619,265 from an
operating loss of $235,459 in the quarter ended December 31, 2004. Operating
margins for the current quarter were 6.0% as compared to an operating margin
deficit of 3.8% in the prior quarter. Net income for the quarter ended March 31,
2005 was $298,280, or $0.01 per share on a diluted basis. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Results
from operations for the second fiscal quarter were an incremental improvement
over the first quarter, demonstrating results from the positive focus the
Company has placed on the resolution of many of the billing issues it had
experienced over the past year. The Company continues to keep the focus on its
reconfirmation program. This is having a positive impact as the Company&#8217;s paying
customer base increased to 105,000, which is more than a 10.5% increase since
December 31, 2004. This focused effort, management&#8217;s expense control plan and
the continued migration of customers to Automated Clearing House (&#8220;ACH&#8221;)
billing, resulted in an increase in cash and cash equivalents to $8,201,559 from
$6,155,684 at December 31, 2004 and from $3,576,529 at September 30, 2004.
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;We have
confronted and addressed significant challenges over the past 12 months and I
believe YP Corp. is now headed in a sustainable positive direction,&#8221; said Peter
J. Bergmann, YP Corp.&#8217;s president and chief executive officer. &#8220;I am pleased
with the stage of the turnaround we are at and expect we will continue to gain
momentum in the quarters that follow.&#8221;</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;We have
grown our customer base in the last quarter and our team has created new
marketing initiatives, which are helping to attract additional new customers.
Moreover, our National sales effort is beginning to take off, which we believe
will become an additional revenue stream for us,&#8221; added Mr.
Bergmann.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
result of the billing issues that began in the second half of fiscal 2004, the
Company focused its efforts and has migrated over 50% of its advertisers from
billing through Local Exchange Carriers (&#8220;LECs&#8221;) on their local telephone bill
to ACH billings, which automatically debits the advertisers&#8217; checking accounts.
While the Company believes that ACH billing is a more desirable billing method
because it is less expensive, has a faster collection time, and presents minimal
dilution to revenue, the process of converting advertisers from LEC billing to
ACH has been time-consuming, labor-intensive, and has resulted in missed
billings and customer cancellations.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;The ACH
billing allows us to have healthy cash flow. YP Corp. is in a positive cash
growth position and has paid a $0.01 cash dividend for five consecutive
quarters,&#8221; added W. Chris Broquist, YP Corp.&#8217;s chief financial officer. &#8220;At the
end of the quarter, we had cash and cash equivalents of $8,201,559 and had
generated cash from operations this past quarter of $2,766,501.&#8221;</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"Now that
we have stabilized the Company and have it back on a growth path, it is an
opportune time to explore the strategic options we announced in October, 2004,&#8221;
concluded Mr. Bergmann. &#8220;We have been working with Jefferies &amp; Company,
Inc., our financial advisors, and are now ready to </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">explore
strategic alternatives to enhance shareholder value</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#8221;</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
statements for the periods ended March 31, 2005 are set forth below, as well as
in the Company&#8217;s Form 10-Q, which was filed with the Securities Exchange
Commission on May 16, 2005.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>About
YP Corp. </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YP Corp.,
a leading provider of Internet-based Yellow Pages services, offers an Internet
Advertising Package&#8482; (&#8220;IAP&#8221;) that includes a Mini-WebPage&#8482; and Preferred Listing
through its Yellow Pages web site at www.YP.Com. The Company 's web site
contains listings for approximately 17 million businesses in the United
States.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YP Corp.
also provides an array of other Internet services that complement its Yellow
Pages web site, including an Internet Dial-Up Package&#8482; (dial-up Internet access)
and QuickSite&#8482; (web site design &amp; hosting services). </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YP Corp.
is a longstanding member, exhibitor and sponsor of the two major Yellow Pages
trade associations - Yellow Page Integrated Media Association (YPIMA), the major
trade association of Yellow Pages publishers throughout the world, and the
Association of Directory Publishers (ADP), which mostly represents independent
Yellow Pages publishers. YP Corp. is based in Mesa, AZ and Las Vegas, NV. For
more information, visit the web site at www.YP.Com. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Forward-looking
Disclaimer </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
press release may include statements that constitute "forward-looking
statements," which are often characterized by the terms "may," "believes,"
"projects," "expects," or "anticipates," and do not reflect historical facts.
Forward-looking statements involve risks, uncertainties and other factors that
may cause actual results, performance or achievements of YP Corp. and its
subsidiary to be materially different from those expressed or implied by such
forward-looking statements. Specific forward-looking statements contained in
this press release include, but are not limited to, (i) the Company&#8217;s belief
that it has returned to a growth mode in its financial performance and results
of operations; (ii) the Company&#8217;s belief that its National sales efforts will
create an additional revenue stream; and (iii) the continued success of the
Company&#8217;s efforts to address the challenges it faced during fiscal 2004,
particularly with respect to its billing and collections issues. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Factors
that may affect forward-looking statements and the Company 's business generally
include but are not limited to (i) the risk factors and cautionary statements
made in the Company 's Quarterly Report on Form 10-QSB for the second fiscal
quarter ended March 31, 2005; and (ii) other factors that YP Corp. is currently
unable to identify or quantify, but may exist in the future. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Forward-looking
statements speak only as of the date the statement was made. YP Corp. does not
undertake and specifically declines any obligation to update any forward-looking
statements. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>FINANCIAL
TABLES FOLLOW</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>YP
CORP. AND SUBSIDIARIES</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CONSOLIDATED
BALANCE SHEETS</STRONG></FONT></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="12%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>March
      31,</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="11%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>September
      30,</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="12%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2005</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="11%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="12%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>(unaudited)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="11%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="11%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Assets</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="11%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="11%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      and equivalents</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,201,559</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,576,529</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
      receivable, net of allowance for doubtful accounts of
      $1,273,045</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      $3,400,575</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,271,276
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,362,283
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid
      expenses and other current assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,180,870
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">822,919
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
      tax refund receivable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,239,436
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
      tax asset</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">352,379
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
      current assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,653,705
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,353,546
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
      receivable, long term portion, net of allowance</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
      doubtful accounts of $85,523 and $269,662</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,836,596
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,075,334
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Customer
      acquisition costs, net of accumulated amortization of
      $3,977,694</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      $5,096,669</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,980,972
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,482,173
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Property
      and equipment, net</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">579,468
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">725,936
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deposits
      and other assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">60,919
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">239,060
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intangible
      assets, net of accumulated amortization of $2,849,428 and
      $2,446,403</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,139,018
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,326,274
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Advances
      to affiliates</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,052,834
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,894,862
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
      assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,303,512</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,097,185</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=middle width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Liabilities
      and Stockholders' Equity</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
      payable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">584,211</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,210,364</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
      liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">413,416
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">542,481
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
      taxes payable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">243,497
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
      tax liability</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,988
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes
      payable- current portion</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">115,868
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">115,868
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
      current liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,371,980
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,868,713
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
      income taxes</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">408,220
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,116,314
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
      liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,780,200
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,985,027
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commitments
      and contingencies</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
      E convertible preferred stock, $.001 par value, 200,000 shares
      authorized,</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">127,840
      and 128,340 issued and outstanding, liquidation preference
      $38,202</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,866
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,909
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
      stock, $.001 par value, 100,000,000 shares authorized,</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,254,294
      and 50,071,302 issued and outstanding </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,254
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,071
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paid
      in capital</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,131,250
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,375,384
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
      stock compensation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,965,108</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,742,814</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Retained
      earnings</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,296,050
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,418,608
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
      stockholders' equity</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">26,523,312
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">26,112,158
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
      liabilities and stockholders' equity</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,303,512</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,097,185</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
accompanying notes to consolidated financial
statements.</FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>YP
CORP. AND SUBSIDIARIES</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="26%" colSpan=5>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Three
      Months Ended March 31, </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="25%" colSpan=5>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Six
      Months Ended March 31, </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="12%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2005</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="12%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="12%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2005</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="11%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="11%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      revenues</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,444,609</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,367,853</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,634,764</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,207,820</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cost
      of services</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">860,933
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,600,782
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,995,517
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,482,984
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      profit</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,583,676
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,767,071
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,639,247
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,724,836
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expenses:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
      and administrative expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,181,644
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,107,522
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,566,495
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,871,265
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales
      and marketing expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,720,034
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,445,965
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,330,527
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,736,345
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
      and amortization</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">298,192
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">199,719
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">593,879
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">395,912
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
      operating expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,199,870
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,753,206
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,490,901
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,003,522
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      income</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">383,806
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,013,865
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">148,346
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,721,314
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
      income (expense):</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
      expense and other financing costs</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,447</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,795</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8,610</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(7,667</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
      income</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">91,650
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">82,340
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">176,762
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">157,365
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
      income</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,088
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">71,395
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">107,453
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">346,153
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
      other income (expense)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">108,291
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">149,940
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">275,605
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">495,851
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
      before income taxes and cumulative</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">effect
      of accounting change</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">492,097
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,163,805
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">423,951
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,217,165
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
      tax benefit (provision) </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(193,817</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,815,206</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(176,447</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,583,881</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
      before cumulative effect of </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">accounting
      change</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">298,280
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,348,599
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">247,504
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,633,284
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cumulative
      effect of accounting change (net of </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">income
      taxes of $53,764 in 2004)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99,848
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      income </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">298,280</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,348,599</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">347,352</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,633,284</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      income per common share:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
      applicable to common stock before cumulative effect of accounting
      change</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.01</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.07</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.01</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.14</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cumulative
      effect of accounting change</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.00</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      income applicable to common stock</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.01</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.07</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.01</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.14</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
      applicable to common stock before cumulative effect of accounting
      change</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.01</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.07</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.01</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.14</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cumulative
      effect of accounting change</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.00</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      income applicable to common stock</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.01</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.07</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.01</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.14</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weighted
      average common shares outstanding:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,749,794
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,946,458
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,749,544
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,904,402
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,825,577
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,145,140
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,901,954
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">47,640,118
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
accompanying notes to consolidated financial statements.</FONT></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>YP
CORP. AND SUBSIDIARIES</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="25%" colSpan=5>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Six
      Months Ended March 31, </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="12%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2005</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="11%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>2004</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CASH
      FLOWS FROM OPERATING ACTIVITIES:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="11%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      income </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">347,352</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,633,284</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adjustments
      to reconcile net income to net cash</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">provided
      by operating activities:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
      and amortization </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">593,878
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">395,912
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amortization
      of deferred stock compensation </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">567,599
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">503,071
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
      of common stock as compensation for services </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">119,500
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cumulative
      effect of accounting change</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(99,848</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
      income taxes </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(394,491</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,962
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss
      on disposal of equipment </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36,932
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provision
      for uncollectible accounts </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(16,220</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes
      in assets and liabilities:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
      receivable </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,345,965
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,801,351</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Customer
      acquisition costs</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,501,201
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(502,547</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid
      and other current assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(357,951</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(152,539</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deposits
      and other assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">178,141
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35,000
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
      payable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(626,153</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">394,051
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
      liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(129,065</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(72,743</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
      taxes payable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,482,933
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,466,113
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Advances
      to affiliates (accrued interest)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(157,972</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      cash provided by operating activities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,354,869
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,973,145
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CASH
      FLOWS FROM INVESTING ACTIVITIES:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Advances
      made to affiliates and related parties</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,725,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expenditures
      for intangible assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(215,767</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchases
      of equipment</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(44,387</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(384,991</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      cash used for investing activities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(260,154</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,109,991</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CASH
      FLOWS FROM FINANCING ACTIVITIES:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Series
      E preferred stock dividends</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(960</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
      stock dividends</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(468,950</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
      from conversion of preferred stock</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">225
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      cash used for financing activities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(469,685</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INCREASE
      (DECREASE) IN CASH AND CASH EQUIVALENTS</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,625,030
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(136,846</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CASH
      AND CASH EQUIVALENTS, beginning of period</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,576,529
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,378,848
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#e2eef6>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
    width="71%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CASH
      AND CASH EQUIVALENTS, end of period</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,201,559</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,242,002</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>YP
Corp. Contact </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Roger
Bedier </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YP Corp
Investor Relations </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Phone
480-325-4339 </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">rogerb@ypcorp.com</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<DIV>
<HR align=left width="100%" color=#000000 noShade SIZE=2>
</DIV></DIV></BODY></HTML>



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
