<SEC-DOCUMENT>0001171520-20-000020.txt : 20200114
<SEC-HEADER>0001171520-20-000020.hdr.sgml : 20200114
<ACCEPTANCE-DATETIME>20200114161731
ACCESSION NUMBER:		0001171520-20-000020
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200114
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200114
DATE AS OF CHANGE:		20200114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SONO TEK CORP
		CENTRAL INDEX KEY:			0000806172
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				141568099
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16035
		FILM NUMBER:		20526226

	BUSINESS ADDRESS:	
		STREET 1:		2012 RT 9W BLDG 3
		CITY:			MILTON
		STATE:			NY
		ZIP:			12547
		BUSINESS PHONE:		8457952020

	MAIL ADDRESS:	
		STREET 1:		2012 RT. 9W, BLDG. 3,
		CITY:			MILTON
		STATE:			NY
		ZIP:			12547
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>eps8780.htm
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<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported): <B>January
14, 2020</B></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center"><B><U>Sono-Tek Corporation</U></B></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center">Commission File Number: <B>0-16035</B></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt"><B><U>New York</U></B></FONT></TD>
    <TD STYLE="width: 5%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 44%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt"><B><U>14-1568099</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt">(State of Incorporation)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt">(I.R.S. Employer ID No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt"><B><U>2012 Route 9W, Milton, New York</U></B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt"><B><U>12547</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including area code <B>(845)
795-2020</B></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0">Check appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 6pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 6pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt">Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Cambria,serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; padding-right: 4pt; padding-bottom: 4pt; padding-left: 4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Cambria,serif; font-size: 9pt"><B><U>Title of each class</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 4pt; padding-bottom: 4pt; padding-left: 4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Cambria,serif; font-size: 9pt"><B>Trading<BR>
<U>Symbol(s)</U></B></FONT></TD>
    <TD STYLE="width: 55%; padding-right: 4pt; padding-bottom: 4pt; padding-left: 4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Cambria,serif; font-size: 9pt"><B><U>Name of each exchange on which registered</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth company as defined
in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Cambria,serif">Emerging growth company </FONT><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Cambria,serif">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </FONT><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>


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<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>Item 2.02: Results of Operations and Financial Condition.</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>Item 7.01: Regulation FD Disclosure</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">On January 14, 2020, Sono-Tek Corporation issued a press release regarding its financial
results for the quarter ended November 30, 2019, in the form attached as exhibit 99.1.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall
not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;) or otherwise subject to the liabilities under such section and shall not be deemed to be incorporated by reference
into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>Item 9.01: Financial Statements and Exhibits.</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">(d) Exhibits</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Cambria,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">99.1</TD><TD><A HREF="ex99-1.htm">Press Release dated January 14, 2020</A>.</TD></TR></TABLE>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center">Signatures</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">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.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0 0 0 4in">SONO-TEK CORPORATION</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0 0 0 4in">By: <U>/s/ Stephen J. Bagley</U></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0 0 0 4.35in">Stephen J. Bagley<BR>
Chief Financial Officer</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">January 14, 2020</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EARNINGS RELEASE
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<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 11pt Cambria,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">FOR IMMEDIATE RELEASE</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center"><B>Sono-Tek Reports Record Sales and Backlog for Third Quarter
Fiscal 2020 </B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center"><B><I>Record Sales of $3.67M, Up 16% Year-over-Year, and Backlog
of $5.4M</I></B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">MILTON, N.Y., January 14, 2020 &ndash;&nbsp;Sono-Tek Corporation&nbsp;(OTCQX:
SOTK), the leading developer and manufacturer of ultrasonic coating systems, today reported financial results for its fiscal 2020
third quarter and year-to-date period ended November 30, 2019.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>Third Quarter Fiscal 2020 Financial Highlights:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Cambria,serif">Another Record Breaking Quarter for Sales of $3.67 million, a 16% increase compared
to third quarter FY2019</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Cambria,serif">Record high backlog of $5.40 million</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 12pt Cambria,serif">Gross margin of 48.9% compared to 41.0% in third quarter FY2019,
a 790 basis point expansion</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 12pt Cambria,serif">Net income of $280,000 versus $20,000 in third quarter FY2019, a
14-fold increase</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Cambria,serif">Sales Growth Guidance for FY2020 remains at 15% &ndash; 25% annual increase</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">Dr. Christopher L. Coccio, Chairman and CEO, commented, &ldquo;For
the third quarter, Sono-Tek reported another record breaking quarter and achieved new highs in sales, backlog, margins and net
income. These gains stem from the strategic shift in our business model that we initiated several years ago, expanding our product
line to provide higher value complete machine solutions and larger subsystems to original equipment manufacturers (&ldquo;OEMs&rdquo;).
These product advancements are supported by a high level of application engineering expertise from our specialized staff, in combination
with customer requirements that are proven out in our globally located process development labs. We have also invested significant
resources to enhance our market diversity.&rdquo;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&ldquo;These shifts have improved our balance sheet, increased
our financial strength and continue to drive interest in our expanding line of products. In addition, average unit selling prices
have expanded to over $300 thousand per unit from $50 thousand per unit, a six-fold increase. To support the strong sales momentum,
we are in the process of expanding our manufacturing facility and have acquired new machinery to accommodate Sono-Tek&rsquo;s expected
growth in the years ahead.&rdquo;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>Third Quarter FY2020 Financial Overview</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">For the third quarter of fiscal 2020 ended November 30, 2019,
net sales were $3,672,000, an increase of 16%, or $517,000, compared to the third quarter of fiscal 2019. These results were primarily
driven by increased sales for widetrack integrated coating systems in the float glass market and increased sales of the SonoBraze
product for the manufacturing of heat exchangers and condensers for the automotive market.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">The Company&rsquo;s sales growth was particularly strong in
the Medical market, which increased 68% in the third quarter and the Electronics/Microelectronics market, primarily semiconductor
related, which increased 7%. The Company&rsquo;s strategy of providing paid coating services as a part of its Application Engineering
services, in addition to its coating equipment, has contributed to these increases.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">In the third quarter of fiscal 2020, approximately 65% of sales
originated outside of the United States and Canada, compared with 62% in the prior year period. &nbsp;The increase in export sales
is primarily related to a larger custom medical device coating platform sold into Latin America.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">Backlog on November 30, 2019 reached a new record level of
$5,402,000, an increase of 78%, compared with backlog of $3,038,000 on February 28, 2019.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">Gross profit increased $501,000, or 39%, to $1,797,000 for
the third quarter of fiscal 2020 compared with $1,296,000 in the prior year period. Gross profit margin was 48.9%, compared with
41.1% in the prior year period, an expansion of 790 basis points. The improvement in gross profit and margin for the third quarter
is partially due to a shift in sales to countries other than China. The shift of sales away from China has reduced the deep discounts
required to sell in China as well as the avoidance of tariffs, which have previously had a negative impact on margins. In the prior
fiscal year period, the Company&rsquo;s gross profit margin was negatively impacted due to a pricing strategy to establish a foothold
in the fuel cell market in China. In addition, a change in product mix benefited gross profit margins. This resulted from increased
sales of widetrack systems and medicoat stent coating equipment, both of which have traditionally had higher profit margins compared
to other Sono-Tek products.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">Operating expenses totaled $1,527,000 in the current period,
an increase of 23%, or $281,000, compared to the prior year period. Sono-Tek continues to invest in research and development and
sales and marketing development activities. Commission expense doubled in the third quarter due to an increase in international
revenue generated by the Company&rsquo;s external distributors, which receive a higher rate than the Company&rsquo;s internal sales
team.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">Operating income increased $220,000, to $270,000, in the third
quarter of fiscal 2020, compared with $50,000 for the prior year period. Growth in revenue and gross profit were key factors in
the improvement of operating income. The operating margin for the third quarter increased to 7.4% compared with 1.6% in the prior
year period.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">Net income for the fiscal third quarter was approximately $280,000,
or $0.02 per share, compared with net income of approximately $20,000, or $0.00 per share, for the prior year period. Diluted weighted
average shares outstanding totaled 15,371,819 compared to 15,386,094 for the prior year period.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify"><B>First Nine Months FY2020 Financial Overview</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">For the first nine months of fiscal 2020, net sales increased
to $9,841,000, an increase of 13%, or $1,167,000, led by a large increase in sales to the semiconductor industry, increased sales
of stent coating systems, and increased sales of float glass coating equipment. Gross profit margin was 47.2% compared with 45.1%
in the prior year period. The gross margin expansion is primarily due to a shift in sales to countries other than China and a continuing
positive change in product mix. Operating income increased to $367,000 compared with $96,000 in the prior year period, primarily
due to the growth in revenue and gross profit. Operating margin for the first nine months of fiscal 2020 increased to 3.7% compared
with 1.1% in the prior year period. Net income for the nine months ended November 30, 2019 was approximately $420,000, or $0.03
per share, compared with net income of approximately $101,000 or $0.01 per share, for the prior year period. Diluted weighted average
shares outstanding totaled 15,354,472 compared to 15,284,071 for the prior year period.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>Balance Sheet and Cash Flow Overview</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">Cash and cash equivalents and short-term investments at quarter-end
were $6.0 million, up from $5.5 million at the end of fiscal 2019.&nbsp; The increase was the result of increased accounts payable,
accrued expenses, customer deposits and a decrease in accounts receivable. These sources of cash were partially offset by increased
inventories, capital expenditures and debt repayments.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">The increase in inventories since February 28, 2019, the end
of the last fiscal year, of $1.3 million, is related to several large customer projects and supported by the increase in customer
deposits of $0.8 million and the record $5.40 million in backlog.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">Year-to-date capital expenditures were $392,000 compared with
$487,000 in the prior-year period.&nbsp; The increase was primarily due to investments to upgrade the Company&rsquo;s manufacturing
facilities.&nbsp; The Company anticipates capital expenditures will total approximately $0.5 million to $0.6 million for FY2020.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">At November 30, 2019, the Company had total debt of $749,000,
down approximately $122,000 since fiscal 2019 year-end.&nbsp; Long-term debt is solely comprised of the mortgage on the Company&rsquo;s
industrial park complex and has an interest rate of 4.15%.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify"><B>Fiscal Year 2020 Outlook</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&ldquo;We expect that a significant portion of our $5.4 million
backlog will ship during the current fiscal year ending February 29, 2020, assuming customer acceptance test schedules for some
of the more complex and customized equipment orders. Therefore, based on this existing backlog, we expect that net sales will increase
15% to 25% for the full fiscal year of 2020. The increased sales volume is also expected to continue to positively impact margins
and drive stronger earnings growth,&rdquo; concluded Dr. Coccio.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>About Sono-Tek</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">Sono-Tek Corporation is the leading developer and manufacturer
of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components
for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications
in construction and automotive.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">The Company&rsquo;s solutions are environmentally-friendly,
efficient and highly reliable, and enable dramatic reductions in overspray, savings in raw material, water and energy usage and
provide improved process repeatability, transfer efficiency, high uniformity and reduced emissions.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">Sono-Tek&rsquo;s growth strategy is focused on leveraging its
innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop thin film coating
technologies that enable better outcomes for its customers&rsquo; products and processes. &nbsp;For further information, visit
www.sono-tek.com.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>Safe Harbor Statement </B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">This news release contains forward looking statements regarding
future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results
to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory,
tax, competitive and technological developments affecting our operations or the demand for our products, including the imposition
of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies;
adequacy of financing; capacity additions, the ability to enforce patents; maintenance of operating leverage; maintenance of increased
order backlog; consummation of order proposals; completion of large orders on schedule and on budget; continued sales growth in
the medical and alternative energy markets; successful transition from primarily selling ultrasonic nozzles and components to a
more complex business providing complete machine solutions and higher value subsystems; and realization of quarterly and annual
revenues within the forecasted range. We refer you to documents that the company files with the Securities and Exchange Commission,
which includes Form 10-K and Form 10-Qs containing additional important information.</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0"><B>For more information, contact:</B></P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">Stephen J. Bagley<BR>
Chief Financial Officer<BR>
Sono-Tek Corporation<BR>
info@sono-tek.com</P>

<P STYLE="font: 12pt Cambria,serif; margin: 0">Investor Relations:<BR>
Stephanie Prince<BR>
PCG Advisory<BR>
(646) 762-4518<BR>
sprince@pcgadvisory.com</P>

<P STYLE="font: 12pt Calibri Light,sans-serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Cambria,serif; margin: 12pt 0 0; text-align: center"><B>SONO-TEK CORPORATION</B></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center"><B>CONDENSED CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Cambria,serif; text-align: center">November&nbsp;30,</TD><TD STYLE="font: bold 9pt Cambria,serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Cambria,serif; text-align: center">2019</TD><TD STYLE="font: bold 9pt Cambria,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Cambria,serif; text-align: center">February&nbsp;28,</TD><TD STYLE="font: bold 9pt Cambria,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Cambria,serif; text-align: center; border-bottom: Black 1pt solid">(Unaudited)</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Cambria,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Cambria,serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Cambria,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: center">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Current Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font: 10pt Cambria,serif; text-align: left; padding-left: 0.25in">Cash and cash equivalents</TD><TD STYLE="width: 2%; font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Cambria,serif; text-align: right">2,279,506</TD><TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Cambria,serif; text-align: right">3,144,123</TD><TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; text-indent: -13.5pt; padding-left: 31.5pt">Marketable securities</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">3,739,935</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">2,365,706</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; text-indent: -13.5pt; padding-left: 31.5pt">Accounts receivable (less allowance of $46,000)</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">1,338,320</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">1,397,891</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-left: 0.25in">Inventories, net</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">2,978,780</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">1,658,016</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Prepaid expenses and other current assets</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">193,552</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">395,005</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.75in">Total current assets</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">10,530,093</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">8,960,741</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif">Land</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">250,000</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">250,000</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Buildings, net</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">1,673,275</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">1,731,547</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Equipment, furnishings and building improvements, net</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">975,835</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">802,932</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Intangible assets, net</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">110,453</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">122,941</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt">Deferred tax asset</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">332,017</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">332,017</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">13,871,673</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">12,200,178</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: center">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Current Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-left: 0.25in">Accounts payable</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">919,455</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">585,694</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-left: 0.25in">Accrued expenses</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">767,971</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">632,706</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-left: 0.25in">Customer deposits</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">1,953,826</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">1,149,558</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-left: 0.25in">Current maturities of long term debt</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">167,929</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">162,816</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Income taxes payable</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">24,744</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">6,272</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.75in">Total current liabilities</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">3,833,925</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">2,537,046</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Deferred tax liability</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">370,757</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">370,757</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt">Long term debt, less current maturities</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">581,065</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">707,715</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.75in">Total liabilities</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">4,785,747</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">3,615,518</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Commitments and Contingencies&nbsp;&nbsp;(Note 10)</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Stockholders&rsquo; Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; text-indent: -9pt; padding-left: 27pt">Common stock, $.01 par value; 25,000,000 shares authorized, 15,323,831 and 15,197,563 shares issued and outstanding, at November 30 and February&nbsp;28, respectively</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">153,238</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">151,976</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-left: 0.25in">Additional paid-in capital</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">9,009,979</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">8,929,607</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Accumulated deficit</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">(77,291</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">)</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">(496,923</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt; padding-left: 0.75in">Total stockholders&rsquo; equity</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">9,085,926</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">8,584,660</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">13,871,673</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">12,200,178</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Cambria,serif; margin: 12pt 0 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Cambria,serif; margin: 12pt 0 0; text-align: center"><B>SONO-TEK CORPORATION</B></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center"><B>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 9pt Cambria,serif; text-align: center; border-bottom: Black 1pt solid">Nine&nbsp;Months&nbsp;Ended<BR> November&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Cambria,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 9pt Cambria,serif; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended<BR> November&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Cambria,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Cambria,serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Cambria,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Cambria,serif; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Cambria,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Cambria,serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Cambria,serif">&nbsp;</TD><TD STYLE="font: bold 9pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Cambria,serif; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Cambria,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="width: 44%; font: 10pt Cambria,serif; text-align: left">Net Sales</TD><TD STYLE="width: 2%; font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Cambria,serif; text-align: right">9,840,536</TD><TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Cambria,serif; text-align: right">8,673,849</TD><TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Cambria,serif; text-align: right">3,672,286</TD><TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Cambria,serif; text-align: right">3,155,258</TD><TD STYLE="width: 1%; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt">Cost of Goods Sold</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">5,191,929</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">4,761,919</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">1,875,606</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">1,858,970</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross Profit</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">4,648,607</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">3,911,930</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">1,796,680</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">1,296,288</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Operating Expenses</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; text-indent: -0.1in; padding-left: 0.2in">Research and product development costs</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">1,020,299</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">978,733</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">361,429</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">324,969</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; text-indent: -0.1in; padding-left: 0.2in">Marketing and selling expenses</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">2,326,115</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">1,979,365</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">849,419</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">652,664</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.2in">General and administrative costs</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">935,693</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">857,832</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">316,218</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">268,632</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">4,282,107</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">3,815,930</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">1,527,066</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">1,246,265</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Operating Income</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">366,500</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">96,000</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">269,614</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">50,023</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Interest Expense</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">(25,465</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">)</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">(30,501</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">)</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">(8,000</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">)</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">(9,684</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Interest and Dividend Income</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">77,496</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">104,686</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">20,513</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">33,164</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Realized gain on sale of marketable securities</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">119,075</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Net unrealized loss on marketable securities</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">(189,016</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">)</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">(59,359</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt">Other income</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">24,404</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">28,196</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">7,527</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">8,681</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">Income&nbsp;Before Income Taxes</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">442,935</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">128,440</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">289,654</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; text-align: right">22,825</TD><TD STYLE="font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 1pt">Income Tax Expense</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">23,303</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">27,627</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Cambria,serif; text-align: right">2,566</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; text-align: left; padding-bottom: 2.5pt">Net Income</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">419,632</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">100,813</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">279,654</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">20,259</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">Basic Earnings&nbsp;Per Share</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">0.03</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">0.01</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">0.02</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">0.00</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">Diluted Earnings&nbsp;Per Share</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">0.03</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">0.01</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">0.02</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">0.00</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">Weighted Average Shares - Basic</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">15,291,968</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">15,078,933</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">15,306,008</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">15,164,440</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(230,239,255)">
    <TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">Weighted Average Shares - Diluted</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">15,354,472</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">15,284,071</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">15,371,819</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Cambria,serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Cambria,serif; text-align: right">15,386,094</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Cambria,serif; text-align: left">&nbsp;</TD></TR>
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