<SEC-DOCUMENT>0000814676-13-000004.txt : 20130320
<SEC-HEADER>0000814676-13-000004.hdr.sgml : 20130320
<ACCEPTANCE-DATETIME>20130320153911
ACCESSION NUMBER:		0000814676-13-000004
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121229
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130320
DATE AS OF CHANGE:		20130320

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPS TECHNOLOGIES CORP/DE/
		CENTRAL INDEX KEY:			0000814676
		STANDARD INDUSTRIAL CLASSIFICATION:	POTTERY & RELATED PRODUCTS [3260]
		IRS NUMBER:				042832509
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16088
		FILM NUMBER:		13704831

	BUSINESS ADDRESS:	
		STREET 1:		111 SOUTH WORCESTER STREET
		CITY:			NORTON
		STATE:			MA
		ZIP:			02766
		BUSINESS PHONE:		508-222-0614

	MAIL ADDRESS:	
		STREET 1:		111 SOUTH WORCESTER STREET
		CITY:			NORTON
		STATE:			MA
		ZIP:			02766

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CERAMICS PROCESS SYSTEMS CORP/DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8031813.htm
<DESCRIPTION>FORM 8-K EARNINGS RELEASE YR 2012
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FORM 8-K<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</B></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Current Report<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934<BR>
</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
March 18, 2013</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>CPS TECHNOLOGIES
CORPORATION<BR>
</B></FONT>(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">0-16088</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">04-2832409</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(State or other jurisdiction of incorporation)</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">111 South Worcester Street, Norton, Massachusetts</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">02766</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Registrant&rsquo;s telephone number, including area code</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">508-222-0614</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Former name or former address, if changed since last report.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<U>see</U> General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">[ ]&#9;Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">[ ]&#9;Soliciting material pursuant to Rule 14a-12 under the exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">[ ]&#9;Pre-commencement communications pursuant to rule 14d-2(b)
under the<BR>
Exchange Act (17CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; border-bottom: Black 0.75pt solid">[ ]&#9;Pre-commencement communications
pursuant to Rule 13e-4( c)) under the<BR>
Exchange Act (17 CFR 240.13e-4( c)).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Item 2.02 &#9;Results of Operations and Financial Condition</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On March 18, 2013, the Company issued a press release announcing
its financial results for the fiscal year ended December 29, 2012. A copy of the press release is attached hereto as Exhibit 99
and is incorporated herein in its entirety by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Cautionary Note Regarding Forward-Looking Statements.<BR>
Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking
statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed
or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Item 9.01&#9;Financial Statements and Exhibits</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(d)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">EXHIBIT NUMBER</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt">DESCRIPTION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">99</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Press release dated March 18, 2013 of CPS Technologies Corporation announcing its financial results for the fiscal year ended December 29, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">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 thereunto duly authorized.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B><U>CPS Technologies Corporation<BR>
</U></B>(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Date:&nbsp; March 20, 2013</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">/s/ Grant C. Bennett<BR> Grant C. Bennett<BR> President and Chief Executive Officer<BR STYLE="mso-special-character: line-break"> <BR STYLE="mso-special-character: line-break"></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

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        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt">DESCRIPTION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">99</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Press release dated March 18, 2013 of CPS Technologies Corporation announcing its financial results for the fiscal year ended December 29, 2012.</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>pr20130318yr2012results.htm
<DESCRIPTION>PRESS RELEASE DATED MARCH 18, 2013
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: black">CPS Technologies Corporation </FONT><BR>
<FONT STYLE="color: black">Ralph Norwood, Chief Financial Officer</FONT><BR>
<FONT STYLE="color: black">111 South Worcester Street</FONT><BR>
<FONT STYLE="color: black">Norton, MA 02766</FONT><BR>
<FONT STYLE="color: black">Telephone: (508) 222-0614</FONT><BR>
<FONT STYLE="color: black">Web Site: </FONT>www.alsic.com<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CPS TECHNOLOGIES CORPORATION ANNOUNCES 2012
RESULTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Norton, Massachusetts, March 18, 2013. CPS Technologies
Corporation (OTCBB:CPSH) today announced revenues of $4.1 million and a net loss of $84 thousand for the Fourth Quarter ended December
29, 2012. These results are approximately flat with those of the Fourth Quarter ended December 31, 2011 when the Company generated
revenues of $4.2 million and incurred a net loss of $103 thousand.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Revenues for the year ended December 29, 2012 totaled
$14.1 million compared with $19.8 million for the year ended December 31, 2011. The net loss for the year was $1.5 million versus
a net loss of $46 thousand for the year ended December 31, 2011.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 7.5pt 0 10pt">Mr. Bennett, CEO, said, &#8220;2012 was a very challenging
year for us as we encountered the perfect storm of weak global demand, a slower than anticipated ramp up of hybrid and electric
vehicles and the residue of a train crash in China which adversely affected our traction business. As previously stated, we viewed
these conditions as temporary and expected to see a turnaround during the last half of the year. Although it took longer than expected
and the global economic climate remains weak, we are pleased that we indeed did realize a significant improvement in our business
in the Fourth Quarter. Our Fourth Quarter revenues were up 50% versus the Third Quarter, fueled by increases in our traction business.
The increased margin on this business narrowed our operating loss to the lowest of any quarter this year. We also were able to
operate at cash breakeven during the Fourth Quarter. Our net cash (cash, less bank borrowings) remained flat as the increase in
receivables, resulting from higher revenues, was more than offset by a reduction in our inventories.&#8221;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 7.5pt 0 10pt">&#8220;Given weak demand, our factory operated on
a four-days- a-week basis throughout much of 2012. We are pleased that as of last month the factory is back to a five-days-a week,
three-shifts a-day operation,&#8221; said Bennett.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Mr. Bennett continued, &#8220;In the Fourth Quarter,
in addition to the rebound in our traction business, we saw an increase in the demand for our components used in hybrid and electric
vehicles. This increase is the ramp we expected earlier in the year. We continue to explore opportunities for geographic expansion,
especially in Japan. Finally, we continue to believe that we have substantial long-term growth opportunities in armor and military
markets, despite the near term uncertainties caused by sequestration.&#8221;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">About CPS<BR>
CPS Technologies Corporation is a global leader in producing metal-matrix composite components used to improve the reliability
and performance of various electrical systems. CPS products are used in motor controllers for hybrid and electric vehicles, high-speed
trains, subway cars and wind turbines. They are also used as heatspreaders in internet switches, routers and high-performance microprocessors.
CPS also develops and produces metal-matrix composite armor.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 7.5pt 0 10pt">Safe Harbor<BR>
Statements made in this document that are not historical facts or which apply prospectively, including those relating to&nbsp;2012
financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified
by the use of terms and phrases such as &quot;will,&quot; &quot;intends,&quot; &quot;believes,&quot; &quot;expects,&quot; &quot;plans,&quot;
&quot;anticipates&quot; and similar expressions. Investors should not rely on forward looking statements because they are subject
to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's
expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including
its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press
release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these
statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this
release.</P>


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    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">CPS&nbsp;&nbsp;TECHNOLOGIES&nbsp;&nbsp;CORPORATION</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">STATEMENT OF OPERATIONS (Audited)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
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    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 30pt; text-align: center"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;----Quarter Ended----</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 30pt; text-align: center"><FONT STYLE="color: black">&nbsp;----Year Ended----</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;Dec. 29,</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;Dec. 31,</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;Dec. 29,</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;Dec. 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2012</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2012</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-----------</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-----------</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-----------</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-----------</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Total Revenues</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$4,124,488 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$4,224,007 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$14,051,710 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$19,807,152 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Cost of Sales</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,791,583</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,975,559</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">13,795,773</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">16,851,237</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-----------</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-----------</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-----------</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-----------</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Gross Margin</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332,905 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248,448 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255,937 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;2,955,915 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Operating Expenses</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760,299 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712,357 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;3,055,077 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;3,291,745 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Operating income (loss)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427,394)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;(463,909)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;(2,799,140)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335,830)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Interest expense, net</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,330)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,407)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28,588)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32,671)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Income (loss) before income taxes</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(439,724)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;(470,316)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;(2,827,728)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368,501)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Income tax expense (benefit)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355,700)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;(367,666)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;(1,305,700)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322,766)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;----------- </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Net income (loss)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84,024)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;(102,650)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;(1,522,028)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45,735)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;======== </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;========</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;========= </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;=========</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Net income (loss) per diluted share</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">($0.01)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">($0.01)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">($0.12)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$0.00 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Shares outstanding, diluted</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;12,871,671 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">12,865,659</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;12,869,618 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">12,765,774</FONT></TD></TR>
<TR>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 7.5pt 0 10pt">&nbsp;</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 7.5pt 0 10pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">CPS&nbsp;&nbsp;TECHNOLOGIES&nbsp;&nbsp;CORPORATION</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: black">BALANCE SHEET (Audited)</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;Dec. 29,</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;Dec. 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2012</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-----------</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-----------</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Assets</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Current assets:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$306,854 </FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$1,142,429 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,876,149</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,112,960</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,457,315</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">3,138,617</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">140,723</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">152,444</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes, current</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">354,825</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">287,056</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-------------</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-------------</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">6,135,866</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">7,833,506</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Property and equipment, net</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,781,220</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,307,045</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Deferred taxes, non-current</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,432,148</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">1,193,761</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-------------</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-------------</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Total assets</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$10,349,234 </FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$11,334,312 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;=========</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;=========</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Liabilities and Equity</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Current liabilities:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$1,179,313 </FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$1,463,997 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">938,043</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">660,031</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;Line of Credit</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">500,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;Capital leases, current</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">123,366</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">208,504</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;-------------</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-------------</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,740,722</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,332,532</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Capital leases, non-current</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">76,372</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">199,738</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;-------------</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;-------------</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Total liabilities</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,817,094</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">2,532,270</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Stockholders' equity</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">7,532,140</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">8,802,042</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;-------------</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;&nbsp;-------------</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black">Total liabilities and stockholders' equity</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$10,349,234 </FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">$11,334,312 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;=========</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: black">&nbsp;=========</FONT></TD></TR>
</TABLE>
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