<SEC-DOCUMENT>0001144204-12-045925.txt : 20120814
<SEC-HEADER>0001144204-12-045925.hdr.sgml : 20120814
<ACCEPTANCE-DATETIME>20120814171041
ACCESSION NUMBER:		0001144204-12-045925
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120814
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120814
DATE AS OF CHANGE:		20120814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBALWISE INVESTMENTS INC
		CENTRAL INDEX KEY:			0001081745
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				870613716
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31671
		FILM NUMBER:		121034203

	BUSINESS ADDRESS:	
		STREET 1:		2190 DIVIDEND DRIVE
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43228
		BUSINESS PHONE:		6143888909

	MAIL ADDRESS:	
		STREET 1:		2190 DIVIDEND DRIVE
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43228
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v321486_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (date of earliest event reported):
August 14, 2012</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBALWISE INVESTMENTS, INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="width: 34%; font-weight: bold; text-align: center">000-31671</TD>
    <TD STYLE="width: 33%; font-weight: bold; text-align: center">87-0613716</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2190 Dividend Drive</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Columbus, Ohio</TD>
    <TD STYLE="font-weight: bold; text-align: center">43228</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(614) 388-8909</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant's telephone number, including
area code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>n/a</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Written communications pursuant to Rule 425 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt"><FONT STYLE="color: black"></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Results
of Operations and Financial Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">On August 14, 2012, Globalwise
Investments, Inc. (the &ldquo;Company&rdquo;) issued a press release announcing its financial results for the second quarter
of fiscal year 2012 and providing fiscal year 2012 guidance. A copy of the press release is attached hereto as Exhibit 99.1
and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">The information reported under this Item
2.02 of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be &ldquo;filed&rdquo; for the purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject to the
liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">(d)<I> Exhibits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; font-weight: bold">Exhibit No.</TD>
    <TD STYLE="width: 78%; font-weight: bold">Name of Exhibit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>Press release issued by the Company, dated August 14, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: August 14, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GLOBALWISE INVESTMENTS, INC.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Registrant)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 40%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0; text-indent: 0">/s/ William J. Santiago</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Name:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">William J. Santiago</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Title:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">President and Chief Executive
Officer&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT INDEX</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding: 0; text-indent: 0">99.1</TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 90%; padding: 0; text-indent: 0">Press release issued by the Company, dated August 14, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v321486_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 45%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.2pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">GlobalWise Investments, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">Columbus, Ohio</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">www.GlobalWiseInvestments.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">614-388-8909</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">Contact@GlobalWiseInvestments.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">Mission Investor Relations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">Atlanta, Georgia</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">http://www.MissionIR.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">404-941-8975</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.7pt">Investors@MissionIR.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.2pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 12pt"><B>GlobalWise
Reports Second Quarter 2012 Financial Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>-- Achieves Record Revenue Growth of
146% Over Prior Quarter --</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>-- Gross Profit Improved to $597,123
--</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>-- Gross Profit Margin Increased to 67%
--</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>-- Cloud-Based ECM Software and Highly
Successful Channel Partner Program Become Catalysts for Unprecedented Growth --</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLUMBUS, OH, August 14, 2012 &ndash;
</B>GlobalWise Investments, Inc. (OTCBB: GWIV) (OTCQB: GWIV) (www.GlobalWiseInvestments.com) and its wholly owned subsidiary Intellinetics,
Inc., an enterprise content management (&ldquo;ECM&rdquo;) software development, sales and marketing company serving both public
and private sector clients, today announce financial results for the second quarter ended June 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial Highlights for the Second
Quarter 2012: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Total revenue increased by 146% to $887,285 compared to $360,328 in the first quarter, and an increase of 52% compared to $582,051
in the year-ago second quarter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Gross profit improved to $597,123, a 959% increase over the first quarter of $56,381, and a 64% increase compared to $364,661
in the year-ago second quarter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Gross profit margin increased to 67% compared to 16% in the first quarter and 63% in the year-ago second quarter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Total operating expenses decreased by 69% to $680,062 compared to $1,148,905 million in the first quarter; up from $421,636
in the year-ago second quarter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Loss from operations decreased by 1,217% to ($82,939) compared to ($1,092,524) in the first quarter; up from ($56,975) in the
year-ago second quarter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Net loss decreased by 639% to ($155,250) compared to ($1,147,873) in the first quarter; up from ($93,039) in the year-ago second
quarter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s operating expenses
in the second quarter reflect additional costs associated with being a public company and strategic investments in human talent,
technology and process assets that we believe help establish a solid foundation for profitable geometric growth in its subscriber
base and revenue.&nbsp; Combined, these investments drive cost and cycle time out of the marketing, sales and order fulfillment
processes.&nbsp;&nbsp; As a result, GlobalWise is better positioned to be able to harvest demand from captive markets with little
additional operating cost and expects expenses to remain relatively stable at current levels as revenue continues to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;GlobalWise&rsquo;s dynamic approach
to the ECM software market is taking hold in 2012,&rdquo; stated William J. &ldquo;BJ&rdquo; Santiago, CEO of GlobalWise. &ldquo;Two
important changes have occurred in the past 18 months that are becoming the catalysts for our extraordinary growth. First, the
advancement of our ECM software to a cloud-delivery model reduces our cost of service delivery and time to installation. Second,
moving from a domestic direct-sales model to an international Channel Partner strategy has dramatically increased our ability to
sell our software to a greater number of clients in a lower-cost manner. Our second-quarter revenue growth of 146% vs. the prior
quarter and 52% growth year-over-year is a direct, tangible result of these developments. Simply put, we&rsquo;re now selling more
software faster and have reduced our average sales cycle from a historic 18 &ndash; 24 months to 3 &ndash; 6 months.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the beginning of 2012, the Company
has signed eight new Channel Partners with several potential new partners pending. In 2011, 14 new Channel Partners were signed.
The increase in sales capacity is driving significant and consistent revenue growth, and the trend is expected to continue throughout
2012 and beyond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fiscal Year 2012 Guidance:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon the Company&rsquo;s current
sales funnel and recent Channel Partner activity, GlobalWise currently expects to exceed $3.3 million in annual revenue in 2012
vs. $1.7 million in 2011. Management anticipates exiting 2012 at an annualized revenue run rate for 2013 in excess of $5.0 million,
as existing Channel Partners increase their sales and marketing efforts and new Channel Partners are added. GlobalWise expects
to be increasingly well positioned for growth and profitability in future periods as projected revenues increase, operating expenses
continue to decline as a percentage of revenue, and the cost of continuing as a public company normalizes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Our sales funnel is growing steadily
with qualified clients through our Channel Partner eco-system,&rdquo; added Mr. Santiago.&nbsp; &ldquo;The Channel Partners need
a cloud-based ECM solution to complement their product strategy and increase the number of value added services provided to clients.&nbsp;
We strategically choose partners who sell enterprise software, consulting services or office equipment focused around document
management.&nbsp; We can quickly train them on our template based ECM software and/or how to integrate the software into their
existing business application software or hardware products.&nbsp; This new sales strategy allows us to focus on what we do best
&ndash; software engineering, support and cloud services delivery &ndash; and allows our partners to do what they do best &ndash;
demand generation for industry leading business software solutions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About GlobalWise Investments, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GlobalWise Investments, Inc., via its wholly
owned subsidiary Intellinetics, Inc., is a Columbus, Ohio based Enterprise Content Management (ECM) pioneer with industry-leading
software that delivers cloud ECM based solutions on-demand. The Company&rsquo;s flagship platform, <I>Intellivue<SUP>TM</SUP></I>,
represents a new industry benchmark and game-changing solution by enabling clients to access and manage the content of every scanned
document, file, spreadsheet, email, photo, audio file or video tape &ndash; virtually anything that can be digitized &ndash; in
their enterprise from any PC, laptop, tablet or smartphone from anywhere in the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For additional information, please visit
the Company&rsquo;s corporate website: www.GlobalWiseInvestments.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This press release may contain &ldquo;forward-looking
statements.&rdquo; Expressions of future goals and similar expressions reflecting something other than historical fact are intended
to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements
may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures
as we pursue our business plan. Although we believe that the expectations reflected in any forward-looking statements are reasonable,
we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or
other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results.
The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances
that may arise after the date of this press release.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Financial Tables Follow<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="text-align: center; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">GLOBALWISE INVESTMENTS, INC. and SUBSIDIARY</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Condensed Consolidated Statements of Operations</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Three Months Ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Revenues:</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><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: 48%; text-align: left; padding-left: 0.24in">Sale of software licenses without modification</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">34,939</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">19,925</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">56,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">36,800</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Sale of software licenses with substantive modification</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">393,403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">227,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">413,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.24in">Software as a service</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,596</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,910</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,637</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,327</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Software maintenance services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,209</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">373,308</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">314,242</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.24in">Consulting services</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">238,490</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">136,028</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">350,595</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,044</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <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><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="text-align: left; padding-bottom: 1pt; padding-left: 0.48in">Total revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">887,285</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">582,051</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,247,613</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">821,177</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <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><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>Cost of revenues:</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><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(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Sale of software licenses without modification</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,627</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,084</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,832</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,451</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.24in">Sale of software licenses with substantive modification</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,229</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262,855</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">229,490</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Software as a service</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,364</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,894</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,516</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.24in">Software maintenance services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,449</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,284</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,172</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.24in">Consulting services</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">122,538</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">54,875</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">224,244</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">116,904</TD><TD STYLE="padding-bottom: 1pt; 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><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(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.48in">Total cost of revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">290,162</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">217,390</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">594,109</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">421,533</TD><TD STYLE="padding-bottom: 1pt; 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><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(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gross profit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">597,123</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">364,661</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">653,504</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">399,644</TD><TD STYLE="padding-bottom: 1pt; 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><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(204,255,204)">
    <TD STYLE="text-align: left">Operating expenses:</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><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="text-align: left; padding-left: 0.24in">General and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">348,976</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">278,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,169,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501,631</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Sales and marketing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">323,439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">645,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266,925</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.24in">Depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,647</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,339</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,437</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21,133</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <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><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="text-align: left; padding-bottom: 1pt; padding-left: 0.48in">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">680,062</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">421,636</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,828,968</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">789,689</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <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><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="text-align: left">Loss from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(82,939</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56,975</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,175,464</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(390,045</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <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><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="text-align: left; padding-bottom: 1pt">Interest expense, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(72,311</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(36,064</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(127,659</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(74,099</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <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><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><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(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(155,250</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(93,039</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2.5pt double">)</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,303,123</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(464,144</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</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><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(204,255,204)">
    <TD STYLE="text-align: left">Basic and deiluted net loss per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.04</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.02</TD><TD STYLE="text-align: left">)</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><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(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.12in; padding-left: 0.12in">Weighted average number of common shares outstanding - basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">32,590,850</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">22,757,100</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">31,589,531</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">22,757,100</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



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

<P STYLE="text-align: center; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>



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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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

<P STYLE="text-align: center; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: center; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">GLOBALWISE INVESTMENTS, INC.</P>

<P STYLE="text-align: center; font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Condensed Consolidated Balance Sheets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: center">ASSETS</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Unaudited</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;<B>December 31,</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="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: 68%; padding-left: 0.24in">Cash</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">17,366</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">140,271</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,168</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,453</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.24in">Prepaid expenses and other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44,835</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,398</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">&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: White">
    <TD STYLE="text-align: left; padding-left: 0.48in">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">462,369</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">494,122</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.48in">&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: White">
    <TD STYLE="text-align: left">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,112</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,771</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,400</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,404</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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><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(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.48in">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">575,881</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">573,297</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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><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(204,255,204)">
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: center">LIABILITIES AND STOCKHOLDERS' DEFICIT</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">&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(204,255,204)">
    <TD STYLE="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="text-align: left; padding-left: 0.24in">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">999,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">389,080</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Accrued expenses, related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,494</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.24in">Deferred revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">745,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">964,043</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Notes payable - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,417,203</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">747,778</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.24in">Notes payable - related party - current</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">300,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.48in">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,480,581</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,100,901</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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><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(204,255,204)">
    <TD>Long-term 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="text-align: left; padding-left: 0.24in">Deferred compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215,011</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Notes payable - net of current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,385,029</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,528,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.24in">Notes payable - related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">276,707</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262,707</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Deferred interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,063</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.24in">Other long-term liabilities - related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">171,575</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">157,859</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <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><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="text-align: left; padding-bottom: 1pt; padding-left: 0.48in">Total long-term liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,101,982</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,181,555</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <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><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="text-align: left; padding-left: 0.48in">Total liabilities other than shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,582,563</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,282,456</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Shares subject to mandatory redemption</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">111,235</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.48in">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,582,563</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,393,691</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <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><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="text-align: left">Commitments and contingencies</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(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Excess of liabilities over assets (deficit)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,820,394</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.48in">Total liabilities and excess of liabilities over assets (deficit)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,582,563</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">573,297</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Stockholders'&nbsp; deficit:</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="padding-left: 0.36in; text-indent: -0.12in">Common stock, $0.001 par value, 50,000,000 shares authorized; 32,590,850 shares issued and outstanding at March 31,
    2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,591</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.24in">Additional paid-in capital (deficit)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,975</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.24in">Accumulated deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,986,298</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.48in">Total stockholders' deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,006,682</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.48in">Total liabilities and excess of liabilities over assets (deficit) and stockholders' deficit</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">575,881</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">573,297</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"`"H`:D#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BBB@`HH
MHH`*CFGBMXS)-(D:#JSM@5S>O>,8K%VM-.07-UG!8<JA_J?:JNGZ'_:4BWGB
M._\`/D/*VV_"K]<?R%;*D[<TM$9NHKV1KR>+=*$GEV[S7C^EM$7_`%Z4O_"1
M2D9&AZF1Z^4/\:U+:&V@B$=K'&D8Z",`#]*FJ;P6R':7<PQXMTU'"7:7-D3_
M`,_$#*/SK6MKNVO(_,MIXYD/=&!ITR121E9E1D/4.`0?SKEM3\.VL4IN]#O5
ML;L<[$?"/[>W\J:4)>0FY1\SK:*Y#1_&3+-]AUM/)F!V^<!A2?\`:]/KTKK@
M0P!!!!Y!%3.G*#LRHR4E="T445!04444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`5QWBWQ/Y1?3K.7:>DTBGD?[(_J:UO%&M?V3I^V)L
M7$V0G^R.[5Q'AG2SK6MKYP+0Q?O)<]_0?B?ZUUT*:M[26R.>K-M\D3>\/>&9
MC:)?2!4>09C1ARH]?J:TI=.NH1DQ[AZKS70@8&!TJ.XN([:(R2'CL.YK-UIR
ME<?L8I'-"1H?F#E,=P<5(/$4ZKLP&']\CFF7S_;I"[J%]-O;_&L\VDN[`7*_
MWNU="C&2]XYG*47[I?:X:X^=I2^?4U/#8W,XRD1`]6X%5;1?LD@D7#,/4<5T
MMI=QW<>Y>&'WE]*SJ2<=C6G%2^(YS6/"TUU:M*FPSQKD*/XQZ5F^%?$WV.5=
M/NW/V<G"%^L1]/I_*N]KSGQOI`L-36]A7$5UDG'9^_Y]?SITIJI^[F.<.3WX
MGHO6EKE_!NN&]M?L-PV9H5RA/\2__6KJ*YIP<)<K.B$E)704445!04444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%(2`,DX`I:QO%=^=/\/W#J</*/
M*3ZG_P"MFJC'F:2$W97.$U_4SJNHW%R#^[!V1#T4?X]:[#P/IXM-#%PPQ)=-
MO_X".!_4_C7`0Q--&D2#+.=H^I->O6T"VMK%`G"Q(%'X"N[$OE@H(Y*'O2<F
M+-*D$32.<**YZZNGNI2[\#^%?05/J5X;F;8I_=H>/<^M0VEJUW,$'"CEF]!6
M$(J*NRYR<G9#K.R>[D_NH/O-6ZEM"D'DB,;.X/>G11)#&(T&%%/K&<W)FL(*
M*,&_T]K5MZ9:(_\`CM5H9GMY1)&<$?K73,JNI5@"#P0:P+^R-I+E<F-ONGT]
MJUA/FT9E4ARZHVK6Y2ZA$B\'N/0UG>)]/_M+0;B(#,D8\R/ZCG^615.RNFM9
MPW\!X8>U=""KH",%6'YBH:=.2:-(RYXV9Y'IM[)I\\-Y%]Z%]V/4=Q^(KUJW
MGCN;>.>(Y210RGV->4ZG:?8;Z[M<8$<C`?3/'Z5V?@2_-SHK6S'+6K[1_NGD
M?UKKQ45**FC##RM)Q9T]%%%>>=@4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%<1\1+K_`(\[0'^](P_0?UKMZ\V\=RE_$.SM'"H_/)_K71AE>H8U
MG:!0T5=]];8_A?=^7->CZC>[;10A^:89X["O._#G.H#/\*DUU$=P;@<G.SY1
M].U=5>/-)/L<M.7*FNY(B-(ZH@RS'`%=%:6RVL`1>3U8^IJEI%KA3<N.3PGT
M]:U*XZLKNQU4H65V%%%%8FP5'-"D\31N,@_I4E%`',3PM;S-$_4=_45IZ1=9
M4V[G[O*_3TJ75+7SH/-4?/'S]16"\[6Z^8APPZ5U+]Y&QRO]W*YS_B<[M6GE
M[2#</Y?TJSX!NO*UJ2W)XGB/'N#G^6:K>)B-T+C^-,?K5;PM*8?$MD0?O.5_
M,$5UM7HM>1A!VG?S/5J**YCQQXTM_"&F*^U9KZ?(MX2>#ZLW^R/UKRCT3I))
M8X4,DLBQH.K,<`?C5(:_HI?8-7L2W3;]I3/\Z^;M9\0:OXBNS-J5Y+<,Q^6,
M'"+[*HXJ"71-3@M_/FTJ[CAQGS'MV"_GB@=CZF5U=0R,&4\@@Y!IU?-7AGQE
MK'A>Z62RN6DML_O+61B8W'T['W%?0NAZS:^(-'M]3LVS%.N<'JI[J?<&@1;N
M+FWM(3-<SQP1+U>1PJC\33HI8YXEEAD62-QE71L@CV(KRKXXW$HBTBT#'R7:
M21E[$C:!GZ9/YUI_!6YEE\+74#N62"Z(C!_A!4$@?C_.@#T6BBB@`HHHH`BN
M;JWLX3-=3QP1#J\KA5'XFG1RQS1K)$ZR(PRK*<@CV->5?'&XD\K2+7<?*9I)
M&7L2-H'\S^=;7P;N)9O!31R,66&Z=$R?NK@''YDT`=]1110`4444`%%%%`!5
M>&_L[B>2W@NX)9HO]9&D@+)]0.E1:U/);:'?SQ-MDBMI'4^A"DBOGWX>W4UO
MX\TJ2.1@TT^R0Y^\&!SGUH`^B;J[MK*+SKNXBMX\XWRN%&?J:DCD26-9(W5T
M895E.01[&O'OCA).=4TN%F/V?R'95[;]V"?KC%='\&]2:[\(R6;L6-E<%%SV
M5@&`_,F@#T"JIU*P6\%F;VW%R>D)E7?_`-\YS5;Q'J?]C>'+_41C=;P,R9_O
M8^7]<5\QO/-)=&Z>5VN&?S#+GYMV<YSZYH`^KZ1F5%+,P55&22<`"LCPEJK:
MWX5T[49&W230CS#ZN.&_4&N?^+NI/8^"GAB<HUY,L)P>J\L?Y8_&@#L;6]M+
MZ,R6ES#<(#@M%('`/ID4]YXHF59)41G.%#,`6/MZUXQ\$Y)U\27T2,1`UKND
M7MN#`*?KR:R?BM->GQY<K<O(%C5/LPR0`FT<K^.?QH`^@:*S?#K7;^&]-:^W
M?:C:QF7=UW;1G/O6E0`4444`%%%%`!1110`4444`%>8>-/\`D9[C_=3_`-!%
M>GUYGXW39XEE/]^-#^F/Z5U83^)\C"O\)3T`D7<Q'7R3_,5T6GC?>)$3@2'!
M/I6!X;`^WMG^)"*Z*VB,;N3U!P*ZZF[.-;H[%%"(%48`&`*=56PN?M-L"3\Z
M\-5JO+::=F>DFFKH****0PHHHH`2N1UE!#>M"A^4<C\:ZFYG6V@:1NW0>IKE
M;U6F'F'E]V3[YKHH;W.;$/2QSFODF*USV+_TJKH)(U^P(_Y^$_G5_P`2H$6W
M0?PJ35/PXGF>(K!?^FP/Y<UZ'_+M_,YH[I'K5?-GCK7'U_Q;>W9?,,;F&`=@
MBG`_,Y/XU]$:K.;72+VX!P8K=W'X*37R[90F\OK>`GF>54/XD#^M>.>FCVSX
M7^"K;2M'AUF\@634+M1(A<9\E#T`]"1R3[XKT`@,""`0>"#38XUBB6-!A44*
MH'8"G%@HR2`/>@1X;\5O"$6A:G'JMA"([*])#HHPL<OMZ`]?J#74_!)KD^'K
M\.&^SBZS$3T)VC=C]*]!N[>RO[9K:\CAN(7^]'*`RG\#3[6VMK.V2WM(8X84
M&$2)0J@>P%`'E'QR_P!=HW^[+_[+6G\$?^1>U#_K[_\`9!69\<O]=HW^[+_[
M+6G\$?\`D7M0_P"OO_V04#/220H))``ZD]JX_5?BIX5TNX:#[7)=R*<-]ECW
MJ#_O<#\JYKXP^+)K<Q^'+*4Q^8GF7;*<$J?NI^/4_A7'>#_AWJ?BV![J.:.S
MLT;:)I%+%SW"@=<>M`'K6C?$SPOK5PMM'>-;3.<*ERFS<?0'I^M=;7SEXO\`
M`>I^$&C>Y=+FTF.U+B,$`-Z,#T->B_"/Q;-JUC+HM_*9+BS4-"[')>+I@^N#
MC\"*`,OXY?Z[1_\`=E_]EK3^$M_::;X#N[R]N$MX(KQR\DAP!\JUF?'+_7:/
M_NR_^RUP&CVNL^(C;^'+`EXS*TPCSA%)`!=C[`#_`":`/87^,/A-9_+$EXRY
MQY@MSM_GG]*ZW2M8T_7+);S3;J.Y@;C<AZ'T(Z@^QKQ?7/A%K.CZ2]_#=P7W
MDKNEBC0JP`ZD9ZX_"LKX>>)9?#OBBW)D(L[MQ#<)GC!.`WU!_3-`'T56!K_C
M;0/#3^5J-\!.1D01`N^/H.GXU8\5:L^A>&-0U.(`R00DQYZ;CP/U(KY^\/Z!
MJGC37FMX92\TF9;BYE)(49Y8^ISVH$>LK\9O"Y?!BOU']XP#_&NJT+Q-H_B2
M!IM*O4GV??3D.GU4\BO-;_X(R0Z?)+9:R9[E%+".2`*KGT!!XKA_!NKS:%XM
ML+I&9`9EBF7^\C'#`_S^HH&?0WB'_D6]3_Z])?\`T`U\]^!/^1XT7_KZ6OH3
MQ#_R+>I_]>DO_H!KY[\"?\CQHO\`U]+0"/2/C=8^9HNG7X',%P8V/LRY_FM9
M7P0O=FI:I8D\21)*!_ND@_\`H0KM_B;8_;O`6H@#+0*LR_\``6!/Z9KRCX4W
MOV3Q[:*3A;F.2(_B,C]5H`]'^,%_]D\%&V#8:\G2/'J!\Q_]!%>'"SF.GM?!
M?W"RB$M_M$$C]!7I?QOO]]_I>G`\1QO,P]R<#^1JG:Z#N^!UU=[/WC7?VL'_
M`&5(3^6Z@#J_@S?_`&GPE-9DY:TN6`'HK`,/US6/\<;WG2;`'_GI,P_(#^M4
M?@G?^5KNH:>S8%Q;B11ZE3C^35F_%^]^T^.&@!R+6W2/Z$Y8_P#H0H`Z7X'V
M.+;5=0(^^Z0J?H"3_,5T_B?QCX4T76+>SUB)9KI,.&^SB3R`>A)/3UXJ+X46
M/V/P':N1AKJ1YC^)P/T`KR?XE,6\?ZKDYPZC_P`<6@#Z(BE2:))8G#QNH96!
MX(/0UE:_XJT;PU$KZI>+$S_<B`+._P!%'/XU#X4G$'@32YY"2L=@C-]`M>#;
MK_QSXQ423`7&H3[59S\L:]A]`.U`CUJ/XR>%7EVL+Z-?[[0<?H<UU^DZUINN
MVGVK3+R.YBZ$H>5/H1U!^M>:ZC\$HH],=].U6:6]1<A9D4)(?3CI^M<;X`U*
M^T/QQ90QAT-Q.+:XA/&03@Y'J#S^%`SZ*K*UWQ+I'ANW$VJWJ0;ON)U=_HHY
M-6=6U*'2-*NM1N/]5;1-(WO@=/QZ5\XS3:MXW\4`G,][>R;44GY4'H/10/Y4
M"/7%^,OA8R["M\JY^^8!C^>:[#2=:T[7;,7FF7<=S">"4/*GT(Z@_6O++KX(
MW4>FF2VUA)KU5SY31;48^@;.1]37'>$_$-YX/\2I,=Z1"3RKR`]US@Y'J.HH
M&?25%-1UD170AE89!'<4Z@05P/Q"MRNHVMQCB2(IGW!_^O7?5S7CNR^TZ$)U
M&6MI`W_`3P?Z5O0ERU$9U5>#.-T)O+OX3_>)'Z5WEY8^59Q2J.54!_\`&O/+
M&46\L$S=(W#'Z`UZV0DL>.&1A^8KHQ,G&29S4(J2DCG[*Z-K<!OX#PP]JZ)6
M#*&4Y!Y!KG+NV:UG*'E>JGU%7-+OMA%O*?E/W">WM6%2/,N9&M.7*^5FQ111
M7.=`44R:6."%YI6"I&I9F/8"O/KSXBW+W++;V47V7.,2$[V'U'2I<DMSFKXJ
ME0MSO<Z;4KO[1-L0_NTZ>Y]:=IEF)R\CCY`"H^M4-/DCU:&&>SSLFXVMU0CJ
M#]*Z>&)8(EC0<**Z932@E$5/]X^?H>;>)<_;3$>L:8/UR:7P1;F;Q)&^,B&-
MG/Y8_K47B"=;C6;UTY42%1^'%;WP]LBL%U?,/OL(T/L.3_,?E7;4ERT3&FKU
M#H]>C,OA[4HUZM:R@?\`?)KYFTF40ZM8S-P$N(V/X,*^IW19$9&&588(]J^7
M=<TV31]<O=.D!#6TS(/<9X/Y8->6>BCZCKQWXS1ZR^MVC(ERVGB#Y#$&*"3)
MW9QWQCK7HO@O7XO$?ABTO4<&94$<ZYY60#!S]>OXUO4"/E)UNXUW.+A!ZL&`
MKTSX*ZK>/JE_IDD\DEOY`F5'8D(P8#C/3(/Z5T_Q@_Y$5_\`KYB_F:XSX)_\
MC3>_]>1_]#6@9H?'+_7:-_NR_P#LM:?P1_Y%[4/^OO\`]D%9GQR_UVC?[LO_
M`++6G\$?^1>U#_K[_P#9!0!YKX]NWN_&^KRN2=MPT8^B_*/Y5[[X4L8]-\*Z
M9:1C`2V0GW8C)/YDUX#XZMFMO&VL1,"";EG'T;YA_.OH'PS>1W_AC3+J,Y62
MUC_,*`?U!H`S_B%8QW_@;58W4$QPF93Z%/FS^E>._"^Z:U\?:?M/$V^)AZ@J
M?Z@5[+X^O$LO`VK2.0-UNT:^Y;Y1_.O&/AE;-<^/]-"CB(O(WL`I_KB@#K/C
ME_KM'_W9?_9:F^!]A']GU342N9"Z0*?0`;C_`#'Y5#\<O]=H_P#NR_\`LM6O
M@?=QG3]4LMP\Q)DEQZ@C'\Q0!ZB0&!!&0>H-?+WB&T73/$>HVD7"V]U(J>P#
M'%?4).!DU\P>)+I=2\3:G=1'<L]U(4([@L<4`CZ-%K;Z]X:CM[Y/-AO;5?,7
M.,Y4&N6L)?!'PS2YMEU/_2)6#2JS>;+QT7"CC\?6K'C76KCPI\/8OLS&.[>.
M.UC<=4.WDCW`!KR3P7X2G\9ZS);FY,,42^9<3$;FY/09ZDGUH$=YJWQMM(PR
M:/I<DS=I+EMB_P#?(R3^E>3I,T^I+.0%:2<.0O0$MGBO>M*^%OA72BLCV;7L
MJ\[[I]PS_N\#]*\*G9)-=D:(*$:Z)4#@`;^*!GTIX@_Y%K4O^O.7_P!`-?/G
M@3_D>-%_Z^EKZ#\0?\BUJ7_7G+_Z`:^?/`G_`"/&B_\`7TM`(^B]3M!?Z7=V
M;#(GA>/GW!%?-7AZZ;2O%&G7#?*;>[3?^#8/]:^GZ^9_&%E_9GC+5+91M"73
M.GT8[A_.@$:7Q0O_`+?X\O\`:<K;A8%_X".?U)KV2PT)5^'D6B,O+Z?Y3#_:
M9.?U->"Z3%-XA\7VB3G?)>WBF0^N6RWZ9KZ;Z#`H`^<_AW>MIGCS3&;Y?,E,
M#Y_V@5_GBJ?C*\.H>,=6N%.X-=.J_13M'\J?XGMY-"\<7Z0_(UO>&6+VR=Z_
MS%5]`M6UCQ586[_,;F[3?]"V6_K0!]&Z!9#3?#VGV0&/(MD0CW"C/ZUX)\2/
M^1_U;_KHO_H"U]&5\Y_$C_D?]6_ZZ+_Z`M`(]M\*0K<>`]+@?[LE@B'Z%<5X
M!J>G:EX2\0M;N7M[JTDW0RKQD`_*ZGN#7T%X/=8_!&DN[!56RC+$G@#;69'J
M'@WXC>?I^V.^>VY^="C`=-R-P<9]*!'%Z-\:[R%5BUK3DN0.#-;ML;ZE3Q^1
M%=OX;O/!OB747UK2K>V.I@9D+Q[9D[9(_J/SKDM<^"BA'FT+46W#E;>ZY!]@
MX_J*\UL+V_\`#6NQW,6Z"[LY<.OT.&4^QY%`SVOXO7+6_@25%.//GCC/TSN_
M]EKRWX>^(-+\,^(7U+5$F95@9(O*3<0Q(YZCMG\Z]-^+"F]^'HN8U.U9HI2/
M0'C_`-F%>:?#KP]I7B?7Y=/U0S!?LYDB\I]I+`C/Z$T`>D_\+F\+?\\]0_[\
M#_XJO(O%FHV6K^)[_4=/61;:YD\Q1(NULD#=D?7->O\`_"F_"OK??^!'_P!:
MJUW\/?A_X=E@FU6X>-9'VQI=76%<^F!C-`'8>%'DD\):2\N=YLXLY_W16M3(
MEC6)%B"B,*`H7H!VQ3Z!!45U;I=VLMO*,I*A1OH:EHH`\?NK62RDGM)1AX6*
M'_&O2?#%\-0T"VD)RZ+Y;_5>/Y8K$\;Z.6`U.%>VR8#]&_I^54?`>J"WOY-.
ME;"7'S)GLX[?B/Y5Z%3][1YENCCIKV=1Q9W%Y:K=PE#PPY4^AKGI$:*0HXPR
MGD5U-4[^Q6Z3<N!*.A]?8UR4Y\NC-ZD.;5$&G:CO`AF/S=%8]ZTZY9T:)RC@
MJR]0:E77I(X_(SN/02>E7*E=WB9QJI*TBQXJF#Z#?6T1S*82V!Z#D_IFO)*]
M.C=C('7YV)^NZJDOP[M+B<3)<R6T;\M`%#;?8&N:M2:LT>9CL-4Q,E*'0?\`
M#='&DW3L/D:?Y?R&?Z5T^I7BZ?IMQ=L>(HRP]SV_6EL+&WTVRCM+5-D48P!W
M/N?>N5\?ZH%ABTR-OF<^9+CL!T'Y\_A6E&GS243TJ4'0H*+W1QR&2:,\%I)&
MP!W))KU;1M/&EZ3;V@QE$^<^K'D_K7'>"M&-U=+?3+^YMSE,_P`3_P#UO\*[
M^NG%5+OD70>'A9.3"O,/BQX)FU$#Q!ID)DGB3;=1(,LZCHP'<CO[?2O3Z0$'
MH<XKC.D^8_#WB?5?#%X;G2[C9OXDC8;DD'N/Z]:[)OC;KABVKI5@LF/O[G(_
M+/\`6N^U[X:>&]>F:XDMGM+E^6EM6V;CZD=#^5<^OP0TH29;6+TI_="(#^>*
M!GE^N^*-9\2SB35+UY@#\D2C:B_11W_6O3_A#X3U#2A<ZSJ$+6YN8A'!$XPV
MW.2Q';.!BNGT'X>>'/#TBSVMEYUPO2>Y.]A].P_`5T]`'D?QR!\[1CVVR_\`
MLM:7P2_Y%W4#_P!/?_L@KJ_%WA"P\8:?';7DDD+POOBFCQE2>".>H-6/#/AR
MR\+:.FFV)=E#%WD<_,['J3^E`CSGXR>%Y?M$?B.UC+1E1%=;1]TC[K'V[?@*
MP/!7Q+NO"EF=/N+4WMEN+1J'VO&3U`/<=\5[S)''-$T4J*Z."&5AD$>A%<%J
MOP<\/7T[36<USIY8Y,<1#(/H#T_.@9YWXW^(5WXO6.U2W^QV,3;_`"M^YG;U
M8^WI79_!SPO-:6\WB"[C*-<IY=LK#G9G);\2!CZ>]:NC?"'P[IEPMQ=-/J+H
M<JLY`3/^Z!S^-=VJA5"J`%`P`!P*`/)/CD/WNCG_`&9?_9:X3P_JFK^%;BWU
M^R3]S([0G=RDN,%D/Y@U[OXO\'V/C"QBM[N62"2!]T4T>,KGJ,'J#_2DL_!.
MB6OA8>'9+?[19\LQE/S,Y_CR.A^E`'F>O_&&_P!5TF2QL=/6Q>9=DLWF[R`>
MH7@8^M8'P^\.R>(?%5M'Y9-K:L)KAL<!0<@?B>/SKT)_@EHIN=Z:G?+#G_5_
M*3CTW8KM]"\/Z9X;L!9:9;"&/.68G+.?5CW-`'-?%S3)M0\%/+`I8V<RSL!_
M=P03^&[/X5Y9X"\7CPAK,EQ-"TUK<)Y<RI]X8.0P^GI[U]$NBR(4=0RL,$$9
M!%>?ZI\&M!OKMI[.YN;`.<F*/#(/H#TH`QO%'Q@AO=.DL/#]K<+-<+Y9GF4`
MJ#Q\J@G)KRVYM;G3KM[>YA>"XA(W1R##*>O-?0/AKX<:!X:G6ZAB>ZNU^[/<
M$,4_W1C`_G3?%/PXTCQ5J46H7$LUO,H"RF''[U1T!SW]Z`-&YO!J7@*:]7G[
M1IC2?G&37@_@,9\<:+C_`)^EKZ.@LK>WL4L8HE6WCC$2Q]@H&,?E7):!\,-&
M\/Z^=7@FGE9"3!%(1MBSQ]3P<#-`':5X3\8[`VOC);H+A;RW5L^I7Y3^@%>[
M5S_BWP=I_C"RC@O&DBE@8M%-%C<N>HYZ@_TH$>2?"+3C>^-XYRN4LX7E/L3\
MH_\`0OTKWNN>\(^"].\'VLL=FTDTTY!EGEQN;'0#'05T-`'AGQDT\VOB^.\`
M^6\MU.?]I?E/Z;:J_"6P-YXYAF*Y6TA>4^QQM'_H5>O^+/"&G>+[!+:]+Q20
MMNBFCQN0GKUZ@^E0^$/!.G>#X)EM'DGGG(\R>7&2!T``Z"@9TE?.?Q)!'C_5
M<C_EHO\`Z`M?1E<=XG^&FD>)]934[B>>"0@+,L1&)0.G4<''&:!%[P]:&^^'
M-C9[MIN--6//IN3&?UKPG2=1U+P3XG$XBV75FYCFA?@..A4^Q['Z&OI6W@BM
M;>.WA0)%$@1%'0`#`%8/B7P-H?BDB2_MV2X486XA.U\>A/0CZT`<V?C5H'V(
MR"ROOM.WB$HN,_[V>GO7E4$-[XP\6[4C'VC4;DNP0<("<L?H!7IR_!#21)EM
M7O2G]T*@/YXKL/#G@[1?"T;#3;;$KC#SR'=(P],]A["@9<U;1H-5\/W&CR<1
M30>4#_=XX/X$`U\ZPR:KX*\4!BGDWUA+RK?=<=/Q5A_.OINL/Q'X/T7Q3&HU
M*US*@PD\9VR*/3/I[&@1R(^-NC?8-YTV\^U;?]2-NW/^]GI^%>;:CJ&L_$#Q
M/&'7S+BX;RX84^Y"GM[#J37HW_"D-)\W/]KWOEY^[M3/YX_I78>'/!VB^%HV
M&FVV)7&'GD.Z1AZ9[#V%`S6L;865A;VH8L((ECW'O@`9_2IZ**!!1110`R6-
M)HFBD4,CC#*>A%>::]H=QH6I+-;LPC+;X9/0CG'U%>G5!>6<%_:O;7,8>-QR
M/3W'H:VHU73?D95*?.O,S](\06VH:>DTKB.8#$J>C?X5-+K$"<1JTA_(5QFH
MZ1J7AFY-S`#<V?=P.0/1A_6MW1_L>M0"2VNQN`^>(K\R?A_6M94X+WEL9J=3
MX7N%],]^<R87'3:.G^-9QLY\\(2O]X=*ZF+2+=#E]TA]^E70B*FP*`OICBI5
M91TBA.@Y:R9RUD6L7#QD%N^1D5LPZS$W$R%#ZCD5+-I5M+DA3&?]G_"LO4K>
MTTNW-Q=7HC0=`5^9O8#O0Y0J/7<:C.&VQH7FMV-G9R7#2AM@X4=6/8"O/K2Q
MO?$^MO)(?FD;=(W41K_G@5;MK74O%5WF",PV:''F..`/ZFNZTO2[;2;06]LO
MNSG[SGU-:7C03M\3_`24JKUV)K.TAL;2.V@7;'&,#W]ZGHHKB;OJ=25@KD/"
MET+>379YW;RXIR[=^F[/\JZ^N%T;_D'^)_J__LU;TU>,EZ?F93=I+YFT_C71
M(S#F=SYJAN$)V9_O>E:0U>S.IQ:>)"9I8O-3`^4K]:Y6*RMU^&LDOE)YC*7+
M8YSOQU^E+=`V=CX<UD?\L0D4I_V2/_UU;I0>B\T3SRZG5G5+4:K_`&9O/VCR
MO-(QP!]:S&\::*MW]G,[D!MIE"'9GZUCQ,]W%XCUJ,DY5H(6']T#DC\,5!96
MVJW?A-;.#2K1K:5"1.TP#9S]['8T*E!;@ZDNAUVIZW8Z3#')<R$^;_JUC&YG
M^@J"W\3:9=V%Q=Q3,%MUS*K(0Z_A6)<Z5?"#1YK*[MI-1M(.(F<$2+ZKZXZ5
M8T"^CN=6O8KW3%M-3:+,I&=LBCV[=1]:GV<>6^X^>5[$'@[7+=-.N8+J>1I8
MB\YW`G"<9Y^N>*TCXUT0-"//?]Z`?N'Y,_WO2LCP\J_\(3JC;1NS*,XY^Z*J
M/:PK\-EF$:^8TNXMCG._'7Z5K*$)3=^]B%*2BK=CJ(O%FD3:D+".X+2%MH?;
M\A/H#4VK>(-/T9D2ZD8R.,K'&NYL>M<SK=K!;:=X=,,2H=Z<@8)R%)_6G&34
M#XXU"2TLX;J:-`%6:3;M7`Y'^>]0J4'JMBN>2T.FM==T^\TR74()BT,()D&/
MF7`S@BJ+^-=$C:(&=SYJALA"=F?[WI61%I][:P:_<744%L+BW+?9XI0VT\\X
M[#K35LK=?AJTHA3S&'F%\<[M^.OTH5*G?YI!SR+'C#6(H;O38XKAU\N19WV9
MP4['W[ULW/B?2[6SM[IY'9;D9B1$)=A]*YW5@&TKPR6`)+1@DCJ,+6GK^GW;
M:S:WVDRP&\MXB/LSD9*9/('XXI\L+13\PYI7;7D:^E:S9:Q"TEG(6V'#JRX9
M?J*OUS/AB^BN-2OHYM.%EJ)`:<*3AP.^.W7]:Z:N>I'EE8U@[JX4445!0444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`A`(((R#U!K!OO"-C//]JLI)-/N0<B2`X&?I_A6_151DX["<4]S`C'BFQ&T_
M8]20=&),3_X5)_:NMC@^'FSZBZ3%;=%5SI[I$\OF8+R^*+OY8K>SL%/\;R&1
MA^`XJ.W\(6\EQ]JU:ZEU&?\`Z:'"#\*Z*BCVC7PZ!R)[ZC4C2)`D:*BJ,!5&
M`*=116984444`%85EX;%I!JD1N2W]H,V#M^X#G\^M;M%4I-:(32>YC+H&WPL
M=%^T<F,KYNWOG/2GW&AI<>'!I#2_=B5%DQT(Z'%:U%/GE^HN5&=I6CQ:;HRZ
M<Q$J[2)"1C>3UK&_X0^[CC>R@UJ6/3G;)AVY./3-=513522;?<3A%Z&%J'AA
M)ELWL+I[*>R39%(!N^7T-/TC0)+&\FO[V\:\NYEV%RNT!?0#\JVJ*/:2M:X^
M2-[G+6OA"XM7N(DU606<P?\`<!>I88YY[?TJV_AHMX571?M.&'/F[>,[MW2M
MZBFZLWU$J<48NI>'Q?V^G0BX*"Q=3G;G>``/PZ4W5O#TEWJ"ZE87K65X%VLX
M7(<>XK<HJ54DAN"9@V?AD065\D]X]Q=WR%9)V'3CC`J7^P/^*6_L7[1SY>WS
M=O?.>E;-%-U)/J')$P=2\,_;M'LK*.Z,4MGMV2[<Y(&.E02>%KQUM[E=8E&H
MP`C[05SN4G.,>@R:Z6BA59H3A%F/HNA-IMQ/>75VUW>7&`\A7``'8"MBBBIE
M)R=V4DDK(****D84444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%5[N_M+!`]W<1PJQP-YQD^U6*QCD^(KP[$DN([5#;+(<#!+;L'MS
MC)^E`&C#?6UQ(J0S*Y:,2C;T*DX!S^%/FN(H#&)&VF5]B>[<G'Z&N9?4YY)#
M=QJMM-+;1Q<?,(R9BA/OCK3KLW7VQ-.:^=_*O(3'.X!=0R-D'C!/'''<4`=3
M5<WUL+DVQF42@@;3W)!('Y`_E7/S7MVL4]BMW=2W$$KB)XM@+*%5LN2,8&['
MO4;3F59=2DP&B%G</CL,'=^A-`'2&^M0DCF=-L<GEN<_=;C@^_(J2&:*XA6:
M%UDC<95E.017)V*-]M@M7ZWDB7[`_1B?U"5:M;Z[C73[BXDF%O)`H3R@H1I>
M<AQC(SQC%`'35'%-',&,;APK%3@]".HK$T&YU*YECGG6=H)X/,9I=FT.<$;,
M'.,$]?05!";F6Y2T@NWMEFN[KS&C`W'!R,9'%`'345RR:K?_`&:-&GS->0*D
M#;1Q('V,1^!#?@:DM;O5[FZ:6!9RIDEC._9Y2A<A3_>SN`S]30!TF:6N5C\^
MZFTU)+R]CN(KIDG63;E6\LGL,$>GL:?"^I7,ML3JDJ+=S3Q,JHOR*A;&WCK\
MO7WH`Z>BN3&I:M>111P&=YH[;?F$(`[[F4%MW;Y>@]:L&ZU#[1+=->.JPWT<
M'V?:-NU@@()QG.6X^E`'1TQYXHY(XWD57E)"*3RQ`R<?A7,1)>VNDO+'=W<D
M*W<IG,>TR*@9N5R/7!/Z5K7UQ*9M.^RR*QFW[68#YOW9*GVYQ0!JT5C:=>F/
M2+E[R>X6:V!^T><%+1MM!.,#!'<?6C0[BZ>:\M[DSD1;&3[05,@#`]=O':@"
M]::I8WTC1VMU%*Z<E5;D5-/<16ZJTK;0[A%]V)P!7*0+?+H<.HA([=;.T<1.
MK;F<L1R>.`,=.:N:O//-=SVZW&Q4EM#&<`["SG)_04`;\US#`\22N%,K;4SW
M."?Y`TZ*:.>%)HG5XW&593D$5S;R3IJD-I+<-<"VO/DD<#=AH6.#CKC^M2:1
M-=ZGY"M>O`MO;0R%8@H\QF!))XZ<8P/>@#;O+^TL(Q)=SI"K'`W'J?;UJ2&:
M.XA2:)P\;C*L.A%9JA'\52><`72T4P9[`L=Y'_CM5-1NKM9-1GANS`NFJI2$
M`;9,KN.[C/.<#%`'0T5S+RZC-<M(FHR1*U^;81A%PJ$9ST^]Z&EAFO[J>UL3
MJ,D?SW,;RJJ[W",`IZ8!YH`Z6BN2EU>\:QBFCGG>XMAF4H$$1'F%=S9Y.X`\
M"K1GO_M;3_;I/+_M`VPAVC:$/'IG()S^%`'0LRHA=CA5&23V%4[;6],O)Q!;
M7L4LK=%5N:HZ-?75[<K%-)G[)"8[@8'S2[B.?P4G_@507<LMO_;$EJXBF$\"
MJ^T'&0@_K0!T=0S74%NZ)-($,F[;GO@9/Z"L*:[N;;4H$AN;JX2*9+>=I-@C
M)(SC&,EN0<CBJPDNI?[.U"6\:1KB.>01$#;&?+.`O';H<T`=5'(DL:R1L&1P
M&5@>"#WIU<J]WJ!MIKE+YXUM+:WE6-47:Y9<MGCH?:II;N]:4W:WSQJ-06V^
MS@+MV;@#VSD]<^E`'245DW]Y-#>W<:2[533VE4<<,">?Y5F/>:BT<]VM\ZBU
M2W<1!1ARRC=NX[YH`Z2:XBMPAE;;O<(ONQZ"I:YB=[BZFBNY+M]BZF(5M\#:
M`K8'OGC/XU$FHZL]C-?K]H6-[>5RS[/+C8?<V8Y]CF@#J\XJ.*XBFDECC?<T
M+;7&.AP#_(BLC5+>?^P(4DOIC+YT1:48!.7'MT&>/H*IL+JUO;^ZBO)`(;R%
M&C*C$@*HI+<=<'M0!U%59-2LHKU+-[F,7#_=CSS61IMWJ=UJ*3[+@V[RR)(&
MV>6J@D+M_BSD#.?4U-<I/IFI/.NQ[6_F1'/22*0C:"/4<#CM0!MT5RK:IJ$U
MF^RY,<MI$D4S;0<RF4+G'T4G_@52^9J%M<2DZE+*EK>11!'5?G5]N=Q`[;N/
MI0!T$%Q%<Q>9"^Y=Q7..X.#^HI9YH[:"2>5ML<:EF;T`ZUS-K+=6-O#>)=M(
MCWLL1ML#:5+/T[[LC-,NKF[&E!YKQKA=1L)I'0@8C(3<-N.W..:`.HEN8+>W
M-Q-*D<0&2[G`%0VVIV-YL^SW4<F\D+M/4CD_S%4;X(]_H\<X!A+,<-T,@3Y?
MZXJG?ZC+$QNKBWCA?3KH*VQ]P97C//0>JT`;HO[0Q"47$90N8PV>"PSD?7@T
ML5[:SQO)%.CI&,L0>%&,\_@<URUC`T,XTQ^3;J]VV?5H@/\`T)FH):"UBM4.
M#JME!&O^\,*W_CK9_"@#KHY$EC62-@R.`RL.X-.IJ(L:*BC"J,`>@IU`!52]
MTRSU#8;J$.T?W6#%67Z$<T44`-71]/6$PBU3RS%Y17G&W.<?F2:9_8>F_9OL
MQM@8]_F'+,26QC.<YSBBB@!&T'3&@C@-J-D18K\S9.>N3G)SWS4W]EV7D2P?
M9U\N6-8G7)^90,`?E110`\65L)TG$*B6./RD;T7CC]*A31[!)895@PT``C&]
ML+CIQG&>3S110`^TTNSL97EMHC&S]0'8J.<\#.!^%/2PM8Y5E2$!U9W!R>"W
MWC^-%%`#5TVS7[/B!?\`1F+0_P"P3G./S-,_LBQ^TR7(A(DE!WX=@#D8)QG&
M<=Z**`&KHNGK`L(@.U91*#O;=O\`7=G/3BITL+6,Q%(0/)9G3D_*6SN/XY-%
M%`$$FB:=*D2M;X$60A5V4@$Y(R#R,]JF.GVI#@PC$DHE;D\N,8/Z#\J**`()
M=#TZ;S-\!Q+(9'`D8`L>O`/?N*LRV=O.(Q)$"(P0F.-N1@]/8T44`1P:99V]
MK):QPCRI<^8&8L7R,<D\GBBRTVTT\/\`9HMADQO)8L6QTR2:**`)%L[=+/[&
M(E^S["GEGD;?2JJ:!I:0/"+12DFW>&9CNV],DG/&:**`)(=)L;=$2.``1N9%
M)8D[B,$DDY)P<<TUM%TYF@;[/M-NH6,J[+A1T!P>1]:**`)+W3+/40GVJ'>8
MSE&#%67Z$8-1MHFFN\3M;`F(!5RQY`Y&>?FQ[YHHH`G^P6H.?)'^N\[J?O\`
MK5&[T*WNKR!S&OD)YK.H=E8NY!R"/H?SHHH`FET+3)O+WVBXC01J`2!M'(&`
M><>]3FPML'$(_P!;Y_4_?]:**`(=*LI+2.:6X\O[3<RF67R_N@]`!ZX`%3O8
M6LGF[X0?.97DY/S%<8/Z"BB@")](L)+W[8]N#/N#[MQ^\.AQG&?>F1Z'IL4[
M3):J';=SN/&X$-@9P,Y/2BB@"7^S++RI(O(&R5%1QD\JHP!^%9UQHTESK*W!
MM;6.-95D,RNQ=]O0;<8!SW]***`-"]TJQU%T>[MQ(4!`R2.#U!QU'L:=_9MF
M8I(_(&R4*'&3R%&%_+%%%`$;:-ISWOVQK93-O#[LG&X=&QG&?>D&BZ>KS,+?
M'GAA(N]MI#=>,X&?:BB@"S<VD%W:M:SQ[XF&"N2/IS48TVS$;Q^2"LC*SY).
MXKC!_P#'1^5%%`"1Z79PWK7D<169R2Q#G!)ZG;G&??%-;2;(WOV[R-UP#N!+
MG&[&,XSC/OBBB@"*RTH+:3"^2-Y;J7SI@F=N[(P!],"K36%JYD+0@^9(LC\G
MEEQ@_A@?E110!##HNG07?VJ*V"R@D@[B0">IQG&?>DCT/38O.V6J@3(4<;B1
MM/4#G@'VQ110!8N;*VO+;[/<0K)%Q\I[8Z$>AJ!-%TZ.TDM1;`Q2L&D#,6+$
M8P22<]A110!.;.W-Q)<&(>;)&(W;N5YX_4TW^S[3-L?(7-H,0?['&./PHHH`
'LT444`?_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
