<SEC-DOCUMENT>0001206774-13-001035.txt : 20130312
<SEC-HEADER>0001206774-13-001035.hdr.sgml : 20130312
<ACCEPTANCE-DATETIME>20130312172313
ACCESSION NUMBER:		0001206774-13-001035
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20130312
DATE AS OF CHANGE:		20130312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RESEARCH FRONTIERS INC
		CENTRAL INDEX KEY:			0000793524
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				112103466
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14893
		FILM NUMBER:		13685180

	BUSINESS ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
		BUSINESS PHONE:		5163641902

	MAIL ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>research_10k.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>

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<P align=center><FONT face="Times New Roman" size=2>UNITED STATES SECURITIES AND EXCHANGE
COMMISSION<BR></FONT><FONT face="Times New Roman" size=2>WASHINGTON, D.C. 20549 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>FORM 10-K </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>ANNUAL REPORT PURSUANT TO SECTION 13 or
15(d) of<BR>THE SECURITIES AND EXCHANGE ACT OF 1934 </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>For the fiscal year ended
      </FONT><U><FONT face="Times New Roman" size=2>December 31, 2012</FONT></U></TD>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>Commission File Number
      </FONT><U><FONT face="Times New Roman" size=2>1-9399</FONT></U></TD></TR></TABLE></DIV><BR>
<P align=center><U><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR></FONT></U><FONT face="Times New Roman" size=2>(Exact name of registrant as
specified in its charter) </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="65%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap style="text-align: center" width="24%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT size=2 face="Times New Roman">DELAWARE</FONT></TD>
    <TD noWrap style="text-align: center" width="24%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT size=2 face="Times New Roman">11-2103466</FONT></TD>
    <TD noWrap style="text-align: center" width="24%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap style="text-align: center" width="49%" colSpan=3><FONT face="Times New Roman" size=2>(State or other
      jurisdiction of</FONT></TD>
    <TD noWrap style="text-align: center" width="50%" colSpan=3><FONT face="Times New Roman" size=2>(I.R.S.
  Employer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap style="text-align: center" width="49%" colSpan=3><FONT face="Times New Roman" size=2>incorporation or
      organization)</FONT></TD>
    <TD noWrap style="text-align: center" width="50%" colSpan=3><FONT face="Times New Roman" size=2>Identification
    No.)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><FONT face="Times New Roman" size=2>240 CROSSWAYS PARK DRIVE</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD style="TEXT-ALIGN: center" noWrap align=center width="50%"><FONT face="Times New Roman" size=2 style="border-bottom: solid 1pt #000000">WOODBURY, NEW YORK</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap align=center width="50%"><FONT face="Times New Roman" size=2 style="border-bottom: solid 1pt #000000">11797-2033</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD style="TEXT-ALIGN: center" noWrap align=center width="50%"><FONT face="Times New Roman" size=2>(Address of principal executive
      offices)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap align=center width="50%"><FONT face="Times New Roman" size=2>(Zip
Code)</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>Registrant&#146;s telephone number, including
area code <u>(516) 364-1902</u></FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="73%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="81%" colSpan=3><FONT face="Times New Roman" size=2>Securities registered pursuant to Section 12(b) of the
      Act:</FONT></TD>
    <TD noWrap align=left width="18%" colSpan=2><FONT face="Times New Roman" size=2>Name of Exchange</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=2 face="Times New Roman">Title of Class</FONT></TD>
    <TD noWrap align=left width="79%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>on Which
      Registered</FONT></TD>
    <TD noWrap align=left width="17%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="80%" colSpan=2><FONT size=2 face="Times New Roman">Common Stock,
      $0.0001 Par Value</FONT></TD>
    <TD noWrap align=left width="18%" colSpan=2><FONT face="Times New Roman" size=2>The NASDAQ Stock</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="81%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=left width="18%" colSpan=2><FONT face="Times New Roman" size=2>Market</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>Securities registered pursuant to
Section 12(g) of the Act:<BR></FONT><U><FONT face="Times New Roman" size=2>None</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the
Securities Act.&nbsp;&nbsp;Yes [&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;No [X]</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Indicate by check mark if the
registrant is not required to file reports pursuant to Section 13 or Section
15(d) of the Act.&nbsp;&nbsp;Yes [&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;No [X]</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Indicate by check mark whether the
registrant (1) has filed all reports required to be filed by Section 13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90
days.&nbsp;&nbsp;</FONT><FONT face="Times New Roman" size=2>Yes [X]&nbsp;&nbsp;No
[&nbsp;&nbsp;&nbsp;]</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Indicate by check mark whether the
registrant has submitted electronically and posted on its corporate Web site, if
any, every Interactive Data File required to be submitted and posted pursuant to
Rule 405 of Regulation S-T (&#167; 232.405 of this chapter) during the preceding 12
months (or for such shorter period that the registrant was required to submit
and post such files).&nbsp;&nbsp;Yes [X]&nbsp;&nbsp;No [&nbsp;&nbsp;&nbsp;]</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Indicate by check mark if disclosure of
delinquent filers pursuant to Item 405 of Regulation S-K is not contained
herein, and will not be contained, to the best of registrant&#146;s knowledge, in
definitive proxy or information statements incorporated by reference in Part III
of this Form 10-K or any amendment to this Form
10-K.&nbsp;&nbsp;[X] </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, a non-accelerated
filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the
Exchange Act. (Check one): </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Large accelerated filer</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">Accelerated
    filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">Non-accelerated
      filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="92%"><FONT size=2 face="Times New Roman">Smaller reporting
      company</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>Indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Act).&nbsp;&nbsp;Yes [&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;No [X] </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The aggregate market value of the
voting and non-voting common equity held by non-affiliates of the registrant as
of June 29, 2012 (the last business day of the registrant&#146;s most recently
completed second fiscal quarter), computed based on the closing sale price of
$3.12 was $55,578,494. In making this computation, all shares known to be owned
by directors and executive officers of the Company and all shares known to be
owned by other persons holding in excess of 5% of the Company&#146;s common stock
have been deemed held by &#147;affiliates&#148; of the Company, and awards of restricted
stock subject to vesting are assumed to have been fully issued and outstanding.
Nothing herein shall prejudice the right of the Company or any such person to
deny that any such director, executive officer, or stockholder is an
&#147;affiliate.&#148; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>On March 12, 2013 the registrant had
22,916,095 shares of Common Stock outstanding. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><U><FONT face="Times New Roman" size=2>PART I</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>ITEM 1.</FONT></B></TD>
    <TD noWrap style="text-align: center" width="48%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%"><STRONG><FONT size=2 face="Times New Roman">BUSINESS</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="48%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE><BR>
<P align=justify><I><FONT face="Times New Roman" size=2>Forward-Looking Statements
</FONT></I></P>
<P align=justify><I><FONT face="Times New Roman" size=2>Information included in this Annual
Report on Form 10-K may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
are not statements of historical facts, but rather reflect our current
expectations concerning future events and results. We generally use the words
&#147;believes,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;anticipates,&#148; &#147;likely,&#148; &#147;will&#148; and
similar expressions to identify forward-looking statements. Such forward-looking
statements, including those concerning our expectations, involve risks,
uncertainties and other factors, some of which are beyond our control, which may
cause our actual results, performance or achievements, or industry results, to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. These risks,
uncertainties and factors include, but are not limited to, those factors set
forth in this Annual Report on Form 10-K under &#147;Item 1A. &#150; Risk Factors&#148; below.
Except as required by applicable law, including the securities laws of the
United States, we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. You are cautioned not to unduly rely on such
forward-looking statements when evaluating the information presented in this
Annual Report on Form 10-K. </FONT></I></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>General</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>As used
herein, &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; the &#147;Company&#148; or &#147;Research Frontiers&#148; means Research
Frontiers Incorporated unless otherwise indicated. We develop and license our
patented suspended particle device (&#147;SPD-Smart&#148;) light-control technology to
other companies that manufacture and market either the SPD-Smart chemical
emulsion, light-control film made from the chemical emulsion, lamination
services, electronics to power end-products incorporating the film, or the
end-products themselves such as &#147;smart&#148; windows, skylights and sunroofs.
Research Frontiers currently has over 40 companies that, in the aggregate, are
licensed to primarily serve four major SPD-Smart application areas (aerospace,
architectural, automotive and marine products) in every country of the world.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research Frontiers was incorporated in New York in 1965 to continue early
work that Dr. Edwin Land, founder of Polaroid Corporation, and others had done
in the area of light-control beginning in the 1930s. Research Frontiers was
reincorporated in Delaware in 1989. Since 1965, Research Frontiers has actively
worked to develop and license its own SPD technology, which it protects using
patents, trade secrets and know-how. Although patent and trade secret protection
is not a guarantee of commercial success, Research Frontiers currently has
approximately 290 patents that have issued worldwide. In addition, the Company
has current patent applications in the US and other countries that if granted,
would add a significant number of additional patents to its portfolio. The
Company has and continues to devote significant resources to develop, license
and protect its intellectual property position. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>SPD-Smart products use microscopic light-absorbing nanoparticles that are
typically suspended in a film. These particles align when an electrical voltage
is applied, thus permitting light to pass through the film. Adjustment of the
voltage to the SPD film gives users the ability to </FONT><FONT face="Times New Roman" size=2>quickly, precisely and consistently regulate the amount of light, glare
and heat passing through the window, skylight, sunroof, window shade or other
SPD-Smart end-product. This SPD film can be incorporated between two layers of
glass or plastic, or combinations of both, to produce a laminate that has
enhanced energy efficiency, light-control and security performance
properties.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Research
Frontiers believes that the SPD industry is in the initial phase of growth. SPD
light-control technology may have wide commercial applicability in many types of
products and industries where variable light-control is desired. SPD-Smart glass
or plastic window products include the following: </FONT></P>
<UL style="text-align: justify; padding-left: 15pt"><LI>
  <P align=justify><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Automotive sunroofs, sunvisors, side windows and rear
  windows;</FONT></P>
  </LI><LI>
  <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Architectural commercial and
  residential windows, doors, skylights, and partitions for new construction,
  replacement, and retrofit applications;</FONT></P>
  </LI><LI>
  <P align=justify><FONT face="Times New Roman" size=2>Aerospace and marine windows, doors,
  partitions and sunvisors. </FONT></P></LI></UL>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Some of the early sales and uses of SPD technology have been low volume
commercial installations and some have involved concept and test installations
by licensees and their customers (see &#147;Trends and Recent Developments&#148; below).
Some of our licensees consider the stage of development, product introduction
strategies and timetables, and other plans to be proprietary or secret, and as
such this information cannot be disclosed by Research Frontiers until such
licensees, or their customers, make their own public announcements of planned or
actual product launches. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Beginning in late 2011, higher volume sales of SPD products commenced
with the launch by Daimler AG of the Magic Sky Control&#153; all glass roof option on
their Mercedes-Benz SLK and SL vehicles. This roof is made with Research
Frontiers&#146; SPD-SmartGlass technology. Research Frontiers believes that within
the different industry applications listed above, automotive sunroofs and all
glass roofs such as the recently launched Magic Sky Control roof on the
Mercedes-Benz SLK and SL, sunvisors and side and rear windows for vehicles,
aircraft window shades and certain architectural applications will be the
earliest adopters of the Company&#146;s technology. The Company believes the largest
and most predictable near and intermediate term market for its technology will
be the automotive glass market. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to the product applications listed above, SPD-SmartGlass
technology could offer potential benefits in the development of new flat panel
displays, eyewear, and self-dimming automotive rear-view mirrors. However, such
products will need significant product design, engineering or testing before an
evaluation of the commercial potential of such SPD-SmartGlass products can be
determined. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Recent progress with regard to market development and commercialization
activity has been the result of focused and active efforts by Research Frontiers
and its key licensees who have invested in product development and improvements,
production facilities, increased production capacity, durability, performance
testing, quality control and assurance, and marketing programs. Licensees
supplying film to end-product licensees have announced plans to establish new
production capacity. Research Frontiers believes that with the normal
progression of product and manufacturing improvements, and as licensees become
more experienced at the lamination, fabrication and installation of SPD-Smart
products for various applications, the </FONT><FONT face="Times New Roman" size=2>adoption
rates for SPD-Smart products will grow and accelerate, which we expect will
increase the stream of royalty income for the Company.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>As part of
their marketing and branding programs, many of our licensees have developed
their own trademarks for SPD-Smart emulsion, film, and end-products and these
are listed in their respective press releases, product brochures, advertising
and other promotional materials. Research Frontiers uses the following
trademarks: SPD-Smart&#153;, SPD-SmartGlass&#153;, VaryFast&#153;, SPD-CleanTech&#153;, SPD Clean
Technology&#153;, SmartGlass&#153;, The View of the Future - Everywhere you Look&#153;, Powered
by SPD&#153;, Powered by SPD-CleanTech&#153;, Powered by SPD Clean Technology&#153;, SG
Enabled&#153;, SPD Green and Clean&#153;, SPD On-Board&#153;, Speed Matters&#153;, VariGuard&#153; and
Visit SmartGlass.com - to change your view of the world&#153;. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In each of the last three fiscal years the Company devoted substantially
all of its time to the development of one class of products, namely SPD-Smart
light-control technology, and therefore revenue analysis by class is not
provided herein. Information about our operation and those of our licensees is
included below and in our financial statements and notes thereto. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company does not believe that future sales will be seasonal in any
material respect. The Company does not currently directly manufacture products
on its own but rather depends on activities of its licensees. Due to the nature
of the Company&#146;s business operations and the fact that the Company is not
presently a manufacturer, there is no backlog of orders for the Company&#146;s
products. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company believes that compliance with federal, state and local
provisions which have been enacted or adopted regulating the discharge of
materials into the environment, or otherwise relating to the protection of the
environment, will not have a material effect upon the capital expenditures,
earnings and competitive position of the Company. The Company has no material
capital expenditures for environmental control facilities planned for the
remainder of its current fiscal year or its next succeeding fiscal year.
</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Employees</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On March 12, 2013 the Company had thirteen full-time employees, five of
whom are technical personnel, and the rest of whom perform legal, finance,
marketing, investor relations, and administrative functions. Of these employees,
three have obtained doctorates in chemistry, one has a masters degree in
chemistry, one has extensive industrial experience in electronics and electrical
engineering, and one has majored in physics. Four employees also have additional
postgraduate degrees in business administration, including one doctorate in
organization and management. Also the Company&#146;s suppliers and licensees have
people on their teams with advanced degrees in a number of areas relevant to the
commercial development of products using the Company&#146;s technology. The success
of the Company is dependent upon, among other things, the services of its senior
management, the loss of which could have a material adverse effect upon the
prospects of the Company. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Industry
Trends</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>While economic activity around the world is still slowly recovering from
a severe downturn, there also are favorable converging global trends in the
major near-term markets for SPD-Smart products. These trends are gaining
momentum and strength. In both public and private sectors across the world,
there are substantial efforts targeted toward the promotion and </FONT><FONT face="Times New Roman" size=2>use of energy efficient materials, including those used in
automobiles, windows and other architectural glazings, aircraft and boats. For
example, as part of its sustainable design strategies, the architectural
community is actively increasing the use of daylight harvesting and building
automation systems to more effectively capture and control natural light as part
of energy reduction strategies to offset electricity used by artificial
lighting. In addition to design, aesthetic and other benefits, this expanded use
of glass also supports a growing body of research which finds that the presence
of and control over incoming natural light improves the well-being and
productivity of individuals. Products using SPD-Smart light-control technology &#150;
sunroofs, windows, skylights, partitions and others &#150; can play an important role
in supporting these converging global trends. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In the
automotive industry, global trends include the introduction of larger sunroofs
and panoramic roof panels in transportation vehicles, and a higher percentage of
these vehicles having a sunroof or using more glass in the roof. In 2011,
Daimler AG introduced its new Mercedes-Benz SLK and SL roadsters which offers as
an option the Magic Sky Control glass roof using the Company&#146;s SPD-SmartGlass
technology.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Automobile manufacturers are beginning to introduce &ldquo;cielo&rdquo; glass systems
where the windshield of the vehicle joins with the glass in the roof of the
vehicle to form one continuous piece of curved glass. The SPD-Smart component of
these cielo systems can start with the blue band on the top of the windshield
(the rest of the windshield would not use any kind of dark tint because
regulations require that the main part of the windshield not have less than 70%
light transmission at all times) and extend back to encompass the entire glass
roof.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Some automakers have incorporated SPD-SmartGlass in concept vehicles,
with some of these concept vehicles being exhibited at major auto shows:
</FONT></P>
<UL style="PADDING-LEFT: 15pt">
  <LI>
  <P align=justify><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>September 2012:<BR>&nbsp;<BR></FONT><FONT face="Times New Roman" size=2>BMW debut at the Paris Motor Show its new BMW
  Concept Active Tourer. This vehicle&#146;s entire composite glass roof uses
  patented SPD-SmartGlass technology. </FONT></P></li>
  <LI>
  <P align=justify><FONT face="Times New Roman" size=2>March
  2012:<BR>&nbsp;<BR></FONT><FONT face="Times New Roman" size=2>Mercedes-Benz
  debut at the Geneva International Motor Show its public evaluation of the
  Limited Edition Viano Pearl. The use of SPD-SmartGlass technology in roof
  glass and on its windows offers many benefits including enhanced privacy
  on-demand, improved security, and increased energy savings due to lower heat
  build-up within the vehicle. </FONT></P></li>
  <LI>
  <P align=justify><FONT face="Times New Roman" size=2>September
  2011:<BR>&nbsp;<BR></FONT><FONT face="Times New Roman" size=2>Audi debuted its
  A2 concept car at the Frankfurt International Auto Show in Frankfurt, Germany.
  The A2 is an electric-powered passenger car equipped with a large SPD-Smart&#153;
  panoramic glass roof. </FONT></P></LI></UL>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>SPD-SmartGlass has also been shown in armored automotive glass
applications, and a new market is also beginning to develop for personalized
custom conversions of automobiles for owners who wish to express themselves
through the design of the cars they own and/or drive. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>For
architectural applications, various market forces and the distinctive features
of SPD-SmartGlass are having a positive influence on interest for SPD-Smart
products. Many architects are specifying more glass in their designs to satisfy
building occupants&#146; desire for greater connectedness with the outside
environment. In addition, there is increasing interest in improving energy
efficiency in both commercial and residential buildings. Various studies
indicate that buildings in the United States and Europe now account for an
estimated 39-40% of total energy use and upwards of 70% or more of electricity
consumption. Many architects and building owners are striving for sustainable,
&ldquo;green&rdquo; buildings that are highly energy-efficient, reduce environmental impact,
and improve occupant health and well-being. In addition, the design community is
increasingly interested in advanced daylighting systems in buildings that lower
electrical lighting usage and reduce heating and cooling loads. Because of this,
the ability to control light, glare and heat in these building applications is
very important and advanced solutions often are needed to optimize operating
efficiencies. SPD-Smart architectural products instantly and precisely provide
shading, glare control and heat management solutions for offices and homes,
especially when these products are available for new construction, replacement
and retrofit projects. These products include insulated glass units,
single-panel retrofits, unusually shaped glazings, and products with advanced
fabrications such as those with ballistic- and blast-resistant capabilities.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the aerospace industry there is also a trend towards larger windows.
In the &#147;transport category&#148; (primarily large commercial passenger aircraft)
segment, the world's two largest aircraft manufacturers are both promoting the
size of the windows in new aircraft platforms either already being delivered
(e.g. Boeing 787) or in pre-production (e.g. Airbus A350). In the &#147;general
aviation&#148; category (primarily private or chartered smaller aircraft) this trend
is true as well, for example Gulfstream is promoting the size of the windows on
the G650 platform. Several OEMs either already offer, or have announced
their interest to include, electronic smart window shades in their aircraft &#150;
including Boeing, Airbus, Bombardier, Hawker Beechcraft, HondaJet and Nextant.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>SPD-Smart aircraft cabin
windows have now been sold and installed on 30 different aircraft models, including turboprop
airplanes (e.g. Hawker Beechcraft King Air), helicopters (e.g. Sikorsky S-92), general aviation
jets (e.g. Bombardier Challenger), and commercial airline aircraft (Airbus A380 - Qantas Airlines
has SPD-Smart window shades in first class lavatories in all of their A380s).</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Some aircraft manufacturers have incorporated SPD-Smart cabin windows in mockups, with some of these mockups being exhibited at major aviation shows:</FONT></P>

<ul style="font-size: 10pt; text-align: justify"><li>November 2011:</li></ul>
<P align=justify style="padding-left: 30pt"><FONT face="Times New Roman" size=2>Bombardier Aerospace featured SPD-Smart
aircraft windows in their CSeries aircraft cabin mock-up at the 2011 Dubai Airshow,
equipping the business class windows in its mock-up with SPD-Smart aerospace windows.</FONT></P>

<ul style="font-size: 10pt; text-align: justify"><li>October 2012:</li></ul>
<P align=justify style="padding-left: 30pt"><FONT face="Times New Roman" size=2>Honda Aircraft featured
HondaJet, displayed SPD-Smart cabin windows at the 2012 National Business  Aviation Association (NBAA) Annual Meeting &amp;
Convention.</FONT></P>


<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Electronic
aircraft window shades may use SPD technology, or may use  other smart window technologies such as liquid crystal or
electrochromic  technology. A window system using electrochromic technology was recently  introduced in the Boeing 787. There
have been concerns raised that this aircraft&#146;s electronic dimmable windows are not dark enough for long haul flights,
transmits  too much heat into the cabin, and have a switching speed that is too slow. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company believes its SPD technology offers important performance
advantages over other technologies including faster, more uniform response time,
greater light-blockage, maximum heat-rejection when the aircraft is parked on
the ramp, and weight-savings. To date, SPD technology is also the only
commercially available light-control smart window technology known to have
passed the stringent safety and durability tests required by the aviation
industry and to have received a Supplemental Type Certificate (STC) from the
Federal Aviation Administration. Today SPD-Smart window shades are flying in 30
models of various aircraft including those used in commercial aviation, general
aviation and military aviation. Two leading companies manufacturing
electromechanical pleated window shades have announced new products that
incorporate SPD dimmable windows into their designs. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>6 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the marine application, where light-control needs are especially
important, many yacht manufacturers currently employ less than ideal glazing
solutions as they try to satisfy various shading and solar control objectives.
For example, some report having to use as many as five </FONT><FONT face="Times New Roman" size=2>different types of glass in a typical yacht to satisfy diverse glazing
needs. SPD-Smart marine products can reduce the number of different types of
glass used in these yachts because of its increased functionality, superior
performance and versatility. SPD-Smart marine products provide an innovation
that allows these operators to manage incoming light, glare and heat while
achieving privacy or maintaining one&#146;s view as desired. In October 2011, Cheoy
Lee Shipyards unveiled the Alpha, its most advanced production yacht, which is
fully-equipped with the latest yacht design features including SPD-SmartGlass
supplied by Research Frontiers licensee Diamond Sea Glaze. The Alpha has
approximately 150 square feet of SPD-SmartGlass at various places throughout the
vessel and it is the first large-scale production yacht to make such extensive
use of SPD-SmartGlass. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Products using
SPD-Smart technology continue to be exhibited at trade shows, conferences, and
industry events, with such products not only being exhibited by our licensees
but also by their customers and by OEMs. While there can be no assurance that
these trends will continue, to the extent that they do continue, each is
expected to have a beneficial effect on future fee income for the Company.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In January 2012, Freedonia Group (a leading market research firm) issued
a global flat glass study that projects 6.0 percent annual growth for this
market through 2016 (valued at $90 billion). This study indicated that Flat
Glass demand over this time period will be influenced by favorable expectations
in building construction. The Advanced Flat Glass market, a specialty segment of
the Flat Glass market, is expected to grow at a faster rate. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Historical Background and Recent
Developments</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><B><I><U><FONT face="Times New Roman" size=2>SPD-Smart Film
Production</FONT></U></I></B><B><I><FONT face="Times New Roman" size=2> </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An important material used in SPD-Smart end-products is SPD light-control
film that varies the tint of glass or plastic. In early 2007, our licensee
Hitachi Chemical began producing their initial SPD-Smart light-control film on
their first factory line. During the second half of 2009, Hitachi Chemical
announced that they had begun mass production on their new, larger capacity
production line and expanded their annual production capacity to 400,000 square
meters (over 4.3 million square feet). Unlike prior production lines, Hitachi
Chemical&#146;s new production line is dedicated exclusively to the production of
SPD-Smart film. In July 2009, Hitachi Chemical launched its website dedicated to
its SPD-Smart light control film and during 2009, Hitachi Chemical outlined in
its press releases and public presentations that it plans to &ldquo;accelerate the use
of SPD film, which holds significant potential for growth&rdquo; and noted that &ldquo;SPD
film is positioned as one of the key emerging products promoted by Hitachi
Chemical to become a future leading product for the company.&rdquo; Customers for
Hitachi Chemical's SPD-Smart film are end-product licensees of Research
Frontiers. These licensees receive the film, laminate it between glass or
plastic substrates, and then fabricate end-products which are sold into various
industries. Most end-product licensees pay Research Frontiers a royalty on the
sale of these end-products that typically range from 10-15%. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In 2010, Hitachi Chemical expanded its SPD film product portfolio by
initiating commercial production of a &#147;lighter&#148; version of its film. Both the
SPD &#147;dark&#148; and &#147;light&#148; films provide very high ranges of visible light
transmission. SPD &#147;dark&#148; film has a range of approximately 0.5% to 55.0%, and
SPD &#147;light&#148; film has a range of approximately 2% to 65%. This leads to contrast
ratios (the ratio of clear to dark light transmission) of up to 110:1. The
commercialization of both &#147;dark&#148; and &#147;light&#148; versions of SPD-film provides
greater design and </FONT><FONT face="Times New Roman" size=2>performance options for
various end-product applications. In addition, in February 2012 the Company
filed a patent application relating to the production of SPD-films with even
higher light and dark transmission states than currently are available
commercially. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Two other
companies are currently developing SPD-Smart light-control film under license
from Research Frontiers using SPD-Smart emulsion. These two companies are
licensed to sell SPD-Smart light-control film to other licensees of Research
Frontiers. </FONT></P>
<P align=justify><B><I><U><FONT face="Times New Roman" size=2>SPD-Smart Automotive
Products</FONT></U></I></B><B><I><FONT face="Times New Roman" size=2> </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research Frontiers and its licensees are currently working with multiple
automotive manufacturers to introduce SPD-Smart windows, sunroofs and roof
systems on both concept and production vehicles. Research Frontiers&#146; end-product
licensees in this sector include: American Glass Products, Asahi Glass, BOS
Automotive, Custom Glass, Daimler AG, DuPont, GKN Aerospace Transparency
Systems, Isoclima, Pilkington Glass, Pittsburgh Glass Works (formerly the
automotive glass division of PPG Industries) and Vision Systems. The Company&#146;s
automotive glass licensees account for the majority of all glass produced for
the automotive market throughout the world. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In September 2008, the automotive glass business of PPG Industries (now
known as Pittsburgh Glass Works, LLC), was licensed to make SPD-Smart automotive
glass products, including windows, sunroofs and roof glass systems. Pittsburg
Glass Works (PGW) is North America&#146;s largest automotive glass producer. PGW
cited the importance of this work with SPD-Smart automotive products in their
October 2009 press release highlighting milestones achieved during their first
year as an independent company after being previously a wholly-owned subsidiary
of PPG Industries. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In September 2009, Pilkington Group Limited, a subsidiary of Nippon Sheet
Glass (the world&#146;s largest supplier of glass used in buildings and cars),
expanded its license for SPD-Smart architectural products to include automotive
end-products. In March 2011, Pilkington Automotive introduced its brand
SPD-SmartGlass automotive glazing products known as Sundym Select</FONT><FONT face="Times New Roman" size=2>&#153;</FONT><FONT face="Times New Roman" size=2>. Pilkington describes Sundym
Select as providing &#147;the highest level of solar protection available in any,
mass produced, vehicle glazing to date.&#148; Pilkington and its parent company
Nippon Sheet Glass (also a licensee of Research Frontiers) are now supplying
Sundym Select for the Mercedes-Benz SLK and SL Magic Sky Control
roofs.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In 2011, Daimler AG began using SPD-SmartGlass technology in its Magic
Sky Control panoramic glass roof as an option on its new Mercedes-Benz 2012 SLK.
In late 2011, Daimler AG also began offering its Magic Sky Control panoramic
glass roof as an option on its new Mercedes-Benz 2013 SL. These SPD products
allow drivers and passengers to change the tint of the car roof from dark to
clear quickly with a touch of a button. The SLK and SL are the first large-scale
series production vehicles to offer SPD-SmartGlass. The Research Frontiers
licensees involved with the production of the Magic Sky Control roof for the SLK
and SL include Hitachi Chemical, which manufactures the SPD-Smart light-control
film in Japan. Automotive glass companies Nippon Sheet Glass in Japan and
Pilkington in the UK and Germany then process and laminate Hitachi&#146;s SPD film
into the glass for the Magic Sky Control roof. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>8 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In January 2010, Vision Systems acquired a license from the Company to
manufacture and sell SPD-Smart products for markets including recreational
vehicles, buses, trucks, mobile cranes and construction vehicles in all
countries of Europe. In June 2011, Vision Systems SPD-</FONT><FONT face="Times New Roman" size=2>Smart aircraft window shades were featured in the business class section
of the Bombardier C Series aircraft mockup at the 49th International Paris Air
Show (Le Bourget Airport in France). Vision Systems&#146; aerospace and ground
transportation products were exhibited in October 2011 at the NBAA 2011 &#150; the
National Business Aviation Association&#146;s 64th Annual Meeting and Convention (Las
Vegas, Nevada) &#150; where HondaJet also exhibited this licensees&#146; SPD-Smart
products in its mock-up. During that month, SAFRA SAS exhibited bus roof glass
produced with Vision Systems&#146; SPD-Smart Nuance product for the transportation
industry at the 23rd National Meeting of Public Transport (Strasbourg, France),
and another automotive OEM exhibited a skydome for a motorhome made with Vision
Systems&#146; SPD-SmartGlass at the 46th Salon de Vehicules de Loisirs (Paris,
France). In November 2011, Bombardier Aerospace featured Vision Systems&#146;
SPD-Smart aircraft windows in CSeries aircraft cabin mock-up at the 2011 Dubai
Airshow (Dubai, United Arab Emirates). </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Vision Systems
announced in January 2012 that Notin, manufacturer of motorhomes and campers,
has selected Visions Systems&#146; Nuance brand of SPD-SmartGlass for the skylight of
Notin's Angara luxury motorhome. The SPD-Smart skylight is standard equipment on
the Angara. In February 2012, Vision Systems&#146; SPD-Smart aerospace products were
exhibited at the 2012 Singapore Airshow (Changi International Airport,
Singapore).  In July 2012, Vision Systems announced plans to add a dedicated
SPD production facility in France and plans to establish a second production
facility in the United States. Vision Systems exhibited its SPD-Smart
transportation products at Transports Publics 2012, in June 2012, and in
September it debuted its SPD-SmartGlass transportation products with multi-zone
management at InnoTrans 2012. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>While the highest volume market for which SPD-Smart technology is being
developed is new car production by the world&#146;s automakers, the aftermarket
upgrade market also presents near-term opportunities in the automotive market.
Research Frontiers licensee American Glass Products (AGP) is offering its Vario
Plus Sky SPD-SmartGlass to the automotive aftermarket. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within the automotive market, a potentially additional sector is the
armored glass market. Armored glass (sometimes referred to as &#147;transparent
armor&#148; and &#147;bullet-resistant glass&#148;) encompasses the military, non-military
government, and civilian markets. In addition, SPD-Smart technology in this
market not only provides the benefits of light-control and UV blockage, it also
enhances security by introducing darker tints and privacy. A number of the
Company&#146;s licensees including American Glass Products, GKN, Isoclima and
Pittsburgh Glass Works are recognized industry leaders in the armored glass
market. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In February 2008, GKN Aerospace Transparency Systems acquired a license
from us covering SPD-Smart armored glass for vehicles (as discussed below, this
license was also expanded in late 2010 to also include aircraft products). GKN
is a world leader in armored transportation vehicles for both military and
civilian vehicles. Since then, GKN has exhibited their armored SPD-Smart
automotive glass at various military and industry trade shows. In September
2009, GKN announced that it had been awarded a $425,000 contract by the
Combating Terrorism Technical Support Office (CTTSO) of the United States
Department of Defense to develop instantly dimmable SPD-Smart bullet resistant
windows. GKN reported that it has successfully moved to the next phase of this
government project. In October 2011, GKN exhibited its SPD-Smart armored
automotive window at AUSA 2011 in Washington, D.C. and is pursuing commercial
opportunities for its SPD-based products. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>9 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>At the 2011
Frankfurt International Auto Show (Frankfurt, Germany), auto manufacturer
</FONT><FONT face="Times New Roman" size=2>Mercedes-Benz exhibited its Viano Vision Pearl
luxury concept van using SPD-SmartGlass&#153; technology. The Viano Vision Pearl
luxury van on display featured SPD-SmartGlass technology in the three glass roof
panels, the rear window, and four side windows. All of these glazings were
supplied by Research Frontiers&#146; licensee Isoclima S.p.A. In September 2012,
Isoclima debuted its CromaLite brand of SPD-SmartGlass railway windows at
InnoTrans 2012, and in October it exhibited its VebLite brand of SPD-SmartGlass
For military applications at the 2012 Land Warfare Conference. VebLite is
Isoclima&#146;s SPD-Smart solar control and privacy glazing product that functions
like a venetian blind. It has multiple segments that provide instantly
customizable shading fully controlled by the passenger and can be operated
individually to create the effect of a shade being raised or lowered or moved to
the side. This precisely controls where incoming heat and glare enter a military
vehicle, and also controls where and to what degree people outside the vehicle
can see into it.</FONT></P>
<P align=justify><B><I><U><FONT face="Times New Roman" size=2>SPD-Smart Architectural
Products</FONT></U></I></B><B><I><FONT face="Times New Roman" size=2> </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research Frontiers and its licensees are currently working with multiple
architectural customers to introduce SPD-Smart products including windows,
skylights, partitions and doors. The architectural markets for these products
are highly fragmented and in general have a high sensitivity to price. In the
near term, the Company expects SPD-SmartGlass products primarily will be
commercialized in specialty applications and/or sectors that value its
distinctive performance attributes including fast switching speed regardless of
window size, a very wide range of visible light transmission, infinite light-control
between its dark and clear states, and availability in unusual shapes and sizes.
Research Frontiers&#146; end-product licensees in this sector include: Advnanotech (ADV), American Glass
Products (AGP), Asahi Glass, Cricursa Cristales Curvados, ID Research Pty Ltd, Innovative Glass, LTI SmartGlass, Prelco, Isoclima, Traco (a
business unit of Alcoa), SmartGlass International Ltd. &#147;iGlass&#148;, and Tint-It JSC.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>SPD-Smart windows, skylights, doors and partitions offer various benefits
in architectural applications. During 2009, independent tests were conducted by
DSET Laboratories, a division of Atlas Material Testing Technology, in
accordance with ASTM and ASHRAE testing and calculation protocols. These test
results demonstrate that SPD-Smart windows have excellent solar heat rejection
and control capabilities.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In January 2011, SmartGlass International announced that a new study
published by the Department of Engineering at the University of Cambridge
concluded that SPD-Smart light-control windows are exceptionally energy
efficient, reducing solar heat gain by as much as 90%. The Cambridge study
indicated that the real-world testing &ldquo;confirms theoretical predictions that SPD
glass holds great energy saving potential and is a technology that can really
help to reduce energy wastage of glass facades.&rdquo; In addition to SPD-Smart
technology, the Cambridge study discussed alternative dynamic glazing
technologies that could be used in windows (e.g. electrochromics) and reported
that SPD-Smart technology did not have the disadvantages that limited the
potential of these alternative technologies. For example, the study cited that
an electrochromic window that is 2.4 square meters can take up to 30 minutes to
change from clear to dark. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research Frontiers licensee SmartGlass International has announced
completion of several high visibility SPD-SmartGlass installations. During
February 2012, the company announced installation of SPD-SmartGlass at CERN, the
European Organization for Nuclear Research, which is one of the world&#146;s largest
and most respected centers for scientific research. SmartGlass International
installed SPD-SmartGlass in CERN&#146;s Globe of Science and Innovation that will house a permanent exhibition
and is intended to serve as a venue for a wide range of activities, conferences
and other events, In February 2011, SmartGlass International announced it
supplied retrofit SPD-SmartGlass to five London television studios of the
Associated Press. The SPD-SmartGlass used in these projects harvests daylight
when it's needed, improves occupant comfort by providing controllable solar
shading during peak light conditions, and preserves views. Just prior to this
installation, it was announced that SmartGlass International installed retrofit
SPD-SmartGlass panels at the set of &ldquo;Daybreak,&rdquo; the breakfast anchor program
from ITV, one of the UK's largest commercial television networks.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade size="2">

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In November  2011, Research Frontiers licensee
Innovative Glass Corporation was awarded two  2010 Crystal Achievement Awards for their smart window product line using our
SPD-Smart light-control technology. In October 2010, their SPD-SmartGlass  product was awarded WFX&#146;s (Worship Facilities
Conference &amp; Expo) New Product  award for Best Building System Material Product/Window. Innovative Glass has  completed
or is working on a variety of SPD-SmartGlass projects in the  commercial, residential and institutional markets. In March
2013, Innovative Glass exhibited its  SPD-SmartGlass architectural products at Glass Expo Northeast in Hauppauge, New York.
Glass Expo Northeast is the region&#146;s  largest conference and trade show dedicated to the architectural glass and metal
industry.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In November 2012, licensee LTI Smart Glass exhibited SPD-SmartGlass at
the 2012 ArchitectureBoston Expo (formerly known as Build Boston) architectural
trade event. Known as a pioneer in the processing and laminating of electrified
films, the LTI Smart Glass product line includes high-performance SPD-Smart
ballistic- and blast-rated glazings, in addition to conventional SPD-Smart
windows, doors, skylights and partitions. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In February 2010, iGlass acquired a license from Research Frontiers granting it the right to
manufacture and sell SPD-Smart architectural end-products in Australia, New
Zealand and South Africa. The license also grants ID Research Pty Ltd the
worldwide right to manufacture and sell SPD emulsion and film to end-product
licensees of Research Frontiers. The license follows a $1.5 million grant to ID
Research Pty Ltd from the Government of Victoria's Science Agenda (VSA)
Investment Fund for &ldquo;Electro Responsive Material Coatings for Switchable
Automotive Tinted Glass.&rdquo; The proceeds of this investment are to upgrade and
modify the company&#146;s factory to produce SPD light-control film. </FONT></P>
<P align=justify><B><I><U><FONT face="Times New Roman" size=2>SPD-Smart Aircraft
Products</FONT></U></I></B><B><I><FONT face="Times New Roman" size=2> </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research Frontiers&#146; worldwide presence in the aviation industry includes
five end-product licensees: GKN Aerospace, InspecTech Aero Service, IsoClima, SmartGlass
International (in partnership with Schott AG) and Vision Systems. Research
Frontiers, its licensees, and strategic partners of its licensees are currently
working with &#147;transport category&#148; (primarily large commercial aircraft) and
&#147;general aviation category&#148; (primarily private and chartered smaller aircraft)
aerospace customers to introduce SPD-Smart aircraft products including windows
and partitions. The SPD aviation infrastructure is actively working in both new
aircraft production and aftermarket installation programs. </FONT></P>
<P align=justify><I><FONT face="Times New Roman" size=2>InspecTech Aero Service Inc.
</FONT></I></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research Frontiers' licensee InspecTech Aero Service Inc. markets its
iShade brand of SPD-Smart windows to both the OEM new production segment and
aftermarket segment of the aviation industry. Building on previously announced
milestones including the selection by Hawker Beechcraft Corporation of
InspecTech smart window shades for aftermarket installation on King Air
aircraft, and receiving a Supplemental Type Certificate (STC) for all models of
King </FONT><FONT face="Times New Roman" size=2>Air aircraft by the FAA, InspecTech and its
strategic partners are working with a growing number of aircraft manufacturers
and their customers and are selling SPD-Smart dimmable windows for fixed wing
aircraft and helicopters. InspecTech&#146;s SPD-Smart products have been installed on
30 models of helicopters and commercial, corporate, and military aircraft.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>InspecTech&#146;s
SPD-Smart aircraft windows are the industry&#146;s only dynamic switchable window
shades that are now available for any aircraft as an aftermarket installation
worldwide, and for new production aircraft. In the transport category of the
industry, InspecTech&#146;s SPD-Smart products have been installed in selected areas
on all Airbus A380 aircraft delivered by Airbus to Qantas Airlines to date,
making SPD-Smart window shades the first and only instantly dimmable window
shade flying on commercial airlines.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In 2012, InspecTech marked the 11-year anniversary of the world&#146;s first dimmable aircraft windows.
SPD-Smart iShades installed in 2001 are still in service, validating the superior durability of
iShades over any other shading system. InspecTech&#146;s SPD-Smart product line has evolved
as a result of working closely with aircraft OEMs, private jet owners, and the changing
certification requirements of the FAA. Recent improvements include:</FONT></P>

<ul style="font-size: 10pt; text-align: justify"><li>April 2011:</li></ul>

<P align=justify style="padding-left: 30pt"><FONT face="Times New Roman" size=2>InspecTech announced a new model of its SPD-Smart iShade window, branded iShade iQ. This model,
in addition to the light, glare and heat control, also reduces noise levels in the cabin.</FONT></P>

<ul style="font-size: 10pt; text-align: justify"><li>October 2012:</li></ul>

<P align=justify style="padding-left: 30pt"><FONT face="Times New Roman" size=2>InspecTech announced
improvements to its iShade iQ including a higher light transmission, greater contrast ratio,
unprecedented optical clarity, superior acoustic and thermal insulation properties,
and lighter weight.</FONT></P>

<ul style="font-size: 10pt; text-align: justify"><li>October 2012:</li></ul>

<P align=justify style="padding-left: 30pt"><FONT face="Times New Roman" size=2>InspecTech announced
enhancements to its electronics architecture used to control iShades to enable the
SPD&ndash;Smart windows to switch to their clearest state in the event of a power loss &ndash; that was a
request made by certain OEMs. InspecTech&#146;s iShades now offer &#147;the best of both worlds&#148; - when
unpowered on the ramp, the windows automatically switch to their darkest, maximum
heat-rejecting state, and when in the air, they instantly switch to the clear state in the event of a loss of power.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In March 2012, InspecTech&#146;s
strategic partner MSA Aircraft Products showcased SPD-Smart shades at the 2012 Aircraft
Interiors Expo in Hamburg, Germany. MSA&#146;s products combine InspecTech&#146;s SPD-Smart
iShade dimmable window with a pleated shade. The integration of InspecTech&#146;s
SPD-Smart iShade greatly enhances the flexibility and light-control capability now available
to MSA Aircraft Products&#146; customers. MSA&#146;s SPD-Smart products offer a combination of
performance benefits in a single system &ndash; view preservation, variable shading, complete
privacy, and a broader set of interior design options with the addition of a pleated shade.
This integration highlights the creative potential and adaptability of SPD technology.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In May, 2012, InspecTech&#146;s
strategic partner Lou Martin and Associates (LMA) showcased its SPD-Smart E3 Shades at
the 2012 European Business Aviation Conference and Exhibition (EBACE) in Geneva. This
aircraft cabin window shading system integrates LMA&#146;s electromechanical pleated shade
with InspecTech&#146;s SPD-Smart iShade dimmable window. Aircraft owners and operators can
maintain the soft fabrics and warm colors of LMA&#146;s shades and benefit from the SPD-Smart
film technology used in InspecTech&#146;s iShades.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>At the end of 2012, InspecTech&#146;s
sales of its iShade brand of SPD-Smart dimmable windows had extended to installation on 30 different aircraft models,
and its mature SPD-Smart dimmable windows had been on in-service aircraft for eleven years.</FONT></P>

<P align=left><FONT face="Times New Roman" size=2><I>Vision Systems</I></FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In November 2011, licensee
Vision Systems exhibited its Nuance and Noctis brands of SPD-Smart aircraft cabin windows at the Dubai Airshow
in Dubai, United Arab Emirates. Nuance and Noctis SPD-Smart aerospace windows offer instant and precise
light-control at every level which provides OEMs and private aircraft owners
a solar protection solution that enhances flying comfort and supports fuel efficiency. These electronically
dimmable aircraft and helicopter window shades and cabin dividers are impact-resistant, completely silent,
available in flat and curved surfaces, and can be controlled by the cabin management system or by passengers.
Vision Systems&#146; Noctis SPD-Smart product line offers enhanced blackout solar protection and complete privacy.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>At the November 2011 Dubai
Airshow, Vision Systems announced that Bombardier Aerospace was featuring Vision Systems&#146; SPD-Smart aircraft
windows in Bombardier&#146;s CSeries aircraft cabin mock-up. Bombardier equipped the business class windows
in its mock-up with Vision Systems&#146; SPD-Smart Noctis aerospace windows. Developed for the 100- to
149-seat market segment, the CSeries family of aircraft is Bombardier&#146;s all new mainline transport solution.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In February 2012, Vision Systems&#146;
SPD-Smart aerospace products were exhibited at the 2012 Singapore Airshow at Changi International Airport, Singapore.
Eltra Aeronautics, a Visions Systems sales representative in Asia, featured Vision Systems&#146; SPD-Smart Nuance and
Noctis products. Eltra Aeronautics is a leading aviation services company that offers airlines and MRO (Maintenance,
Repair and Operations) organizations a wide range of aftermarket support services.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In March 2012, Vision Systems announced
that the company has invested over $750,000 to expand its existing factory in France to add a production facility dedicated
to the manufacture  of its SPD-Smart Nuance and Noctis aerospace and transportation windows and cabin dividers. To meet
anticipated demand  for its SPD-Smart products, Vision Systems also announced plans to establish a similar factory in the
United States with production  of SPD-Smart products commencing in 2013. Both facilities will have state-of-the-art equipment
and processes to ensure  the highest standards of product quality over larger production volumes.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In March 2012, Vision Systems exhibited
its SPD-Smart products at the 2012 Aircraft Interiors Expo in Hamburg, Germany. Vision Systems featured its Nuance and
Noctis SPD-Smart windows, which were controlled using an app installed by the user on an Apple or Android device.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In October 2012, Vision Systems featured
its SPD-Smart Nuance and Noctis aircraft and helicopter window shades at the NBAA Annual Meeting and Convention, an also exhibited its SPD-Smart products and cabin management systems working with these products. The Nuance and
Noctis dimmable windows were operated by VisiSmart, an application for personal electronic devices developed by Vision
Systems. VisiSmart makes it possible for airlines to offer in-flight entertainment, and control of cabin management
systems such as lighting, on passenger-owned handheld devices. The company also exhibited its SPD-Smart Nuance dimmable
window combined with its Comfort Shade product for additional interior design options including colors.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>At the October 2012 NBAA,
Vision Systems&#146; Nuance brand of SPD-Smart dimmable windows was featured in Honda Aircraft Company&#146;s HondaJet
aircraft cabin window mock-up. The HondaJet aircraft is currently scheduled to enter service in late 2013.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In December 2012, Vision Systems
exhibited its SPD-Smart electronically dimmable windows at the 2012 Middle East Business Aviation (MEBA) exhibition at
Al Maktoum International Airport in Dubai, the United Arab Emirates.</FONT></P>

<P align=justify><I><FONT face="Times New Roman" size=2>GKN Aerospace Transparency Systems
</FONT></I></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In January 2011, Research Frontiers and GKN Aerospace Transparency
Systems publicly announced the expansion of the scope of the former license
agreement to include the sale of SPD-Smart windows, window shades, interior
partitions, cabin dividers and other products for aircraft. The earlier license
agreement with GKN focused on SPD-Smart products for armored transportation
applications. </FONT><FONT face="Times New Roman" size=2>GKN Aerospace is the world-leading
supplier of cockpit transparencies and passenger cabin windows. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In October 2011, GKN exhibited at NBAA 2011 and showed its SPD-Smart
aircraft window to select visitors to its booth.</FONT></P>
<P align=justify><I><FONT face="Times New Roman" size=2>SmartGlass International
Ltd.</FONT></I><I><FONT face="Times New Roman" size=2> </FONT></I></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In 2010, Research Frontiers and SmartGlass International Ltd. announced
an agreement to expand the scope of SmartGlass International&#146;s license. Under
this agreement, SmartGlass International is authorized to manufacture and offer
SPD-Smart products, including aerospace windows, worldwide. Prior to this
agreement, SmartGlass International was licensed to offer SPD-Smart
architectural products worldwide outside of North America. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In April 2011, SmartGlass International&#146;s SPD-Smart aircraft products
were exhibited at the Aircraft Interiors Expo in Hamburg, Germany, at the booth
of SmartGlass International&#146;s strategic sales and marketing partner SCHOTT AG.
</FONT><FONT face="Times New Roman" size=2>SmartGlass International and the SCHOTT
</FONT><FONT face="Times New Roman" size=2>Group have an agreement granting SCHOTT the right
to sell SmartGlass International&#146;s SPD-Smart products. In business for more than
125 years, SCHOTT is a world leader in the specialty glass industry and brings
its extensive infrastructure of sales, distribution and service &#150; including over
50 sales offices spanning 125 countries &#150; to SmartGlass International and its
award-winning SPD-Smart product line.</FONT></P>

<P align=justify><FONT face="Times New Roman" size=2><I>Isoclima, S.p.A.</I></FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In March 2012, at
the 2012 Aircraft Interiors Expo in Hamburg, Germany, Isoclima S.p.A. announced that Isoclima&#146;s CromaLite
brand of SPD-Smart aerospace windows made their world premier. CromaLite is Isoclima&#146;s SPD-Smart solar
control glazing product and enables users to efficiently control the transmitted solar radiation in both
the visible and the solar range. Dr. Alberto Bertolini, Executive Director of Isoclima, commented: &#147;Our
CromaLite brand of SPD-Smart window offers many valuable light-control benefits: instant shading, glare
control, UV rejection, the desire for passenger comfort, and keeping aircraft cool when they are on the
ground. We are very excited by the reactions we have received from OEMs and cabin designers who are here
at the Aircraft Interiors Expo, and are excited about our growing portfolio of SPD-Smart CromaLite solutions
for the transportation and architectural markets.&#148;</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In July 2012, Research
Frontiers marked the opening of the 2012 Farnborough International Airshow by announcing the availability
of new SPD-Smart electronically dimmable aircraft windows with an unprecedented combination of instant
switching speed, and light-, noise- and heat-blocking capabilities. The latest generation provides the
aircraft industry's only complete solution to managing in real-time the environmental challenges that outside
conditions inflict on the cabin interior and passengers including light, glare, heat and noise.</FONT></P>

<P align=justify><FONT face="Times New Roman" size=2><U>Level of darkness:</U></FONT></P>

<P align=justify><FONT face="Times New Roman" size=2>Solar radiation onboard aircraft is extreme,
and requires a dimmable window that creates an environment dark enough for passengers to sleep, even
during daylight hours. Research Frontiers licensees now offer SPD-Smart windows that can be set to block
over 99.96% of incoming light &ndash; achieving cabin blackout conditions whenever desired &ndash; to meet the needs
of OEMs and their customers.</FONT></P>

<P align=justify><FONT face="Times New Roman" size=2><U>Switching speed:</U></FONT></P>

<P align=justify><FONT face="Times New Roman" size=2>Whenever a passenger wants relief from glare,
SPD-Smart aircraft windows offer immediate response. Due to instant switching, an infinite number of
light-transmission states can be selected by the passenger or flight crew, from clear to blackout, and any
level of view-preserving tint in between.</FONT></P>

<P align=justify><FONT face="Times New Roman" size=2><U>Heat-blocking:</U></FONT></P>

<P align=justify><FONT face="Times New Roman" size=2>Aircraft cabins can become hot when the aircraft is
parked because of solar heat streaming through windows. The result is an uncomfortably warm cabin upon boarding
or the need to use jet fuel or auxiliary power units before boarding to cool down the cabin. SPD-Smart aircraft
windows automatically switch to their maximum heat-blocking state, even when the aircraft is parked unpowered,
and the cabin remains cool. </FONT></P>

<P align=justify><FONT face="Times New Roman" size=2><U>Other performance benefits:</U></FONT></P>

<P align=justify><FONT face="Times New Roman" size=2>Additional challenges stated by OEMs
and their customers that have been successfully met by SPD-Smart dimmable aircraft windows include:</FONT></P>

<UL style="margin-left: 16px; font-size: 10pt; text-align: justify">
<LI><FONT face="Times New Roman" size=2>Noise-blocking: the ability to reduce the amount of noise transmitted through windows</FONT></LI>
<LI><FONT face="Times New Roman" size=2>Curved shapes: the ability to offer curved windows to meet interior design needs</FONT></LI>
<LI><FONT face="Times New Roman" size=2>Weight-reduction: the ability to fabricate dimmable windows using lightweight plastics</FONT></LI>
<LI><FONT face="Times New Roman" size=2>FAA certification: the ability to demonstrate full compliance with all FAA requirements</FONT></LI></UL>

<P align=justify><B><I><U><FONT face="Times New Roman" size=2>SPD-Smart Marine
Products</FONT></U></I></B><B><I><FONT face="Times New Roman" size=2> </FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Research
Frontiers and its licensees are currently working with marine customers to
introduce SPD-Smart products including windows, doors and partitions. In
December 2010, Diamond Sea Glaze Manufacturing Ltd. acquired a license from
Research Frontiers granting it the right to manufacture and sell SPD-Smart
marine end-products worldwide. When our patented SPD-Smart light-control
technology is used in yacht windows and other products, users can quickly and
precisely control and &#147;tune&#148; the amount of light, glare and heat coming through
their windows, while preserving their view. Diamond Sea-Glaze Manufacturing
commenced marketing activities for products using SPD technology during the
second quarter of 2011. In October 2011, Cheoy Lee Shipyards unveiled the Alpha,
its most advanced production yacht, which is fully-equipped with the latest
yacht design features including SPD-SmartGlass supplied by Research Frontiers
licensee Diamond Sea Glaze. The Alpha has approximately 150 square feet of
SPD-SmartGlass at various places throughout the vessel and it is the first
large-scale production yacht to make such extensive use of SPD-SmartGlass.
</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In October 2012, Cheoy Lee Shipyards exhibited two yachts &#150; the Alpha 76
Express and the Alpha 76 Flybridge &#150; at the 2012 Fort Lauderdale International
Boat Show. These production yachts featured Research Frontiers licensee Diamond
Sea Glaze&#146;s DiamondSmart brand of SPD-SmartGlass. In November 2012, licensee
Isoclima exhibited its VebLite brand of SPD-SmartGlass for marine applications
at the Marine Equipment Trade (METS) Show 2012 in The Netherlands. VebLite is
Isoclima&#146;s SPD-Smart solar control and privacy glazing product that functions
like a venetian blind. It has multiple segments that provide instantly
customizable shading fully controlled by the passenger and can be operated
individually to create the effect of a shade being raised or lowered or moved to
the side. This precisely controls where incoming heat and glare enter a yacht or
boat through a window or rooflite, and also controls privacy levels.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to exhibiting its SPD-Smart marine products at METS 2012,
licensee Vision Systems&#146; SPD-Smart Nuance dimmable marine window was named the
category winner in the prestigious METS 2012 Design Award METS (DAME)
competition for interior equipment, furnishing, materials and electrical
fittings used in cabins. DAME is considered the world&#146;s most prestigious design
competition for new marine equipment and accessories. In METS&#146; news release
about the DAME award, it was noted &#147;The Jury felt that Nuance is major
innovation that will benefit designers and owners greatly - with comparatively
little increase in cost.&#148; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In February 2013, licensee Isoclima demonstrated its VebLite brand of
SPD-SmartGlass for marine applications at SEATEC 2013 in Italy. SEATEC 2013 is a
leading international exhibition of technology and design for boats, megayachts
and ships. </FONT></P>

<P align=justify><B><U><FONT face="Times New Roman" size=2>Marketing Activities and Licensee
Support</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In addition to
supporting the efforts of its licensees, the Company also recognizes the need to
develop the SPD industry as a whole. As such, the Company continues to plan and
</FONT><FONT face="Times New Roman" size=2>execute complementary programs that build
awareness and interest in smart glass generally and demand for SPD-Smart
products specifically. These programs include presentations at various general
industry conferences, participation in panel presentations and discussions
hosted by academia, development of trade association educational materials, and
presentations to architects, designers, and other influential specifiers. In May
2012, the Company gave a presentation and participated in a panel discussion at
the 2012 Buildings New York Conference and Exhibition. In October 2012, the Company
gave a presentation about its SPD-SmartGlass at Glasstec 2012. Glasstec is the
world&#146;s largest trade event for the glass industry. In April 2013, the Company
will give presentations at the Buildings New York Conference and Exhibition and at the Society of Vacuum Coaters&#146; Technical Conference.
The Company expects to participate in additional conferences and events in 2013.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Company&#146;s
market development department has a number of other initiatives in place. To
help guide and prioritize its technical and marketing investments, the Company
periodically retains outside strategic marketing and other consultants to help
generate increased short- and medium-term market penetrations for each of the
major markets for the Company&#146;s light-control technology, and to provide support
and guidance to the Company&#146;s licensees worldwide. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has emerged as a leading resource for market research
information on the subject of smart glass. Research Frontiers lectures and
presents at industry conferences in areas of energy efficiency, daylight
harvesting and sustainability. The Company has published independent test data
about SPD-SmartGlass, shared the results of its research studies and test data
with industry and the media, posted various reference materials to the Company&#146;s
website for global dissemination, and published presentations, data and bylined
articles. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research Frontiers maintains an active role with various
standards-setting organizations, including ASTM International which has an
active committee developing standards for smartglass.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to Research Frontiers providing overarching support of
licensees&#146; sales efforts by developing the SPD industry as a whole, leveraging
its prominence as a leading resource on the topic of smart glass, and
maintaining an active role with standards organizations, Research Frontiers also
supports licensees&#146; marketing and sales efforts directly. Activities include
advising and assisting with branding strategies and advertising campaigns,
website development and other marketing materials, joint presentations to
prospective customers, and additional support. As a focal point of interest in
smart glass, resulting in many consumer and business inquiries, Research
Frontiers has an active referral program to generate customer leads for its
licensees. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As part of this mission to develop the industry and to support our
licensees&#146; acquiring SPD projects, in March of 2009 Research Frontiers announced
the completion of the SPD-SmartGlass Design Center. Research Frontiers and its
licensees have begun to host a series of events at this new facility which has
drawn visitors from throughout the world. This Center is also configured as an
interactive and energy-efficient &ldquo;smart&rdquo; executive office and conference room,
and is located at the Company's corporate headquarters in Woodbury, New York.
The SPD-SmartGlass Design Center features leading-edge SPD-Smart windows of
different sizes (some floor-to-ceiling) and framing materials. It has a
multi-functional electronic controller system for manual, remote, and automatic
SPD-SmartGlass switching, and windows that can be controlled remotely over the
internet or using a smart phone. This interactive area also contains other types
of smart glass, such as those using liquid crystal and electrochromic
technologies, allowing users to operate and experience first-hand the
differences in performance characteristics </FONT><FONT face="Times New Roman" size=2>of
different types of smart glass. Additional showcases of SPD-SmartGlass are being
established in other geographic locations to make it convenient for even more
people to experience the benefits of SPD-SmartGlass technology.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Research
Frontiers&#146; Design Center is the only known public forum where designers,
specifiers and end-users can compare performance between SPD-Smart technology
and products using other light-control technologies. Research Frontiers believes
that the growth of the smart glass industry will accelerate as more information
is made available through direct comparisons. Research Frontiers believes that
SPD products will be strongly preferred over competing technologies once a
direct comparison is available to potential buyers. Research Frontiers continues
to encourage its competitors to participate in public forums where consumers of
electronically tintable products can see the relative performance of products
that are available. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Licensees of Research
Frontiers</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Currently, the Company&#146;s licensees are categorized into four main areas:
materials for making films (emulsions), film, lamination of film to glass or
plastic, and end-products. Emulsion makers produce and combine the necessary
materials (i.e. SPD particles and various liquids and special polymers) from
which SPD-Smart films are made. The film makers coat a thin layer of emulsion
between two sheets of plastic film, each of which has a transparent conductive
coating. This emulsion is then partly solidified to form an SPD film that allows
users to control the amount of light, glare and heat passing through this film.
The end-product licensees then integrate this film into a variety of SPD-Smart
products, or make electronic systems to control such SPD-Smart products. Some of
these end-product licensees do their own lamination of the SPD light-control
film to glass or plastic, and some outsource this lamination to other companies.
The names of this growing list of licensees, and the year that their license
agreements were entered into, are contained in the Exhibit section of this
Annual Report on Form 10-K. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Licensees of Research Frontiers that incorporate SPD technology into
end-products will pay Research Frontiers a royalty of 5-15% of net sales of
licensed products under license agreements currently in effect, and may also be
required to pay Research Frontiers fees and minimum annual royalties. Licensees
that sell components (such as SPD emulsion or film) or lamination services to
other licensees of Research Frontiers do not pay a royalty on such sale or
service, and Research Frontiers will collect a royalty from the licensee
incorporating these components into their own SPD-Smart end-products. Research
Frontiers&#146; license agreements typically allow the licensee to terminate the
license after some period of time, and give Research Frontiers only limited
rights to terminate before the license expires. The licenses granted by the
Company are non-exclusive and generally last as long as Research Frontiers&#146;
patents remain in effect. Due to their bankruptcy filings or other termination
of their general business activities or for other reasons, the Company does not
believe that Polaroid Corporation, Kerros Limited, ThermoView Industries, BRG
Group, SPD Technologies, SPD Systems, and Film Technologies International are
pursuing business activities with respect to SPD technology. Also the Company
and licensee N.V. Bekaert, S.A mutually agreed to terminate their license
agreement during 2008 for reasons unrelated to SPD technology. Some of the
Company&#146;s other licensees are currently inactive with respect to SPD technology,
but may hereafter become active again. To date, the Company has not generated
sufficient revenue from its licensees to profitably fund its operations. All of
the Company&#146;s license agreements are included as exhibits to the Company&#146;s
periodic reports filed with the United States Securities and Exchange Commission
(the &#147;SEC&#148;).</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Company
plans to continue to exploit its SPD-Smart light-control technology by entering
into additional license and other agreements with end-product manufacturers such
as manufacturers of flat glass, flat panel displays and automotive products, and
with other interested companies who may wish to acquire rights to manufacture
and sell the Company&#146;s proprietary emulsions and films. Although the Company
believes based upon the status of current negotiations that additional license
agreements with third parties will be entered into, there can be no assurance
that any such additional license agreements will be consummated, or of the
extent to which any current or future licensee of the Company will produce or
sell commercial products using the Company&#146;s technology or generate meaningful
revenue from sales of such licensed products.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company&#146;s plans also call for further development of its technology
and the provision of additional technological and marketing assistance to its
licensees to develop commercially viable SPD-Smart products, and expand the
markets for such products. The Company cannot predict when or if new license
agreements will be entered into or the extent to which commercial products will
result from its existing or future licensees because of general economic
conditions and the risks inherent in the developmental process and because
commercialization is dependent upon the efforts of its licensees as well as on
the continuing research and development efforts of the Company. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Competitive
Technologies</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company believes that its SPD light-control technology has certain
performance advantages over other &#147;smart glass&#148; technologies which electrically
vary the amount of light passing through windows and other smart
products.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company believes that pricing and product performance are the two
main factors critical to the adoption of smart glass products. Because the
non-SPD smart glass technologies listed below do not have published, consistent
pricing or cost data that can be relied upon, the Company cannot accurately
report its price position relative to these other technologies. In terms of
product performance, the Company believes that SPD-SmartGlass technology offers
numerous advantages over other smart glass technologies as discussed below.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Variable light transmission technologies can be classified into two basic
types: &#147;active&#148; technologies that can be controlled electrically by the user
either automatically or manually, and &#147;passive&#148; technologies that can only react
to ambient environmental conditions such as changes in lighting or temperature.
One type of passive variable light transmission technology is photochromic
technology; such devices change their level of transparency in reaction to
external ultra-violet radiation. As compared to photochromic technology, the
Company&#146;s SPD technology permits the user to adjust the amount of light passing
through the viewing area of the device, rather than the viewing area of the
photochromic device merely reacting to external radiation without control by the
user. In addition, the reaction time necessary to change from light to dark with
SPD-Smart technology can be almost instantaneous, as compared to the much slower
reaction time for photochromic devices. Also, unlike SPD technology,
photochromic technology does not function well at the high and low ends of the
temperature range in which smart windows and other devices are normally expected
to operate, nor does photochromic technology perform well in vehicles or other
enclosed settings where existing glass is blocking incoming ultra-violet light
which is required for photochromic devices to operate. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Similarly, thermochromic smart windows are passive systems which change
their light </FONT><FONT face="Times New Roman" size=2>transmission properties as sunlight
heats or cools the glass. Because the light transmission properties of
thermochromic systems are not controlled by the user, their ability to adapt to
the specific needs of occupants is very limited. For example, thermochromic
glazings will remain tinted on hot days even when occupants desire more daylight
to enter the building or when they want to preserve their views. SPD-Smart
windows, which require very low amounts of power to operate, allow for much
greater control of incoming light, glare and heat and can be adjusted to any
level of light transmission from dark to clear at any time. In addition,
SPD-Smart windows can block up to 99.5% of incoming light, a level many times
darker than thermochromic systems. The added advantage offers much higher levels
of privacy and control over incoming solar energy. Companies involved in
thermochromic technology include Pleotint, Suntek and Ravenbrick. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Active, user-controllable technologies,
sometimes referred to as &#147;smart&#148; technologies, are generally more useful than
passive technologies because they allow the user to actually control the state
of the window. This control is achieved with a manual adjustment, or
automatically when coupled with a timer or sensing device such as a photocell,
motion detector, thermostat or other intelligent building system. There are
three main types of active devices which are compared below: </FONT></P>
<UL style="MARGIN-LEFT: 16px"><LI><FONT face="Times New Roman" size=2>Electrochromic devices (EC)</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>Liquid crystal devices (LC)</FONT>
  </LI><LI><FONT size=2 face="Times New Roman"><FONT face="Times New Roman">Suspended-particle devices (SPD)
  </FONT></FONT></LI></UL>
<P align=justify><U><FONT face="Times New Roman" size=2>Electrochromic
Technology</FONT></U><FONT face="Times New Roman" size=2>: Electrochromic windows and
rear-view mirrors use a direct current voltage to alter the molecular structure
of electrochromic materials (which can be in the form of either a liquid, gel or
solid film) causing the material to darken. When compared to electrochromic
devices, SPD technology is expected to have numerous potential performance and
manufacturing advantages, including some or all of the following: </FONT></P>
<UL style="MARGIN-LEFT: 16px; text-align: justify"><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>significantly faster response time, especially
  compared to larger electrochromic glazings</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>ability to precisely &#147;tune&#148; an infinite number of
  intermediate light-transmission states</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>consistent and uniform switching speed regardless
  of size of glazing area </FONT></li><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>more reliable
  performance over a wider temperature range </FONT></LI>

<LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>higher contrast ratios and the capability of achieving darker shaded
  states for large area product applications</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>unpowered state is dark, maximizing solar heat
  gain benefits when the room, office or vehicle is not in use</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>lower electrical current drain</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>higher estimated battery life in applications
  where batteries are used</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>no &#147;iris effect&#148; (where light transmission changes
  first occur at the outer edges of a window or mirror and then work their way
  toward the center) when changing from clear to dark and back again</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>SPD technology is a film-based technology that can
  be applied to plastic as well as glass, and which can be applied to curved as
  well as flat surfaces</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>available in single panels for retrofitting
  existing windows, skylights and doors </FONT></LI></UL>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>18 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Many companies
with substantially greater resources than Research Frontiers such as 3M, Gentex
Corp., Pilkington, PPG Industries, Saint-Gobain Glass and other large
corporations have pursued or are pursuing projects in the electrochromic area.
While some of these companies have reportedly discontinued or substantially
curtailed their work on electrochromics due to </FONT><FONT face="Times New Roman" size=2>technical problems and issues relating to the expense of these
technologies, at least four companies (Gentex, PPG Industries, View (formerly
known as Soladigm), and Sage Electrochromics) are currently working to
commercialize electrochromic window products. In May 2012, Saint-Gobain acquired
Sage Electrochromics and combined all of their respective electrochromic
manufacturing and developmental efforts.</FONT></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Liquid Crystal
Technology</FONT></U><FONT face="Times New Roman" size=2>: To date, the main types of liquid
crystal smart windows have been produced by Taliq Corp. (a subsidiary of Raychem
Corp. which has since discontinued its liquid crystal operations and licensed
its technology to others), Asahi Glass Co., Nippon Sheet Glass, Saint-Gobain
Glass, iGlass Projects Pty Limited, Polytronix, Inc., DMDisplays, and 3M (which
has also reportedly discontinued its liquid crystal film making operations). The
first four companies listed above are also licensees of Research Frontiers Inc.
for SPD-Smart technology. Liquid crystal windows only change from a cloudy,
opaque milky-white to a clear state, are hazy when viewed at an angle and have
no useful intermediate states. As compared to liquid crystal windows, SPD smart
windows are expected to have some or all of the following advantages:
</FONT></P>
<UL style="MARGIN-LEFT: 16px; text-align: justify"><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>have less haze</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>provide shading without loss of view</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>operate over a wider temperature range</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>use less power</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>have higher contrast ratios</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>absorb and block more light, rather than simply
  scatter it</FONT>
  </LI><LI STYLE="text-align: justify"><FONT size=2 face="Times New Roman">p<FONT face="Times New Roman">ermit an infinite number of intermediate
  states between a transparent state and a dark blue state, rather than being
  just two states.</FONT></FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>offer superior solar heat gain control
</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In the flat
panel display market, further development (such as the achievement of faster
switching speeds sufficient for full-motion video applications) is required if
the Company expects to compete against display technologies that are currently
being used commercially such as liquid crystal displays (&#147;LCDs&#148;) and organic
light-emitting diodes (&#147;OLEDs&#148;). Some of the advantages that SPD displays might
have include the ability to make displays without using sheet polarizers or
alignment layers, and lower light loss and a corresponding reduction in
backlighting requirements. However, such products need additional product
design, engineering or testing before an evaluation of the commercial potential
of such SPD-SmartGlass products can be determined and when, or if, its licensees
may begin to penetrate the flat panel display market. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>LCDs and other types of displays, liquid crystal windows, as well as
electrochromic self-dimmable rear-view mirrors, are already on the market,
whereas products incorporating SPD technology (as well as electrochromic
windows) have only begun to appear in the marketplace. Therefore, the long-term
durability and performance of SPD-Smart displays have not yet been fully
ascertained. The companies manufacturing LCD and other display devices, liquid
crystal windows, and electrochromic self-dimmable rear-view mirrors and windows,
have substantially greater financial resources and manufacturing experience than
the Company. There is no assurance that comparable systems having the same
advantages of the Company&#146;s SPD technology could not be developed by competitors
at a lower cost or that other products could not be developed which would render
the Company&#146;s products difficult to market or otherwise render our products
obsolete. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Research and
Development</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>As a result of
the Company&#146;s research and development efforts, the Company believes that its
SPD technology is now, or with additional development will become, usable in a
number of commercial products. Such products may include one or more of the
following fields: &#147;smart&#148; windows, doors, skylights and partitions; variable
light transmission eyewear such as sunglasses and goggles; self-dimmable
automotive sunroofs, sunvisors, and mirrors; display cases/frames; and
instruments and other information displays that use digits, letters, graphic
images, or other symbols to supply information, including scientific
instruments, aviation instruments, automobile dashboard displays and, if certain
improvements can be made in various features of the Company&#146;s SPD technology
that increases switching speed to the levels needed for video applications,
portable computer displays and flat panel television displays.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Even though the Company&#146;s SPD technology has much faster switching speeds
than electrochromic technology, current switching speeds are not fast enough for
such video applications. The Company believes that most of its research and
development efforts have applicability to products that may incorporate the
Company&#146;s technology. At its current state of development, the Company&#146;s
technology has been judged sufficiently advanced by various of its licensees and
their customers for them to proceed with the development, introduction and sale
of SPD-Smart products. However, the Company is continuously investing in
research and development because it believes that further improvements will
result in accelerated and increased market penetration. The Company intends to
continue its research and development efforts for the foreseeable future to
improve its SPD light-control technology and thereby assist our licensees in the
product development, sales and marketing of various existing and new SPD-Smart
products. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the past few years, and during the past year in particular, the
Company and/or its licensees have made significant advances relating to
materials to enable (1) improved stability of SPD emulsions, (2) a wider range
of light transmission, (3) improved film adhesion and cohesion and (4) increased
durability of SPD films/laminates, and (5) cost reductions. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has devoted most of the resources it has heretofore expended
to research and development activities with the goal of producing commercially
viable SPD products and has developed working prototypes of SPD-Smart products
for several different applications, with primary emphasis on smart windows for
various industries. In addition to working with the Company&#146;s licensees,
Research Frontiers has also expanded its efforts to also work directly with some
of our licensees&#146; major customers.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research Frontiers&#146; main goals in its research and development include:
</FONT></P>
<UL style="MARGIN-LEFT: 16px; text-align: justify"><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>developing wider ranges of light transmission and
  quicker switching speeds</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>developing different colored particles</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>reducing the voltage required to operate
  SPDs</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>obtaining data and developing improved materials
  regarding environmental stability and longevity</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>quantifying the degree of energy savings expected
  by users of the Company&#146;s technology including the degree that SPD technology
  can control heat and its contribution to energy savings directly and through
  daylight harvesting strategies in sustainable building designs.</FONT>
  </LI><LI STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Continually striving to improve the performance
  and reducing material/production costs associated with making SPD-Smart
  products</FONT></LI></UL>

<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade size="2">

<!-- c -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Excluding non-cash expenses of approximately $143,000, $108,000, and
$170,000, associated with the grant of stock
options to the Company&#146;s technical personnel, Research Frontiers incurred
approximately $1,529,000, $1,283,000, and $1,235,000, during the years ended
December 31, 2012, 2011, and 2010, respectively, for research and development.
Research Frontiers plans to engage in substantial continuing research and
development activities to invest in future improvements in SPD light-control
technology and to expand for its licensees the capabilities of SPD-Smart
technology and the markets for SPD-Smart products. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Patents and Proprietary
Information</FONT></U></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Research
Frontiers continues to make substantial investments to develop, license and
protect its intellectual property position. The Company has 30 United States and
255 foreign patents in force. The Company&#146;s United States patents expire at
various dates from 2013 through 2025, while its foreign patents expire at
various dates from 2013 through 2026. The Company has current US and foreign
patent applications that, if granted, would add a significant number of
additional patents to its portfolio. The Company believes that its SPD
light-control technology is adequately protected by its patent position and by
its proprietary technological know-how. However, the validity of the Company&#146;s
patents has never been contested in any litigation. The Company also possesses
know-how and relies on trade secrets and nondisclosure agreements to protect its
technology. The Company generally requires any employee, consultant, or licensee
having access to its confidential information to execute an agreement whereby
such person agrees to keep such information confidential.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research Frontiers&#146; licensees have directed the Company not to reveal
aspects of their activities or those of their customers, which limits the
Company&#146;s ability to disclose certain information. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Rights Plan</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In February 2013, the Company&#146;s Board of Directors adopted a
Stockholders&#146; Rights Plan (the &#147;Rights Plan&#148;) and declared a dividend
distribution of one right (a &#147;Right&#148;) for each outstanding share of Company
common stock to stockholders of record at the close of business on March 3,
2003. Subject to certain exceptions listed in the Rights Plan, if a person or
group has acquired beneficial ownership of, or commences a tender or exchange
offer for, 15% or more of the Company&#146;s common stock, unless redeemed by the
Company&#146;s Board of Directors, each Right entitles the holder (other than the
acquiring person) to purchase from the Company $80 worth of common stock for
$40. If the Company is merged into, or 50% or more of its assets or earning
power is sold to, the acquiring company, the Rights will also enable the holder
(other than the acquiring person) to purchase $80 worth of common stock of the
acquiring company for $40. The Rights will expire at the close of business on
February 11, 2023, unless the Rights Plan is extended by the Company&#146;s Board of
Directors or unless the Rights are earlier redeemed by the Company at a price of
$.0001 per Right. The Rights are not exercisable during the time when they are
redeemable by the Company. The above description highlights some of the features
of the Company&#146;s Rights Plan and is not a complete description of the Rights
Plan. A more detailed description and copy of the Rights Plan has been filed
with the SEC and is available from the Company upon request.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Available
Information</FONT></U><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our principal executive offices are located at 240 Crossways Park Drive,
Woodbury, New York 11797, our telephone number is (516) 364-1902, and our
Internet website address is </FONT><FONT face="Times New Roman" size=2>www.SmartGlass.com.
We make available free of charge on or through our Internet website our annual
report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form
8-K, proxy statements on Schedule 14A, and amendments to those reports filed or
furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
1934 as soon as reasonably practicable after we electronically file such
materials with, or furnish them to, the SEC. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2><u>ITEM 1A</u>. <u>RISK FACTORS</u>
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In addition to
the other information in this Annual Report on Form 10-K, you should carefully
consider the following factors in evaluating us and our business. This Annual
Report contains, in addition to historical information, forward-looking
statements that involve risks and uncertainties, some of which are beyond our
control. Should one or more of these risks and uncertainties materialize or
should underlying assumptions prove incorrect, our actual results could differ
materially. Factors that could cause or contribute to such differences include,
but are not limited to, those discussed below, as well as those discussed
elsewhere in this Annual Report, including the documents incorporated by
reference.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are risks associated with investing in companies such as ours who
are primarily engaged in research and development. In addition to risks which
could apply to any company or business, you should also consider the business we
are in and the following:</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Source and Need for Capital.
</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As of December 31, 2012, we had approximately $13.4 million in cash, cash
equivalents and short-term investments. As we take steps in the
commercialization and marketing of our technology, or respond to potential
opportunities and/or adverse events, our working capital needs may change. We
anticipate that if our cash and cash equivalents are insufficient to satisfy our
liquidity requirements, we will require additional funding to sustain our
ongoing operations and to continue our SPD technology research and development
activities. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We have funded most of our activities through sales of our common stock
to investors, and upon the exercise of options and warrants. Eventual success of
the Company and generation of positive cash flow will be dependent upon the
extent of commercialization of products using the Company's technology by the
Company's licensees and payments of continuing royalties on account thereof. We
can give no assurances that we will generate sufficient revenues in the future
(through sales of our common stock, exercise of options and warrants, royalty
fees, or otherwise) to satisfy our liquidity requirements or sustain future
operations, or that additional funding, if required, will be available when
needed or, if available, on favorable terms. </FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>History of Operating Losses.
</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We have experienced net losses from operations, and we may continue to
incur net losses from operations in the future. We have incurred substantial
costs and expenses in researching and developing our SPD technology. As of
December 31, 2012, we had a cumulative net loss of $87,471,887 since our
inception. Our net loss was $3,063,601 in 2012, $4,134,068 in 2011 and
$3,874,865 in 2010 (which includes non-cash accounting charge in 2012, 2011 and
2010 of $878,578, $702,837, and $772,604, respectively, resulting from the
expensing of grants of restricted stock and stock options).</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>We have never declared a cash
dividend and do not intend to declare a cash dividend in the foreseeable future.
</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We have never declared or paid cash dividends on our common stock.
Payment of dividends on our common stock is within the discretion of our Board
of Directors and will depend upon our future earnings, capital requirements,
financial condition and other relevant factors. We do not anticipate declaring
or paying any cash dividends on our common stock in the foreseeable
future.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>22</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face="Times New Roman" size=2>We do not directly manufacture
products using SPD technology. We currently depend upon the activities of our
licensees and their customers in order to be profitable.</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>We do not
directly manufacture products using SPD technology. We currently depend upon the
activities of our licensees in order to be profitable. Although a variety of
products have been sold by our licensees, and because it is up to our licensees
to decide when and if they will introduce products using SPD technology, we
cannot predict when and if our licensees will generate substantial sales of such
products. Our SPD technology is currently licensed to over 40 companies. Other
companies are also evaluating SPD technology for use in various products. In the
past, some companies have evaluated our technology without proceeding further.
While we expect that our licensees would be primarily responsible for
manufacturing and marketing SPD-Smart products and components, we are also
engaging in market development activities to support our licensees and build the
smart glass industry. We cannot control whether or not our licensees will
develop SPD products. Some of our licensees appear to be more active than
others, some appear to be better capitalized than others, and some licensees
appear to be inactive. There is no guarantee when or if our licensees will
successfully produce any commercial product using SPD technology in sufficient
quantities to make the Company profitable.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>SPD-Smart products have only
recently been introduced. </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Products using SPD technology have only recently begun to be introduced
into the marketplace. Developing products using new technologies can be risky
because problems, expenses and delays frequently occur, and costs may or may not
come down quickly enough for such products using new technologies to rapidly
penetrate mass market applications.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>SPD-Smart products face intense
competition, which could affect our ability to increase our revenues.
</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The market for SPD-Smart products is intensely competitive and we expect
competition to increase in the future. We compete based on the functionality and
the quality of our product. Many of our current and potential competitors have
significantly greater financial, technical, marketing and other resources than
we have. In addition, many of our competitors have well-established
relationships with our current and potential customers and have extensive
knowledge of our industry. If our competitors develop new technologies or new
products, improve the functionality or quality of their current products, or
reduce their prices, and if we are unable to respond to such competitive
developments quickly either because our research and development efforts do not
keep pace with our competitors or because of our lack of financial resources, we
may be unable to compete effectively. </FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Declining production of
automobiles, airplanes, boats and real estate could harm our business.
</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our licensees&#146; commercialization efforts of SPD-Smart products could be
negatively impacted if the global production of automobiles, airplanes, boats
and real estate construction declines significantly. If such commercialization
is reduced, our revenues, results of operations and financial condition could be
negatively impacted. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>23</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Single source of SPD film.
</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Our
end-product licensees require a source of SPD film to manufacture finished
products. Currently, Hitachi Chemical is the sole source of commercial
quantities of SPD-film. There are several other companies that are licensed to
manufacture SPD-film, but they have not begun commercial production of this
film. Our end-product licensees&#146; ability to sell SPD products could be
negatively impacted if there was a prolonged disruption in SPD-film
availability. Such a disruption could also negatively impact our revenues,
results of operations and financial condition. </FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>We are dependent on key
personnel. </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our continued success will depend, to a significant extent, on the
services of our directors, executive management team, key personnel and certain
key scientists. If one or more of these individuals were to leave the Company,
there is no guarantee that we could replace them with qualified individuals in a
timely or economically satisfactory manner or at all. The loss or unavailability
of any or all of these individuals could harm our ability to execute our
business plan, maintain important business relationships and complete certain
product development initiatives, which would have a material adverse effect on
our business, results of operations and financial conditions. </FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Dependence on SPD-Smart
technology.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Because SPD technology is the only technology we work with, our success
depends upon the viability of SPD technology which has yet to be fully proven.
We have not fully ascertained the performance and long-term reliability of our
technology, and therefore there is no guarantee that our technology will
successfully be incorporated into all of the products which we are targeting for
use of SPD technology. We expect that different product applications for SPD
technology will have different performance and reliability specifications. We
expect that our licensees will primarily be responsible for reliability testing,
but that we may also continue to do reliability testing so that we can more
effectively focus our research and development efforts towards constantly
improving the performance characteristics and reliability of products using SPD
technology.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Our patents and other protective
measures may not adequately protect our proprietary intellectual property, and
we may be infringing on the rights of others. </FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our intellectual property, particularly our proprietary rights in our SPD
technology, is critical to our success. We have received various patents, and
filed other patent applications, for various applications and aspects of our SPD
technology. In addition, we generally enter into confidentiality and invention
agreements with our employees and consultants. Such patents and agreements and
various other measures we take to protect our intellectual property from use by
others may not be effective for various reasons generally applicable to patents
and their granting and enforcement. In addition, the costs associated with
enforcing patents, confidentiality and invention agreements or other
intellectual property rights may be expensive. Our inability to protect our
proprietary intellectual property rights or gain a competitive advantage from
such rights could harm our ability to generate revenues and, as a result, our
business and operations.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 1B</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>UNRESOLVED STAFF
COMMENTS</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>None
</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 2</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>PROPERTIES</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company currently occupies approximately 9,500 square feet of space
at an annual rental which in 2012 was approximately $200,000 for its executive
office, research facility and SPD-Smart Glass Design Center at 240 Crossways
Park Drive, Woodbury, New York 11797 under a lease expiring January 31, 2014.
The Company believes that its space, including its laboratory facilities, is
adequate for its present needs. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 3</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>LEGAL
PROCEEDINGS</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no legal proceedings pending by or against the Company required
to be reported under this Item 3. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 4</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>MINE SAFETY
DISCLOSURES</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>N/A </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>25</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><U><FONT face="Times New Roman" size=2>PART II</FONT></U></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD vAlign=top noWrap align=left width="1%"><B><U><FONT face="Times New Roman" size=2>ITEM
      5</FONT></U></B><B><FONT face="Times New Roman" size=2>.&nbsp; </FONT></B></TD>
    <TD align=left width="98%"><B><FONT face="Times New Roman" size=2><U>MARKET FOR THE
      REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
      PURCHASES OF EQUITY SECURITIES</U></FONT></B></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>(a) </FONT></B><B><U><FONT face="Times New Roman" size=2>Market Information</FONT></U></B><FONT face="Times New Roman" size=2>
</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp; </FONT></TD>
    <TD width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>The Company&#146;s common
      stock is traded on the NASDAQ Capital Market under the symbol &#147;REFR&#148;. As
      of March 12, 2013, there were 22,916,095 shares of common stock
      outstanding. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(2)</FONT></FONT></TD>
    <TD width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>The following table
      sets forth the range of the high and low selling prices (as provided by
      the National Association of Securities Dealers) of the Company&#146;s common
      stock for each quarterly period within the past two fiscal
      years:</FONT></P></TD></TR></TABLE><BR>

<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="75%" border=0>

  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Quarter Ended</FONT></TD>
    <TD noWrap align=left width="94%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>Low</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>High</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD style="WIDTH: 95%; TEXT-ALIGN: left" noWrap width="95%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp; March 31,
    2011</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>5.28</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>10.29</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp; June 30, 2011</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.50</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7.16</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD style="WIDTH: 95%; TEXT-ALIGN: left" noWrap width="95%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp; September 30,
      2011</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>3.26</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>4.94</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp; December 31, 2011</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3.07</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.74</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD style="WIDTH: 95%; TEXT-ALIGN: left" noWrap width="95%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp; March 31,
    2012</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>3.39</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>4.59</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp; June 30, 2012</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2.79</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3.63</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD style="WIDTH: 95%; TEXT-ALIGN: left" noWrap width="95%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp; September 30,
      2012</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>2.80</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>4.99</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp; December 31, 2012</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3.25</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.17</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="95%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>

  <TR style="LINE-HEIGHT: normal">
    <TD align=left width="99%" colSpan=6>
      <P align=justify><FONT face="Times New Roman" size=2>These quotations may
      reflect inter-dealer prices, without retail mark-up, mark-down, or
      commission, and may not necessarily represent actual
      transactions.</FONT><B><FONT face="Times New Roman" size=2>
    </FONT></B></P></TD></TR></TABLE></DIV><BR>
<DIV align=center>
</DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>(b) </FONT></B><B><U><FONT face="Times New Roman" size=2>Approximate Number of Security Holders</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>As of March 8,
2013, there were approximately 423 holders of record of the Company&#146;s common
stock and the closing price of our common stock was $3.56 per share. The Company
estimates that there are approximately 6,403 beneficial holders of the Company&#146;s
common stock.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(c) </FONT></B><B><U><FONT face="Times New Roman" size=2>Dividends</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has not declared or paid cash dividends on its common stock
for the two most recent fiscal years and does not expect to declare or pay any
cash dividends in the foreseeable future. There are no restrictions on the
payment of dividends. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(d) </FONT></B><B><U><FONT face="Times New Roman" size=2>Issuer Purchases of Equity Securities</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><FONT STYLE="font: x-small Times New Roman">26</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 6</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>SELECTED FINANCIAL
DATA</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The following
table sets forth selected data regarding the Company&#146;s operating results and
financial position. The data for fiscal years 2012, 2011, and 2010 should be
read in conjunction with Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations and our audited consolidated financial
statements and notes thereto, which are contained in this Annual Report on Form
10-K. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="19%" colSpan=19><FONT face="Times New Roman" size=2>Year ended December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2009</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2008</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Statement of Operations
      Data:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR>
    <TD width="103%" colSpan=21>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Fee income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,957,336</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>845,982</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>767,522</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>709,811</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,679,919</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
    <TR>
    <TD width="103%" colSpan=21>&nbsp;</TD></TR>

<TR>
    <TD width="103%" colSpan=21></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Operating expenses
      (1)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>3,995,633</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>3,618,635</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>3,253,250</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>3,183,492</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>2,959,576</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Research and development (1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,671,872</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,390,689</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,404,654</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,549,707</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,469,760</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
    Expenses</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>5,667,505</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>5,009,324</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>4,657,904</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>4,733,199</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>4,429,336</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR>
  <TR>
    <TD width="103%" colSpan=21>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Operating loss</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(3,710,169</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(4,163,342</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(3,890,382</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(4,023,388</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(2,749,417</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="103%" colSpan=21>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Net investment
      income</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>33,171</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>29,274</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>15,517</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>20,627</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>154,574</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Income tax benefit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>613,397</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(3,063,601</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT size=2 face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face="Times New Roman"></FONT></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double; text-align: right"><FONT size=2 face="Times New Roman">(3,874,865</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT size=2 face="Times New Roman">(4,002,761</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(2,594,843</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="103%" colSpan=21>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Basic and diluted net
      loss</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common
      share</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(0.15</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(0.22</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(0.22</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(0.25</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(0.17</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Dividends per share</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="103%" colSpan=21>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Weighted average number
      of</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares
      outstanding</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>20,125,309</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>18,538,041</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>17,321,360</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>16,065,248</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>15,441,789</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD></TR>
  <TR>
    <TD width="103%" colSpan=21>&nbsp;</TD></TR>
  <TR>
    <TD width="103%" colSpan=21>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="19%" colSpan=19><FONT face="Times New Roman" size=2>As of December</FONT> <FONT face="Times New Roman" size=2>31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2009</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2008</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Balance Sheet
    Data:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
      current assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>14,333,421</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4,312,104</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7,455,820</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4,307,485</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4,937,531</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
    assets</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>14,415,067</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>4,417,137</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>7,784,691</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>4,473,860</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>5,283,880</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left; width: 83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders&#146;
      equity</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%"><FONT face="Times New Roman" size=2>14,172,675</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%"><FONT face="Times New Roman" size=2>4,107,198</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%"><FONT face="Times New Roman" size=2>7,472,452</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%"><FONT face="Times New Roman" size=2>4,165,337</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%"><FONT face="Times New Roman" size=2>4,872,185</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD></TR></TABLE>
<P>____________________</P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Reflects non-cash charges of
      $735,544, $594,492, $602,218, $419,879, and $126,408 to operating
      expenses, and non-cash charges of $143,026, $108,345, $170,386, $26,034,
      and $0, to research and development expenses relating to the issuance of
      stock and stock options in 2012, 2011, 2010, 2009, and 2008, respectively
      which increased the Company&#146;s net loss for 2012, 2011, 2010, 2009, and
      2008 by $878,578, $702,837, $772,604, $445,913, and $126,408,
      respectively.</FONT></TD></TR>
  <TR>
    <TD colSpan=2></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>27</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD vAlign=top noWrap align=left width="1%"><B><U><FONT face="Times New Roman" size=2>ITEM
      7</FONT></U></B><B><FONT face="Times New Roman" size=2>.&nbsp; </FONT></B></TD>
    <TD align=left width="98%"><B><U><FONT face="Times New Roman" size=2>MANAGEMENT&#146;S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS</FONT></U></B></TD></TR></TABLE><BR>
<P align=justify><I><FONT face="Times New Roman" size=2>Forward-Looking Statements
</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I>Information
included in this Annual Report on Form 10-K may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are not statements of historical facts, but
rather reflect our current expectations concerning future events and results. We
generally use the words &#147;believes,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148;
&#147;anticipates,&#148; &#147;likely,&#148; &#147;will&#148; and similar expressions to identify
forward-looking statements. Such forward-looking statements, including those
concerning our expectations, involve risks, uncertainties and other factors,
some of which are beyond our control, which may cause our actual results,
performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. These risks, uncertainties and factors include,
but are not limited to, those factors set forth in this Annual Report on Form
10-K under &#147;Item 1A. &#150; Risk Factors&#148; above. Except as required by applicable
law, including the securities laws of the United States, we undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. You are cautioned
not to unduly rely on such forward-looking statements when evaluating the
information presented in this Annual Report on Form 10-K. </I></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In reviewing Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations, you should refer to our consolidated financial
statements and the notes related thereto. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Critical Accounting
Policies</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The following accounting policies are important to understanding our
financial condition and results of operations and should be read as an integral
part of the discussion and analysis of the results of our operations and
financial position. For additional accounting policies, see note 2 to our
consolidated financial statements, &ldquo;Summary of Significant Accounting
Policies.&#148;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has entered into a number of license agreements covering potential products using the Company&#146;s SPD technology. The Company receives fees
and minimum annual royalties under certain license agreements and records fee
income on a ratable basis each quarter. In instances when sales of licensed
products by its licensees exceed minimum annual royalties, the Company
recognizes fee income as the amounts have been earned. Certain of the fees are
accrued by, or paid to, the Company in advance of the period in which they are
earned resulting in deferred revenue. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company expenses costs relating to the development or acquisition of
patents due to the uncertainty of the recoverability of these items. All of our
research and development costs are charged to operations as incurred. Our
research and development expenses consist of costs incurred for internal and
external research and development. These costs include direct and indirect
overhead expenses. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>28</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has historically used the Black-Scholes option-pricing model
to determine the estimated fair value of each option grant. The Black-Scholes
model includes assumptions regarding dividend yields, expected volatility,
expected lives, and risk-free interest rates. These </FONT><FONT face="Times New Roman" size=2>assumptions reflect our best estimates, but these items involve
uncertainties based on market conditions generally outside of our control. As a
result, if other assumptions had been used in the current period, stock-based
compensation expense could have been materially impacted. Furthermore, if
management uses different assumptions in future periods, stock-based
compensation expense could be materially impacted in future years.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>On occasion,
the Company may issue to consultants either options or warrants to purchase
shares of common stock of the Company at specified share prices. These options
or warrants may vest based upon specific services being performed or performance
criteria being met. In accounting for equity instruments that are issued to
other than employees for acquiring, or in conjunction with selling, goods or
services</FONT><I><FONT face="Times New Roman" size=2>,</FONT></I><FONT face="Times New Roman" size=2>
the Company would be required to record consulting expenses based upon the fair
value of such options or warrants on the earlier of the service period or the
period that such options or warrants vest as determined using a Black-Scholes
option pricing model. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires us to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
the disclosure of contingent assets and liabilities at the date of the financial
statements, and reported amounts of revenues and expenses during the reporting
periods. Actual results could differ from these estimates. An example of a
critical estimate is the full valuation allowance for deferred taxes that was
recorded based on the uncertainty that such tax benefits will be realized in
future periods. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Results of
Operations</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Year ended December 31, 2012
Compared to the Year ended December 31, 2011</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The majority of the Company&#146;s fee income comes from the activities of several licensees participating in the automotive market. The Company&#146;s fee income from licensing activities for the year ended
December 31, 2012 was $1,957,336, as compared to $845,982 for the year ended
December 31, 2011. Most of the increase in fee income during this period was a
result of higher product sales in the automotive market from one of our
licensees. This licensee's sales levels exceeded its minimum annual royalty
levels under its license agreement, thereby resulting in the amount of royalty
fee income in excess of the minimum annual royalty being recognized as
additional fee income. Certain license fees, which are paid to the Company in
advance of the accounting period in which they are earned resulting in the
recognition of deferred revenue for the current accounting period, which will be
recognized as fee income in future periods. Also, licensees may offset some or
all of their royalty payments on sales of licensed products for a given period
by applying these advance payments towards such earned royalty payments. Because
the Company&#146;s license agreements typically provide for the payment of royalties
by a licensee on product sales within 45 days after the end of the quarter in
which a sale of a licensed product occurs (with some of the Company&#146;s more
recent license agreements providing for payments on a monthly basis), and
because of the time period which typically will elapse between a customer order
and the sale of the licensed product and installation in a home, office
building, automobile, aircraft, boat or any other product, there could be a
delay between when economic activity between a licensee and its customer occurs
and when the Company gets paid its royalty resulting from such activity.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Operating expenses increased by $376,998 for the year ended December 31,
2012 to $3,995,633 from $3,618,635 for the year ended December 31, 2011. This
increase was principally the result of higher payroll and related costs ($285,000), plus
higher professional fees ($71,000). Included in operating expenses are
approximately $736,000 and $594,000 of non cash compensation charges for the years ended December
31, 2012 and 2011, respectfully, relating to common stock and options granted to
directors, employees and consultants. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>29</FONT></P>
<HR align=center width="100%" noShade size="2">

<!-- d -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Research and
development expenditures increased by $281,183 to $1,671,872 for the year ended
December 31, 2012 from $1,390,689 for the year ended December 31, 2011. This
increase was principally the result of higher payroll and related costs
($103,000) as well as higher materials and project costs ($98,000) and higher
allocated office costs ($64,000). Included in research and development expenses
are approximately $143,000 and $108,000 of non-cash compensation charges for the
years ended December 31, 2012 and 2011, respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company&#146;s net investment income for the year ended December 31, 2012
was $33,171 as compared to $29,724 for the year ended December 31, 2011. The
difference was primarily due to interest from higher cash balances available for
investment partially offset the interest on the Note from SPD Control Systems
which was collected at the end of March 2012. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company recorded an income tax benefit of $613,397 for the year ended
December 31, 2012. This benefit results from state research and development
refundable credits that the Company applied for related to the years ended
December 31, 2006, 2007, 2008, and 2009. The Company does not currently expect
to collect additional credits. No income tax benefit or expense was recorded for
the year ended December 31, 2011. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As a consequence of the factors discussed above, the Company's net loss
was $3,063,601 ($0.15 per common share) for the year ended December 31, 2012 as
compared to $4,134,068 ($0.22 per common share) for the year ended December 31,
2011. </FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Year ended December 31, 2011
Compared to the Year ended December 31, 2010</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The majority of the Company&#146;s fee income comes from the activities of several licensees participating in the automotive market. The Company&#146;s fee income from licensing activities for 2011 was $845,982,
as compared to $767,522 for 2010. A majority of the increase in fee income
during 2011 as compared to 2010 was a result of higher product sales in the
automotive market from one of our licensees. This licensee's sales levels
exceeded its minimum annual royalty levels under its license agreement, thereby
resulting in the amount of royalty fee income in excess of the minimum annual
royalty being recognized as additional fee income.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Certain license fees, which are paid to the Company in advance of the
accounting period in which they are earned can result in the recognition of
deferred revenue for the current accounting period, which will be recognized as
fee income in future periods. Also, licensees may offset some or all of their
royalty payments on sales of licensed products for a given period by applying
these advance payments towards such earned royalty payments. Because the
Company&#146;s license agreements typically provide for the payment of royalties by a
licensee on product sales within 45 days after the end of the quarter in which a
sale of a licensed product occurs (with some of the Company&#146;s more recent
license agreements providing for payments on a monthly basis), and because of
the time period which typically will elapse between a customer order and the
sale of the licensed product and installation in a home, office building,
automobile, aircraft, boat or any other product, there could be a delay between
when economic activity between a licensee and its customer occurs and when the
Company gets paid its royalty resulting from such activity. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>30</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Operating
expenses increased by $365,385 for 2011 to $3,618,635 from $3,253,250 for 2010.
This increase was principally the result of increased payroll and related costs
($235,000), as well as higher directors fees and expenses ($70,000), and higher
insurance costs ($48,000). Differences in the amount of directors fees recorded
as expense by the Company are the result of the addition of two new directors in
2011. Included in operating expenses are approximately $594,000 and $602,000 of stock and stock option compensation expense for 2011 and 2010,
respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research and development expenditures decreased by $13,965 to $1,390,689
for 2011 from $1,404,654 for 2010. This decrease was principally the result of
lower payroll and stock option compensation charges ($40,000) as well
as lower allocated rent ($10,000) partially offset by higher insurance costs
($41,000). Included in research and development expenses are approximately
$108,000 and $170,000 of stock option compensation charges for 2011 and
2010, respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Investment income for 2011 was $29,274 as compared to $15,517 for 2010.
The difference was due to higher cash balances available for investment which
was invested in certificates of deposit bearing somewhat higher interest rates.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As a consequence of the factors discussed above, the Company's net loss
was $4,134,068 ($0.22 per share) for 2011 as compared to $3,874,865 ($0.22 per
share) for 2010.</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Financial Condition, Liquidity
and Capital Resources</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has primarily utilized its cash, cash equivalents, short-term investments, and the proceeds from its
investments to fund its research and development, for marketing initiatives, and
for other working capital purposes. The Company&#146;s working capital and capital
requirements depend upon numerous factors, including, but not limited to, the
results of research and development activities, competitive and technological
developments, the timing and costs of patent filings, and the development of new
licensees and changes in the Company&#146;s relationship with existing licensees. The
degree of dependence of the Company&#146;s working capital requirements on each of
the foregoing factors cannot be quantified; increased research and development
activities and related costs would increase such requirements; the addition of
new licensees may provide additional working capital or working capital
requirements, and changes in relationships with existing licensees would have a
favorable or negative impact depending upon the nature of such changes.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During 2012, the Company's cash and cash equivalents balance increased by
$5,986,869 principally as a result of cash proceeds from the sale of common
stock of $12,250,500 partially offset by cash used for operations of $2,679,093,
as well as cash invested in certificates of deposit of $3,797,865. At
December 31, 2012, the Company had working capital of $14,091,029 and total
shareholders&#146; equity of $14,172,675.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During 2011, the Company&#146;s cash and cash equivalents balance decreased by
$4,554,180 principally as a result of cash used
for operations of $3,352,584 as well as net cash invested in certificates of
deposits</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>of
$1,255,056. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During 2010, the Company&#146;s cash and cash equivalents balance increased by
$3,197,010 principally as a result of cash proceeds from the sale of common
stock of $6,409,376 partially offset by cash used for operations of $3,202,053.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>31</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Company
expects to use its cash to fund its research and development of SPD light
valves, its expanded marketing initiatives, and for other working capital
purposes. The Company&#146;s working capital and capital requirements depend upon
numerous factors, including the results of research and development activities,
competitive and technological developments, the timing and cost of patent
filings, the development of new licensees and changes in the Company&#146;s
relationships with its existing licensees. The degree of dependence of the
Company&#146;s working capital requirements on each of the foregoing factors cannot
be quantified; increased research and development activities and related costs
would increase such requirements; the addition of new licensees may provide
additional working capital or working capital requirements, and changes in
relationships with existing licensees would have a favorable or negative impact
depending upon the nature of such changes. Based upon existing levels of cash
expenditures, existing cash reserves and budgeted revenues, the Company believes
that it would not require additional funding for the forseeable future. There
can be no assurance that expenditures will not exceed the anticipated amounts or
that additional financing, if required, will be available when needed or, if
available, that its terms will be favorable or acceptable to the Company.
Eventual success of the Company and generation of positive cash flow will be
dependent upon the extent of commercialization of products using the Company&#146;s
technology by the Company&#146;s licensees and payments of continuing royalties on
account thereof. To date the Company has not generated sufficient revenue from
its licensees to fund its operations. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><STRONG><U>Inflation</U></STRONG></FONT><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=justify><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT face="Times New Roman" size=2>The Company does not believe that
inflation has a significant impact on its business. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Contractual
Obligations</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company occupies premises under an operating lease agreement which
expires on January 31, 2014 and requires minimum annual rent which rises over
the term of the lease to approximately $177,000, plus tenant&#146;s share of
applicable taxes. These lease obligations are summarized over time as of
December 31, 2012:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%" colSpan=14><FONT face="Times New Roman" size=2>Payments due by period</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="98%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>&lt;1 year</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>1-3 years</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>4-5 years</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>&gt;5 years</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>Total</FONT></FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="98%"><FONT face="Times New Roman" size=2>Operating lease obligations</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
    190,000</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
210,000</FONT></TD></TR></TABLE><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Off-Balance Sheet
Arrangements</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We have no variable interest entities or other off-balance sheet
obligation arrangements. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Related Party
Transactions</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None.</FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>Forward Looking
Statements</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The information set forth in this Report and in all publicly disseminated
information about the Company, including the narrative contained in
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#148; above, includes &#147;forward-looking statements&#148; within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and is subject
to the safe harbor created by that section. Readers are cautioned not to place
undue reliance on these forward-looking statements as they speak only as of the
date hereof and are not guaranteed.&nbsp; </FONT></P>
<P align=center><FONT STYLE="font: x-small Times New Roman">32</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 7A</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>QUANTITATIVE AND
QUALITATIVE DISCLOSURE</FONT></U></B><B><FONT face="Times New Roman" size=2>
</FONT></B><B><U><FONT face="Times New Roman" size=2>ABOUT MARKET RISK</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>At times, the
Company invests available cash and cash equivalents in money market funds or in
short-term U.S. treasury securities with maturities that are generally one year
or less. Although the rate of interest paid on such investments in money market
funds may fluctuate over time, each of the Company&#146;s investments in U.S.
treasury securities is made at a fixed interest rate over the duration of the
investment. Accordingly, the Company does not believe it is materially exposed
to changes in interest rates as it generally holds these treasury securities
until maturity. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company does not currently have any sales, purchases, assets or
liabilities determined in currencies other than the U.S. dollar, and as such, is
not subject to foreign currency exchange risk. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 8</FONT></U><FONT face="Times New Roman" size=2>. </FONT><U><FONT face="Times New Roman" size=2>FINANCIAL STATEMENTS AND
SUPPLEMENTARY DATA</FONT></U></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The consolidated financial statements listed in Item 15(a)(1) and (2) are
included in this Report beginning on page F-1. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD vAlign=top noWrap align=left width="1%"><B><U><FONT face="Times New Roman" size=2>ITEM
      9</FONT></U></B><B><FONT face="Times New Roman" size=2>.&nbsp; </FONT></B></TD>
    <TD vAlign=top align=left width="98%"><B><U><FONT face="Times New Roman" size=2>CHANGES
      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURE</FONT></U></B></TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>None. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 9A</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>CONTROLS AND
PROCEDURES</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Conclusion Regarding the
Effectiveness of Disclosure Controls and Procedures </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As of the end of the period covered by this Annual Report on Form 10-K,
the Company carried out an evaluation, under the supervision and with the
participation of the Company's management, including the Company&#146;s Chairman and
its Chief Executive Officer and Chief Financial Officer, of the effectiveness of
the design and operation of the Company's disclosure controls and procedures
pursuant to Exchange Act Rule 13a-15(e) and 15d-15(e). Based upon that
evaluation, the Company's Chairman and its Chief Executive Officer and Chief
Financial Officer concluded that the Company's disclosure controls and
procedures are effective in timely alerting them to material information
relating to the Company (including its consolidated subsidiary) required to be
included in the Company's periodic SEC filings. Our officers have concluded that
as of December 31, 2012 our disclosure controls and procedures are designed, and
are effective, to ensure that information required to be disclosed by our
company in the reports we file or submit under the Exchange Act is recorded,
processed, summarized and reported, within the time periods specified in the
commission&#146;s rules and forms, and are also effective to ensure that information
required to be disclosed in the reports that we file or submit under the
Exchange Act is accumulated and communicated to our management, including our
chief executive officer and chief financial officer, to allow timely decisions
regarding required disclosure. There were no changes in the Company's internal
control over financial reporting during the quarterly period ended December 31,
2012 that has materially affected, or is reasonably likely to materially affect,
the Company's internal control over financial reporting.&nbsp; </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>33</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Management&#146;s Report on Internal
Control over Financial Reporting </FONT></I></B><FONT face="Times New Roman" size=2></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Our management
is responsible for establishing and maintaining adequate internal control over
financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Our
internal control system is designed to provide reasonable assurance to our
management and Board of Directors regarding the preparation and fair
presentation of published financial statements. Under the supervision and with
the participation of our management, including our chief executive officer and
chief financial officer, we conducted an evaluation of the effectiveness of our
internal control over financial reporting based on the framework in Internal
Control-Integrated Framework, issued by the Committee of Sponsoring
Organizations of the Treadway Commission, or the COSO Framework. Based on our
evaluation under the COSO Framework, our management concluded that our internal
control over financial reporting was effective as of December 31, 2012.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The effectiveness of our internal control over financial reporting as of
December 31, 2012 has been independently audited by BDO USA, LLP, an independent
registered public accounting firm, as stated in its report that is included
herein.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>34</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Report of Independent Registered
Public Accounting Firm </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Shareholders and Board of
Directors<BR>Research Frontiers Incorporated<BR>Woodbury, New York </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>We have
audited Research Frontiers Incorporated&#146;s internal control over financial
reporting as of December 31, 2012, based on criteria established in Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (the COSO criteria). Research Frontiers
Incorporated&#146;s management is responsible for maintaining effective internal
control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting, included in the accompanying Item 9A,
&#147;Management&#146;s Report on Internal Control Over Financial Reporting.&#148; Our
responsibility is to express an opinion on the Company&#146;s internal control over
financial reporting based on our audit. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether
effective internal control over financial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. Our audit also included performing
such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A company&#146;s internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company&#146;s internal
control over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&#146;s
assets that could have a material effect on the financial statements.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In our opinion, Research Frontiers Incorporated maintained, in all
material respects, effective internal control over financial reporting as of
December 31, 2012, based on the COSO criteria. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the consolidated balance
sheets of Research Frontiers Incorporated as of December 31, 2012 and 2011, and
the related consolidated statements of operations, shareholders&#146; equity, and
cash flows for each of the three years in the period ended December 31, 2012 and
our report dated March 12, 2013 expressed an unqualified opinion thereon.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>/s/ BDO USA, LLP<BR>Melville, New
York<BR>March 12, 2013 </FONT></P>

<P align=justify><B><FONT face="Times New Roman" size=2>ITEM 9B. OTHER INFORMATION
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG>None.</STRONG></FONT><FONT face="Times New Roman" size=2> </FONT></P>

<P align=center><FONT STYLE="font: x-small Times New Roman">35</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2></FONT><B><U><FONT face="Times New Roman" size=2>PART III</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 10</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Company
has adopted a code of ethics applicable to its Chief Executive Officer, Chief
Operating Officer, Treasurer and Chief Financial Officer, any Vice President and
other employees of the Company with important roles in the financial reporting
process. This Code of Ethics was adopted by the entire Board of Directors of the
Company, including all of its Audit Committee members, in March 2004 in
accordance with the requirements of the Sarbanes Oxley Act. The code of ethics
is available on the Company&#146;s website at www.SmartGlass.com and was also filed
as an exhibit to the Company&#146;s Annual Report on Form 10-K for the year ended
December 31, 2003. The Company intends to satisfy the disclosure requirement
under Item 10 of Form 8-K regarding any amendment to, or waiver from, a
provision of this code of ethics by posting such information on the website
specified above. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The other information required by this Item 10 is incorporated by
reference to the Company&#146;s definitive Proxy Statement to be filed with the
Commission on or before April 30, 2013, in connection with the Company&#146;s Annual
Meeting of Stockholders scheduled to be held on June 13, 2013. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 11</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>EXECUTIVE
COMPENSATION</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The information required by this Item 11 is incorporated by reference to
the Company&#146;s definitive Proxy Statement to be filed with the Commission on or
before April 30, 2013, in connection with the Company&#146;s Annual Meeting of
Stockholders scheduled to be held on June 13, 2013. Notwithstanding anything to
the contrary set forth herein or in any of the Company&#146;s past or future filings
with the SEC that might incorporate by reference the Company&#146;s definitive Proxy
Statement, in whole or in part, the report of the compensation committee and the
stock price performance graph contained in such definitive Proxy Statement shall
not be incorporated by reference into this Annual Report on Form 10-K or in any
other such filings. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD vAlign=top noWrap align=left width="1%"><B><U><FONT face="Times New Roman" size=2>ITEM
      12</FONT></U></B><B><FONT face="Times New Roman" size=2>.&nbsp; </FONT></B></TD>
    <TD vAlign=top align=left width="98%"><B><U><FONT face="Times New Roman" size=2>SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER MATTERS</FONT></U></B></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The information required by this Item 12 is incorporated by reference to
the Company&#146;s definitive Proxy Statement to be filed with the Commission on or
before April 30, 2013, in connection with the Company&#146;s Annual Meeting of
Stockholders scheduled to be held on June 13, 2013. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD vAlign=top noWrap align=left width="1%"><B><U><FONT face="Times New Roman" size=2>ITEM
      13</FONT></U></B><B><FONT face="Times New Roman" size=2>.&nbsp; </FONT></B></TD>
    <TD vAlign=top align=left width="98%"><B><U><FONT face="Times New Roman" size=2>CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
      INDEPENDENCE.</FONT></U></B></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The information required by this Item 13 is incorporated by reference to
the Company&#146;s definitive Proxy Statement to be filed with the Commission on or
before April 30, 2013, in connection with the Company&#146;s Annual Meeting of
Stockholders scheduled to be held on June 13, 2013. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>36</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 14</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>PRINCIPAL
ACCOUNTANT FEES AND SERVICES</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The information required by this Item
14 is incorporated by reference to the Company&#146;s definitive Proxy Statement to
be filed with the Commission on or before April 30, 2013, in connection with the
Company&#146;s Annual Meeting of Stockholders scheduled to be held on June 13, 2013.
</FONT></P>
<P align=center><B><U><FONT face="Times New Roman" size=2>PART IV</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ITEM 15</FONT></U></B><B><FONT face="Times New Roman" size=2>. </FONT></B><B><U><FONT face="Times New Roman" size=2>EXHIBITS, FINANCIAL
STATEMENT SCHEDULES </FONT></U></B><B><U><FONT face="Times New Roman" size=2>AND REPORTS ON
FORM 8-K</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><B>(a)(1) and (2) </B></FONT><B><U><FONT face="Times New Roman" size=2>Financial Statements and Financial Statement
Schedules</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The following consolidated financial statements of Research Frontiers
Incorporated are filed under &#147;Item 8. Financial Statements and Supplemental
Data&#148; of this Report. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT><B><FONT face="Times New Roman" size=2>Page</FONT></B></FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Report of Independent Registered Public
      Accounting Firm</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>F-1</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Consolidated Financial
      Statements:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Consolidated Balance Sheets,</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      December 31, 2012 and 2011</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>F-2</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Consolidated Statements of Operations,</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Years ended December 31, 2012, 2011 and 2010</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>F-3</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Consolidated Statements of Shareholders&#146; Equity,</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Years ended December 31, 2012, 2011 and 2010</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>F-4</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Consolidated Statements of Cash Flows,</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Years ended December 31, 2012, 2011 and 2010</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>F-5</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Notes to Consolidated Financial
      Statements</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>F-6</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Schedule II - Valuation and Qualifying
      Accounts</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>F-19</FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2>All other schedules have been omitted
because they are not applicable, or not required, or the required information is
disclosed elsewhere in this Annual Report. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>37</FONT></P>
<HR align=center width="100%" noShade size="2">




<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>(a)(3) </FONT></B><B><U><FONT face="Times New Roman" size=2>Exhibits</FONT></U></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><P align=justify><FONT face="Times New Roman" size=2>3.1
    </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Restated Certificate of
      Incorporation of the Company. Previously filed as Exhibit 3.1 to the
      Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter ended June
      30, 1994, and incorporated herein by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><P align=justify><FONT face="Times New Roman" size=2>3.2
    </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Amended and Restated Bylaws of
      the Company. Previously filed as Exhibit 99.2 to the Company&#146;s Annual
      Report on Form 10-K for the fiscal year ended December 31, 2007, and
      incorporated herein by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><P align=justify><FONT face="Times New Roman" size=2>4.1
    </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Common Stock Certificate.
      Previously filed as an Exhibit to the Company&#146;s Registration Statement on
      Form S-18 (Reg. No. 33-5573NY), declared effective by the Commission on
      July 8, 1986, and incorporated herein by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><P align=justify><FONT face="Times New Roman" size=2>4.2
    </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Rights Agreement dated as of
      February 18, 2003 between Research Frontiers Incorporated and Continental
      Stock Transfer &amp; Trust Company, as Rights Agent, which includes as
      Exhibit A thereto the Form of Rights Certificate. Previously filed as an
      Exhibit to the Company&#146;s Registration Statement on Form 8-A dated February
      13, 2013, and incorporated herein by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><P align=justify><FONT face="Times New Roman" size=2>4.3
    </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Common Stock and Warrants
      Purchase Agreement between the Company and certain investors. Previously
      filed as an Exhibit 4.3 to the Company&#146;s Current Report on Form 8-K dated
      October 2, 2012 filed with the Securities and Exchange Commission, and
      incorporated herein by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><P align=justify><FONT face="Times New Roman" size=2>10.1A<SUP>*</SUP> </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Amended and Restated Employment
      Contract effective January 1, 1989 between the Company and Robert L. Saxe.
      Previously filed as an Exhibit to the Company&#146;s Annual Report on Form 10-K
      for the fiscal year ended December 31, 1993 and incorporated herein by
      reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><P align=justify><FONT face="Times New Roman" size=2>10.1B<SUP>*</SUP> </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Employment Agreement effective as
      of January 1, 2009 between the Company and Joseph M. Harary. Previously
      filed as an Exhibit to the Company&#146;s Current Report on Form 8-K dated
      April 30, 2009 and incorporated herein by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><P align=justify><FONT face="Times New Roman" size=2>10.2<SUP>*</SUP> </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Amended and Restated 1992 Stock
      Option Plan. Previously filed as Exhibit 4 to the Company&#146;s Registration
      Statement on Form S-8 (Reg. No. 33-86910) filed with the Commission on
      November 30, 1994, and incorporated herein by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><P align=justify><FONT face="Times New Roman" size=2>10.3<SUP>*</SUP> </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>1998 Stock Option Plan, as
      amended. Previously filed as an Exhibit to the Company&#146;s Definitive Proxy
      Statement dated April 30, 1998 filed with the Commission on April 29,
      1998, 1994, and incorporated herein by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><P align=justify><FONT face="Times New Roman" size=2>10.31<SUP>*</SUP> </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>2008 Equity Incentive Plan.
      Previously filed as an Exhibit to the Company&#146;s Definitive Proxy Statement
      dated April 30, 2008 filed with the Commission on April 29, 2008, and
      incorporated herein by reference. </FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT STYLE="font: x-small Times New Roman">38</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>10.4<SUP>*</SUP></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Form of Stock Option Agreement
      between the Company and recipients of stock options issued pursuant to the
      Company&#146;s Stock Option Plans. Previously filed as part of Exhibits 4.1,
      4.2, and 4.3 to the Company&#146;s Registration Statement on Form S-8 (Reg. No.
      33-53030) filed with the Commission on October 6, 1992, and incorporated
      herein by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%">
      <P align=justify><FONT face="Times New Roman" size=2>10.5 </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Lease Agreement dated November 7,
      1986, between the Company and Industrial &amp; Research Associates Co.
      Previously filed as an exhibit to the Company&#146;s Annual Report on Form 10-K
      for the fiscal year ended December 31, 1986 and incorporated herein by
      reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%">
      <P align=justify><FONT face="Times New Roman" size=2>10.5.1 </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>First Amendment to Lease dated
      November 26, 1991 between the Company and Industrial and Research
      Associates Co. Previously filed as an Exhibit to Amendment No. 1 to the
      Company&#146;s Registration Statement on Form S-1 (Reg. No. 33-43768) declared
      effective by the Commission on December 17, 1991, and incorporated herein
      by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%">
      <P align=justify><FONT face="Times New Roman" size=2>10.5.2 </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Second Amendment to Lease dated
      March 11, 1994 between the Company and Industrial and Research Associates
      Co. Previously filed as an exhibit to the Company&#146;s Annual Report on Form
      10-K for the fiscal year ended December 31, 1993 and incorporated herein
      by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%">
      <P align=justify><FONT face="Times New Roman" size=2>10.5.3 </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Third Amendment to Lease dated
      July 14, 1998 between the Company and Industrial and Research Associates
      Co. Previously filed as an exhibit to the Company&#146;s Annual Report on Form
      10-K for the fiscal year ended December 31, 1998 and incorporated herein
      by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%">
      <P align=justify><FONT face="Times New Roman" size=2>10.5.4 </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Fourth Amendment to Lease dated
      January 13, 2004 between the Company and Industrial and Research
      Associates Co. Previously filed as an exhibit to the Company&#146;s Annual
      Report on Form 10-K for the fiscal year ended December 31, 2003 and
      incorporated herein by reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%">
      <P align=justify><FONT face="Times New Roman" size=2>10.6 </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      August 2, 1995 between the Company and General Electric Company.
      Previously filed as an Exhibit to the Company&#146;s Current Report on Form 8-K
      dated August 2, 1995 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by reference.
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%">
      <P align=justify><FONT face="Times New Roman" size=2>10.7 </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      April 29, 1996 between the Company and Glaverbel, S.A. Previously filed as
      an Exhibit to the Company&#146;s Quarterly Report on Form 10-Q for the fiscal
      quarter ended March 31, 1996 with portions omitted pursuant to the
      Registrant's request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap align=left width="1%">
      <P align=justify><FONT face="Times New Roman" size=2>10.8 </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="100%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      January 18, 1997 between the Company and Material Sciences Corporation.
      Previously filed as an Exhibit to the Company&#146;s Current Report on Form 8-K
      dated March 3, 1997 with portions omitted pursuant to the Registrant's
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by reference.
      </FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>39</FONT></P>
<HR align=center width="100%" noShade size="2">

<!-- e -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.9</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of March 31, 1997 between
      the Company and Hankuk Glass Industries, Inc. Previously filed as an
      Exhibit to the Company&#146;s Quarterly Report on Form 10-Q for the fiscal
      quarter ended September 30, 1997 with portions omitted pursuant to the
      Registrant's request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.10</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of August 8, 1997 between
      the Company and Orcolite, a Unit of Monsanto Company. Previously filed as
      an Exhibit to the Company&#146;s Quarterly Report on Form 10-Q for the fiscal
      quarter ended September 30, 1997 with portions omitted pursuant to the
      Registrant's request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.11</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of June 25, 1999 between
      the Company and Dainippon Ink and Chemicals, Incorporated. Previously
      filed as an Exhibit to the Company&#146;s Quarterly Report on Form 10-Q for the
      fiscal quarter ended June 30, 1999 with portions omitted pursuant to the
      Registrant's request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.12</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of August 9, 1999 between
      the Company and Hitachi Chemical Co., Ltd. Previously filed as an Exhibit
      to the Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter
      ended September 30, 1999 with portions omitted pursuant to the
      Registrant&#146;s request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.13</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of December 3, 1999
      between the Company and Global Mirror GmbH &amp; Co. KG. Previously filed
      as an Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal
      year ended December 31, 1999 with portions omitted pursuant to the
      Registrant&#146;s request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.14</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of December 13, 1999
      between the Company and Global Mirror GmbH &amp; Co. KG. Previously filed
      as an Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal
      year ended December 31, 1999 with portions omitted pursuant to the
      Registrant&#146;s request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.15</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of March 21, 2000 between
      the Company and ThermoView Industries, Inc. Previously filed as an Exhibit
      to the Company&#146;s Annual Report on Form 10-K for the fiscal year ended
      December 31, 1999 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>40</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.16</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="102%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of May 23, 2000 between
      the Company and Polaroid Corporation. Previously filed as an Exhibit to
      the Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter ended
      June 30, 2000 with portions omitted pursuant to the Registrant&#146;s request
      for confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.17</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="102%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of February 16, 2001
      between the Company and AP Technoglass Co. Previously filed as an Exhibit
      to the Company&#146;s Annual Report on Form 10-K for the fiscal year ended
      December 31, 2001 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top><FONT size=2 face="Times New Roman">10.18</FONT></TD>
    <TD vAlign=top></TD>
    <TD WIDTH="101%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of March 21, 2001 between
      the Company and InspecTech Aero Service, Inc. Previously filed as an
      Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2001 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top><FONT size=2 face="Times New Roman">10.19</FONT></TD>
    <TD vAlign=top></TD>
    <TD WIDTH="101%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of March 28, 2001 between
      the Company and Film Technologies International, Inc. Previously filed as
      an Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2001 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top><FONT size=2 face="Times New Roman">10.20</FONT></TD>
    <TD vAlign=top></TD>
    <TD WIDTH="101%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of November 29, 2001
      between the Company and Avery Dennison Corporation. Previously filed as an
      Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2001 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top><FONT size=2 face="Times New Roman">10.21</FONT></TD>
    <TD vAlign=top></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of February 4, 2002
      between the Company and BOS GmbH &amp; Co. KG. Previously filed as an
      Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2001 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top><FONT size=2 face="Times New Roman">10.22</FONT></TD>
    <TD vAlign=top></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of March 11, 2002 between
      the Company and Isoclima S.p.A. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K for the fiscal year ended December
      31, 2001 with portions omitted pursuant to the Registrant&#146;s request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by
  reference.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>41</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.23</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      July 2, 2002 between the Company and Isoclima S.p.A. Previously filed as
      an Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2002 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD VALIGN="TOP" WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2></FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.24</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      August 19, 2002 between the Company and Razor&#146;s Edge Technologies, Inc.
      Previously filed as an Exhibit to the Company&#146;s Annual Report on Form 10-K
      for the fiscal year ended December 31, 2002 with portions omitted pursuant
      to the Registrant&#146;s request for confidential treatment and filed
      separately with the Securities and Exchange Commission, and incorporated
      herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=4>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.25</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      October 7, 2002 between the Company and American Glass Products (Glass
      Technology Investment Ltd.). Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K for the fiscal year ended December
      31, 2002 with portions omitted pursuant to the Registrant&#146;s request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=4>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.26</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      October 7, 2002 between the Company and SPD Systems, Inc. Previously filed
      as an Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal
      year ended December 31, 2002 with portions omitted pursuant to the
      Registrant&#146;s request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=4>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.27</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      October 24, 2002 between the Company and Cricursa Cristales Curvados S.A.
      Previously filed as an Exhibit to the Company&#146;s Annual Report on Form 10-K
      for the fiscal year ended December 31, 2002 with portions omitted pursuant
      to the Registrant&#146;s request for confidential treatment and filed
      separately with the Securities and Exchange Commission, and incorporated
      herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=4>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.28</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      December 9, 2002 between the Company and BRG Group, Ltd. Previously filed
      as an Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal
      year ended December 31, 2002 with portions omitted pursuant to the
      Registrant&#146;s request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=4>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.29</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      December 13, 2002 between the Company and Laminated Technologies Inc.
      Previously filed as an Exhibit to the Company&#146;s Annual Report on Form 10-K
      for the fiscal year ended December 31, 2002 with portions omitted pursuant
      to the Registrant&#146;s request for confidential treatment and filed
      separately with the Securities and Exchange Commission, and incorporated
      herein by reference.</FONT></TD></TR></TABLE>
<P align=center><FONT STYLE="font: x-small Times New Roman">42</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.30</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of April 17, 2003 between
      the Company and Custom Glass Corporation. Previously filed as an Exhibit
      to the Company&#146;s Annual Report on Form 10-K/A for the fiscal year ended
      December 31, 2003 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.31</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of May 2, 2003 between
      the Company and Air Products and Chemicals, Inc. Previously filed as an
      Exhibit to the Company&#146;s Annual Report on Form 10-K/A for the fiscal year
      ended December 31, 2003 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.32</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of May 30, 2003 between
      the Company and Kerros Limited. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10-K/A for the fiscal year ended December
      31, 2003 with portions omitted pursuant to the Registrant&#146;s request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.33</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of June 6, 2003 between
      the Company and Traco, Inc. Previously filed as an Exhibit to the
      Company&#146;s Annual Report on Form 10- K/A for the fiscal year ended December
      31, 2003 with portions omitted pursuant to the Registrant&#146;s request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.34</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of June 16, 2003 between
      the Company and Saint-Gobain Glass France S.A. Previously filed as an
      Exhibit to the Company&#146;s Annual Report on Form 10-K/A for the fiscal year
      ended December 31, 2003 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.35</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of August 1, 2003 between
      the Company and Vision (Environmental Innovation) Limited. Previously
      filed as an Exhibit to the Company&#146;s Annual Report on Form 10-K/A for the
      fiscal year ended December 31, 2003 with portions omitted pursuant to the
      Registrant&#146;s request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.36</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of November 13, 2003
      between the Company and Innovative Glass Corporation. Previously filed as
      an Exhibit to the Company&#146;s Annual Report on Form 10-K/A for the fiscal
      year ended December 31, 2003 with portions omitted pursuant to the
      Registrant&#146;s request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR></TABLE>
<P align=center><FONT STYLE="font: x-small Times New Roman">43</FONT></P>
<HR align=center width="100%" noShade size="2">
&nbsp;&nbsp;&nbsp;&nbsp;
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.37</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      December 11, 2003 between the Company and Leminur Limited. Previously
      filed as an Exhibit to the Company&#146;s Annual Report on Form 10-K/A for the
      fiscal year ended December 31, 2003 with portions omitted pursuant to the
      Registrant&#146;s request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.38</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      March 25, 2004 between the Company and Pilkington plc. Previously filed as
      an Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2004 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.39</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      April 5, 2004 between the Company and SmartGlass Ireland Ltd. Previously
      filed as an Exhibit to the Company&#146;s Annual Report on Form 10-K for the
      fiscal year ended December 31, 2004 with portions omitted pursuant to the
      Registrant&#146;s request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.40</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      April 8, 2004 between the Company and Prelco Inc. Previously filed as an
      Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2004 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.41</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      April 13, 2004 between the Company and E. I. Dupont De Nemours and
      Company. Previously filed as an Exhibit to the Company&#146;s Annual Report on
      Form 10-K for the fiscal year ended December 31, 2004 with portions
      omitted pursuant to the Registrant&#146;s request for confidential treatment
      and filed separately with the Securities and Exchange Commission, and
      incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.42</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      September 3, 2004 between the Company and Nippon Sheet Glass Co., Ltd.
      Previously filed as an Exhibit to the Company&#146;s Annual Report on Form 10-K
      for the fiscal year ended December 31, 2004 with portions omitted pursuant
      to the Registrant&#146;s request for confidential treatment and filed
      separately with the Securities and Exchange Commission, and incorporated
      herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.43</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      October 25, 2005 between the Company and SPD Control Systems Corporation.
      Previously filed as an Exhibit to the Company&#146;s Current Report on Form 8-K
      dated October 31, 2005 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR></TABLE>
<P align=center><FONT STYLE="font: x-small Times New Roman">44</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.44</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      March 30, 2006 between the Company and Dainippon Ink and Chemicals.
      Previously filed as an Exhibit to the Company&#146;s Current Report on Form 8-K
      dated April 4, 2006 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.45</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      May 11, 2006 between the Company and Asahi Glass Company. Previously filed
      as an Exhibit to the Company&#146;s Current Report on Form 8-K dated May 15,
      2006 with portions omitted pursuant to the Registrant&#146;s request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.46</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      May 19, 2007 between the Company and SmartGlass International Ltd.
      Previously filed as an Exhibit to the Company&#146;s Current Report on Form 8-K
      dated March 19, 2007 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.47</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      October 16, 2007 between Research Frontiers Incorporated and Glass
      Wholesalers, Ltd. d/b/a Craftsman Fabricated Glass, Ltd. Previously filed as an Exhibit to
      the Company&#146;s Current Report on Form 8-K dated October 18, 2007, and
      incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>

  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.48</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      December 14, 2007 between Research Frontiers Incorporated and AGC Flat
      Glass Europe SA. Previously filed as an Exhibit to the Company&#146;s Current
      Report on Form 8-K dated December 17, 2007 with portions omitted pursuant
      to the Registrant&#146;s request for confidential treatment and filed
      separately with the Securities and Exchange Commission, and incorporated
      herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.49</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      February 21, 2008 between Research Frontiers Incorporated and GKN
      Aerospace Transparency Systems Inc. Previously filed as an Exhibit to the
      Company&#146;s Current Report on Form 8-K dated March 5, 2008 with portions
      omitted pursuant to the Registrant&#146;s request for confidential treatment
      and filed separately with the Securities and Exchange Commission, and
      incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.50</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      September 29, 2008 between Research Frontiers Incorporated and PPG
      Industries, Inc. (now known as Pittsburgh Glass Works, LLC). Previously
      filed as an Exhibit to the Company&#146;s Current Report on Form 8-K dated
      October 6, 2008 with portions omitted pursuant to the Registrant&#146;s request
      for confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.51</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of
      September 10, 2009 between Research Frontiers Incorporated and Pilkington
      Group Ltd. Previously filed as an Exhibit to the Company&#146;s Current Report
      on Form 8-K dated September 15, 2009 with portions omitted pursuant to the
      Registrant&#146;s request for confidential treatment and filed separately with
      the Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>45</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.52</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>License Agreement effective as of January 25, 2010 between Research
      Frontiers Incorporated and Vision Systems. Previously filed as an Exhibit
      to the Company&#146;s Current Report on Form 8-K dated January 25, 2010 with
      portions omitted pursuant to the Registrant&#146;s request for confidential
      treatment and filed separately with the Securities and Exchange
      Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp; </TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.53</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>License Agreement effective as of February 8, 2010 between Research
      Frontiers Incorporated and ID Research Pty Ltd. (iGlass). Previously filed
      as an Exhibit to the Company&#146;s Current Report on Form 8-K dated February
      16, 2010 with portions omitted pursuant to the Registrant&#146;s request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.54</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>License Agreement effective as of December 13, 2010 between
      Research Frontiers Incorporated and Diamond Sea-Glaze Manufacturing Ltd.
      Previously filed as an Exhibit to the Company&#146;s Current Report on Form 8-K
      dated December 14, 2010 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.55</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>License Agreement effective as of December 22, 2010 between Daimler
      AG, Research Frontiers Incorporated and SPD Control Systems Corp.
      Previously filed as an Exhibit to the Company&#146;s Current Report on Form 8-K
      dated February 9, 2011 with portions omitted pursuant to the Registrant&#146;s
      request for confidential treatment and filed separately with the
      Securities and Exchange Commission, and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.56</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>License Agreement effective as of February 19, 2013 between Tint-It
      JSC and Research Frontiers Incorporated. Previously filed as an Exhibit to
      the Company&#146;s Current Report on Form 8-K dated March 5, 2013 with portions
      omitted pursuant to the Registrant&#146;s request for confidential treatment
      and filed separately with the Securities and Exchange Commission, and
      incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top" noWrap>&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top" noWrap>&nbsp;</TD>
    <TD style="TEXT-ALIGN: justify">&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD style="VERTICAL-ALIGN: top" noWrap><FONT face="Times New Roman" size=2>10.57</FONT></TD>
    <TD style="VERTICAL-ALIGN: top" noWrap>&nbsp;</TD>
    <TD style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=2>License Agreement effective as of August 6, 2012 between
      Advnanotech LLC and Research Frontiers Incorporated. Previously filed as
      an Exhibit to the Company&#146;s Current Report on Form 8-K dated March 12,
      2013 with portions omitted pursuant to the Registrant&#146;s request for
      confidential treatment and filed separately with the Securities and
      Exchange Commission, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>14</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>Code of Ethics of Research Frontiers Incorporated. Previously filed
      as an Exhibit to the Company&#146;s Annual Report on Form 10-K for the fiscal
      year ended December 31, 2003, and incorporated herein by
    reference.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>21</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>Subsidiaries of the Registrant - SPD Enterprises, Inc.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>23</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>Consent of BDO USA, LLP - Filed herewith.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>31.1</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>Rule 13a-14(a)/15d-14(a) Certification of Joseph M. Harary - Filed
      herewith.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>31.2</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>Rule 13a-14(a)/15d-14(a) Certification of Seth L. Van Voorhees -
      Filed herewith.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>32.1</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>Section 1350 Certification of Joseph M. Harary - Filed
      herewith.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>32.2</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD style="TEXT-ALIGN: justify" width="100%"><FONT face="Times New Roman" size=2>Section 1350 Certification of Seth L. Van Voorhees - Filed
      herewith.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap  bgColor=#c0c0c0><FONT size=2>EX-101.INS</FONT></TD>
    <TD vAlign=top noWrap  bgColor=#c0c0c0></TD>
    <TD width="100%"  bgColor=#c0c0c0><FONT size=2>XBRL INSTANCE
      DOCUMENT</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap  bgColor=#c0c0c0><FONT size=2>EX-101.SCH</FONT></TD>
    <TD vAlign=top noWrap  bgColor=#c0c0c0></TD>
    <TD width="100%"  bgColor=#c0c0c0><FONT size=2>XBRL TAXONOMY
      EXTENSION SCHEMA </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap  bgColor=#c0c0c0><FONT size=2>EX-101.PRE</FONT></TD>
    <TD vAlign=top noWrap  bgColor=#c0c0c0></TD>
    <TD width="100%"  bgColor=#c0c0c0><FONT size=2>XBRL TAXONOMY
      EXTENSION PRESENTATION LINKBASE </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap  bgColor=#c0c0c0><FONT size=2>EX-101.LAB</FONT></TD>
    <TD vAlign=top noWrap  bgColor=#c0c0c0></TD>
    <TD width="100%"  bgColor=#c0c0c0><FONT size=2>XBRL TAXONOMY
      EXTENSION LABEL LINKBASE </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap  bgColor=#c0c0c0><FONT size=2>EX-101.CAL</FONT></TD>
    <TD vAlign=top noWrap  bgColor=#c0c0c0></TD>
    <TD width="100%"  bgColor=#c0c0c0><FONT size=2>XBRL TAXONOMY
      EXTENSION CALCULATION LINKBASE </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap  bgColor=#c0c0c0><FONT size=2>EX-101.DEF</FONT></TD>
    <TD vAlign=top noWrap  bgColor=#c0c0c0></TD>
    <TD width="100%"  bgColor=#c0c0c0><FONT size=2>XBRL TAXONOMY
      EXTENSION DEFINITION LINKBASE</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">____________________</FONT></FONT></P>
<P align=justify><FONT size=2 face="Times New Roman">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Compensation Plan or Arrangement.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>46</FONT></P>
<HR align=center width="100%" noShade size="2">


<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>SIGNATURES</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Pursuant to
the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
      INCORPORATED</FONT></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>(Registrant)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>/s/ Joseph M. Harary</FONT></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Joseph M. Harary, President and
      CEO</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>(Principal Executive
  Officer)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=right>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>/s/ Seth L. Van
      Voorhees</FONT></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Seth L. Van Voorhees, Vice President, CFO and Treasurer <BR>
(Principal
      Financial and Accounting Officer)</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Dated: March 12, 2013 </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Pursuant to the requirements of the
Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Signature</FONT></TD>
    <TD noWrap align=left width="34%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"><FONT face="Times New Roman" size=2>Position</FONT></TD>
    <TD noWrap align=left width="38%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Date</FONT></TD>
    <TD noWrap align=left width="21%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>/s/
      John H. Derby</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="42%" colSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT face="Times New Roman" size=2>March 12, 2013</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>John H. Derby</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="22%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>/s/ Gregory G. Grimes</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT face="Times New Roman" size=2>March 12, 2013</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>Gregory G. Grimes</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="42%" colSpan=2></TD>
    <TD noWrap align=left width="22%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>/s/ Joseph M. Harary</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2><FONT face="Times New Roman" size=2>Director, President, CEO</FONT></TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT face="Times New Roman" size=2>March 12, 2013</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>Joseph M. Harary</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2></TD>
    <TD noWrap align=left width="22%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>/s/ Seth L. Van Voorhees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2><FONT face="Times New Roman" size=2>Vice President, CFO,
Treasurer</FONT></TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT face="Times New Roman" size=2>March 12, 2013</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>Seth L. Van Voorhees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2></TD>
    <TD noWrap align=left width="22%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>/s/ Darryl Daigle</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT face="Times New Roman" size=2>March 12, 2013</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>Darryl Daigle</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2></TD>
    <TD noWrap align=left width="22%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>/s/ Victor F. Keen</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT face="Times New Roman" size=2>March 12, 2013</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>Victor F. Keen</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2></TD>
    <TD noWrap align=left width="22%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>/s/ Robert L. Saxe</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2><FONT face="Times New Roman" size=2>Director, Chairman</FONT></TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT face="Times New Roman" size=2>March 12, 2013</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>Robert L. Saxe</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="42%" colSpan=2></TD>
    <TD noWrap align=left width="22%" colSpan=2></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>47</FONT></P>
<HR align=center width="100%" noShade size="2">


<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2></FONT><U><FONT face="Times New Roman" size=2>Report
of Independent Registered Public Accounting Firm</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Shareholders and Board of
Directors<BR></FONT><FONT face="Times New Roman" size=2>Research Frontiers
Incorporated<BR>Woodbury, New York </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We have audited the accompanying
consolidated balance sheets of Research Frontiers Incorporated as of December
31, 2012 and 2011 and the related consolidated statements of operations,
shareholders&#146; equity and cash flows for each of the three years in the period
ended December 31, 2012. In connection with our audits of the consolidated
financial statements, we have also audited the schedule as listed in the
accompanying index. These consolidated financial statements and schedule are the
responsibility of the Company&#146;s management. Our responsibility is to express an
opinion on these financial statements and schedule based on our audits.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We conducted our audits in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and schedule are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements and
schedule, assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the
financial statements and schedule. We believe that our audits provide a
reasonable basis for our opinion. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>In our opinion, the consolidated
financial statements referred to above present fairly, in all material respects,
the financial position of Research Frontiers Incorporated at December 31, 2012
and 2011, and the results of its operations and its cash flows for each of the
three years in the period ended December 31, 2012, in conformity with accounting
principles generally accepted in the United States of America.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Also, in our opinion, the financial
statement schedule when considered in relation to the basic consolidated
financial statements taken as a whole, present fairly, in all material respects,
the information set forth therein. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We also have audited, in accordance
with the standards of the Public Company Accounting Oversight Board (United
States), Research Frontiers Incorporated&#146;s internal control over financial
reporting as of December 31, 2012, based on criteria established in
</FONT><I><FONT face="Times New Roman" size=2>Internal Control &#150; Integrated
Framework</FONT></I><FONT face="Times New Roman" size=2> issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO) and our report dated
March 12, 2013 expressed an unqualified opinion thereon. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>/s/ BDO USA, LLP </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Melville, New York<BR>March 12, 2013
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-1</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR>Consolidated Balance Sheets<BR>December 31, 2012 and 2011
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="46%"><FONT face="Times New Roman" size=2>Assets</FONT></TD>
    <TD noWrap align=left width="46%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>Current
      assets:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cash and cash equivalents</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>8,390,233</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2,403,364</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term
      investments</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>5,052,921</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>1,255,056</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Royalty receivables, net of reserves of $92,723 in 2012</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      and 2011</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>688,318</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>334,050</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and
      other current assets</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>201,949</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>169,634</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Note receivable, SPD Control Systems</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>150,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total current assets</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>14,333,421</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>4,312,104</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR>
  <TR>
    <TD width="100%" colSpan=10>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>Fixed assets,
      net</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>59,041</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>82,428</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>Deposits and other assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>22,605</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>22,605</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
    assets</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; border-bottom: Black 2pt double"><FONT face="Times New Roman" size=2>14,415,067</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 2pt double"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; border-bottom: Black 2pt double"><FONT face="Times New Roman" size=2>4,417,137</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 2pt double"></TD></TR>
  <TR>
    <TD width="100%" colSpan=10>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="46%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>Liabilities and Shareholders&#146; Equity</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="46%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=10>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>Current
      liabilities:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts payable</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>72,269</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>96,146</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and
      other</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>145,123</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>188,793</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Deferred revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total current liabilities</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>242,392</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>309,939</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR>
  <TR>
    <TD width="100%" colSpan=10>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>Commitments
      (note 9)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: right"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=10>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>Shareholders&#146;
      equity:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Common stock, par value $0.0001 per share;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      authorized 100,000,000 shares, issued and outstanding</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      22,646,782 and 18,544,355 shares for 2012 and 2011</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2,265</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,854</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in
      capital</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>101,642,297</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>88,513,630</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="92%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accumulated deficit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(87,471,887</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(84,408,286</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total shareholders&#146; equity</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>14,172,675</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>4,107,198</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR>
  <TR>
    <TD width="100%" colSpan=10>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="92%" COLSPAN="2"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total liabilities and shareholders&#146; equity</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>14,415,067</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>4,417,137</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>See accompanying notes to consolidated
financial statements. </FONT></P>
<P align=center><FONT STYLE="font: x-small Times New Roman">F-2</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR>Consolidated Statements of Operations<BR>Years ended December
31, 2012, 2011 and 2010 </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=3><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=3><FONT face="Times New Roman" size=2>2010</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Fee income</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>1,957,336</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>845,982</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>767,522</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>

<TR STYLE="background-color: Silver">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Operating expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3,995,633</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3,618,635</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3,253,250</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Research and development</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>1,671,872</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>1,390,689</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>1,404,654</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
      Expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5,667,505</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5,009,324</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4,657,904</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>

    <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Operating loss</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(3,710,169</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(4,163,342</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(3,890,382</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Net investment income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>33,171</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>29,274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>15,517</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Loss before income tax benefit</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(3,676,998</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(3,874,865</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Income tax benefit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>613,397</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=2 face="Times New Roman">-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=2 face="Times New Roman">-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net loss</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(3,063,601</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>(3,874,865</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
     <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>

 <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Basic and diluted net loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common
      share</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(0.15</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(0.22</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(0.22</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
     <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>


 <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Weighted average number of</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      common shares outstanding</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>20,125,309</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>18,538,041</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>17,321,360</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>See accompanying notes to consolidated
financial statements.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-3</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR>Consolidated Statements of Shareholders&#146; Equity<BR>Years ended
December 31, 2012, 2011 and 2010 </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=4><FONT face="Times New Roman" size=2>Common Stock</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" colSpan=2><FONT face="Times New Roman" size=2>Additional</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" colSpan=3><FONT face="Times New Roman" size=2>Accumulated</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=2>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=2><FONT face="Times New Roman" size=2>Amount</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=2><FONT face="Times New Roman" size=2>Paid-in Capital</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=3><FONT face="Times New Roman" size=2>Deficit</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=3><FONT face="Times New Roman" size=2>Total</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=17></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Balance, December 31,
      2009</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>16,522,727</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>1,652</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>80,563,038</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(76,399,353</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>4,165,337</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Issuances of common stock</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,718,746</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>172</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>6,409,204</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>6,409,376</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Share-based
      compensation</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>40,500</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>4</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>772,600</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>772,604</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Net Loss</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(3,874,865</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(3,874,865</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Balance, December 31,
      2010</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>18,281,973</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>1,828</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>87,744,842</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(80,274,218</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>7,472,452</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Exercise of options and warrants</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>60,382</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>6</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>65,971</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>65,977</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Share-based compensation</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>202,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>20</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>702,817</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>702,837</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Net Loss</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Balance, December 31, 2011</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>18,544,355</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,854</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>88,513,630</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(84,408,286</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4,107,198</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Issuances of common
      stock</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>3,739,227</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>374</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>12,250,126</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>12,250,500</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Share-based compensation</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>363,200</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>37</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>878,541</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>878,578</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Net Loss</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>(3,063,601</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>(3,063,601</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Balance, December 31, 2012</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>22,646,782</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2,265</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>101,642,297</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(87,471,887</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>14,172,675</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>See accompanying notes to consolidated
financial statements. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-4</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR>Consolidated Statements of Cash Flows<BR>Years ended December
31, 2012, 2011 and 2010 </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=3><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=3><FONT face="Times New Roman" size=2>2010</FONT> &nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Cash flows from operating
      activities:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Net loss</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(3,063,601</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(3,874,865</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Adjustments to reconcile net loss to net cash</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      used in operating activities:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Depreciation and amortization</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>34,963</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>39,857</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>44,315</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Stock based compensation</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>878,578</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>702,837</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>772,604</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Recovery of uncollectible receivables</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(70,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(23,845</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Change in assets and liabilities:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Royalty receivables</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(354,268</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>116,127</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(129,841</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Prepaid expenses and other current assets</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>(107,218</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>(5,037</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>20,861</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts payable and accrued expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(67,547</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(2,300</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3,716</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Deposits and other assets</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>(14,998</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net cash used in operating activities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(2,679,093</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(3,352,584</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(3,202,053</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Cash flows from investing
      activities:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of fixed
      assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(11,576</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(12,517</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(10,313</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Purchase of investments</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>(3,797,865</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>(2,255,056</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale
      of investment</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Note and interest receivable on SPD Control Systems</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>224,903</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net cash used in investing activities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(3,584,538</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(1,267,573</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(10,313</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Cash flows from financing
      activities:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from
      issuances of common stock and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exercise of options
      and warrants</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>12,250,500</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>65,977</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6,409,376</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net cash provided by financing activities</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; 12,250,500</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>65,977</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>6,409,376</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Net increase (decrease) in cash and
      cash equivalents</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>5,986,869</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      (4,554,180</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>3,197,010</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><FONT face="Times New Roman" size=2>Cash and cash equivalents at beginning
      of year</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>2,403,364</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>6,957,544</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>3,760,534</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>Cash and cash equivalents at end of year</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>8,390,233</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,403,364</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; 6,957,544</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%"><U><FONT face="Times New Roman" size=2>Non Cash Financing and Investing
Activities:</FONT></U></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cashless Exercise of
      Stock Options</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>276,750</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>See accompanying notes to consolidated
financial statements. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-5</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS INCORPORATED<BR>Notes
to Consolidated Financial Statements<BR>December 31, 2012, 2011, and
2010</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(1) </FONT><U><FONT face="Times New Roman" size=2>Business</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Research
Frontiers Incorporated (&#147;Research Frontiers&#148; or the &#147;Company&#148;) operates in a
single business segment which is engaged in the development and marketing of
technology and devices to control the flow of light. Such devices, often
referred to as &ldquo;light valves&rdquo; or suspended particle devices (SPDs), use
colloidal particles that are either incorporated within a liquid suspension or a
film, which is usually enclosed between two sheets of glass or plastic having
transparent, electrically conductive coatings on the facing surfaces thereof. At
least one of the two sheets is transparent. SPD technology, made possible by a
flexible light-control film invented by Research Frontiers, allows the user to
instantly and precisely control the shading of glass/plastic manually or
automatically. SPD technology has numerous product applications, including:
SPD-Smart&#153; windows, sunshades, skylights and interior partitions for homes and
buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view
mirrors, instrument panels and navigation systems; aircraft windows; eyewear
products; and flat panel displays for electronic products. SPD-Smart light
control film is now being developed for, or used in, architectural, automotive,
marine, aerospace and appliance applications.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has historically utilized its cash, cash equivalents, short-term investments, and the proceeds from the
sale of its investments to fund its research and development of SPD light
valves, for marketing initiatives, and for other working capital purposes. The
Company&#146;s working capital and capital requirements depend upon numerous factors,
including the results of research and development activities, competitive and
technological developments, the timing and cost of patent filings, and the
development of new licensees and changes in the Company&#146;s relationships with its
existing licensees. The degree of dependence of the Company&#146;s working capital
requirements on each of the foregoing factors cannot be quantified; increased
research and development activities and related costs would increase such
requirements; the addition of new licensees may provide additional working
capital or working capital requirements, and changes in relationships with
existing licensees would have a favorable or negative impact depending upon the
nature of such changes. There can be no assurance that expenditures will not
exceed the anticipated amounts or that additional financing, if required, will
be available when needed or, if available, that its terms will be favorable or
acceptable to the Company. Eventual success of the Company and generation of
positive cash flow will be dependent upon the commercialization of products
using the Company&#146;s technology by the Company&#146;s licensees and payments of
continuing royalties on account thereof. To date, the Company has not generated
sufficient revenue from its licensees to fund its operations. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(2) </FONT><U><FONT face="Times New Roman" size=2>Summary of Significant Accounting Policies</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(a)</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Cash
and Cash Equivalents</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company considers securities purchased with original maturities of
three months or less to be cash equivalents. Cash equivalents consist of
short-term investments in money market accounts at December 31, 2012 and 2011.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Cash and cash equivalents are maintained at financial institutions and,
at times, balances may exceed federally insured limits. We have never
experienced any losses related to these balances. All of our non-interest
bearing cash balances were fully insured at December 31, 2012 and 2011 due to a
temporary federal program in effect from December 31, 2010 through December 31,
2012. Under the program, there is no limit to the amount
of insurance for eligible non-interest bearing accounts. Beginning 2013,
insurance coverage will revert to $250,000 per depositor at each financial
institution, and our non-interest bearing cash balances may again exceed
federally insured limits. Amounts on deposit in excess of federally insured
limits at December 31, 2012 is approximately $8.9 million. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-6</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(b)</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Short-term Investments</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company classifies investments in marketable securities as trading,
available-for-sale or held-to-maturity at the time of purchase and periodically
re-evaluates such classifications. Trading securities are carried at fair value,
with unrealized holding gains and losses included in earnings. Held-to-maturity
securities are recorded at cost and are adjusted for the amortization or
accretion of premiums or discounts over the life of the related security.
Unrealized holding gains and losses on available-for-sale securities are
excluded from earnings and are reported as a separate component of accumulated
other comprehensive income (loss) until realized. In determining realized gains
and losses, the cost of securities sold is based on the specific identification
method. Interest and dividends on the investments are accrued at the balance
sheet date. At December 31, 2012 all investments were classified as held to
maturity and consisted of the following: </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap style="text-align: center" width="12%" colSpan=4><FONT face="Times New Roman" size=2>Certificates of
      Deposit</FONT></TD>
    <TD noWrap style="text-align: center" width="68%"></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=2>Maturity</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%" colSpan=4><FONT face="Times New Roman" size=2>Value of Held to
      Maturity</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="12%" colSpan=4><FONT face="Times New Roman" size=2>Investment</FONT></TD>
    <TD noWrap style="text-align: center" width="68%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%"><FONT face="Times New Roman" size=2>Date</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="14%" colSpan=4><FONT face="Times New Roman" size=2>Investments (based on
cost)</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      2,000,000</FONT></TD>
    <TD NOWRAP WIDTH="5%" STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP WIDTH="68%" STYLE="text-align: center"></TD>
    <TD NOWRAP WIDTH="4%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>04-18-13</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="5%">&nbsp; </TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      2,000,000</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,000,000</FONT></TD>
    <TD noWrap style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="68%"></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=2>10-17-13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,000,000</FONT></TD>
    <TD noWrap align=right width="5%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>500,940</FONT></TD>
    <TD NOWRAP WIDTH="5%" STYLE="text-align: center"></TD>
    <TD NOWRAP WIDTH="68%" STYLE="text-align: center"></TD>
    <TD NOWRAP WIDTH="4%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>06-29-13</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="5%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>500,940</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>300,564</FONT></TD>
    <TD noWrap style="text-align: center" width="5%"></TD>
    <TD noWrap style="text-align: center" width="68%"></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=2>04-06-13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>300,564</FONT></TD>
    <TD noWrap align=right width="5%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="3%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>251,417</FONT></TD>
    <TD NOWRAP WIDTH="5%" STYLE="text-align: center"></TD>
    <TD NOWRAP WIDTH="68%" STYLE="text-align: center"></TD>
    <TD NOWRAP WIDTH="4%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>06-29-13</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="5%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid"><FONT size=+0><FONT face="Times New Roman" size=2>251,417</FONT></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face="Times New Roman" size=2>5,052,921</FONT></FONT></TD>
    <TD noWrap align=right width="5%"></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(c) </FONT><U><FONT face="Times New Roman" size=2>Royalties
Receivable</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Royalties receivable are recorded at the amounts specified within the
license agreements when the collectability of the receivable is reasonably
assured. The receivables do not bear interest. The allowance for doubtful
accounts is the Company&#146;s best estimate of the amount of probable credit losses
in the Company&#146;s existing royalties receivable. The Company determines the
allowance based on historical write off experience. The Company reviews its
allowance for doubtful accounts periodically. Past due accounts are reviewed
individually for collectability. Account balances are charged off against the
allowance after all means of collection have been exhausted and the potential
for recovery is considered remote. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(d) </FONT><U><FONT face="Times New Roman" size=2>Fixed Assets</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Fixed assets are carried at cost. Depreciation and amortization are
computed using the straight-line method over the estimated useful lives of the
assets. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(e) </FONT><U><FONT face="Times New Roman" size=2>Revenue Recognition/Fee
Income</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has entered into a number of license agreements covering its
light control technology. The Company receives minimum annual royalties under
certain license agreements and records fee income on a ratable basis each
quarter. In instances when sales of licensed products by its licensees exceed
minimum annual royalties, the Company recognizes fee income as the amounts have
been earned. Certain of the fees are accrued by, or paid
to, the Company in advance of the period in which they are earned resulting in
deferred revenue. Such excess amounts are recorded as deferred revenue and
recognized into income in future periods as earned. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-7</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Fee income
represents amounts earned by the Company under various license and other
agreements (note 8) relating to technology developed by the Company. During
2012, four licensees accounted for 62%, 6%, 5% and 5% respectively of fee income
recognized during the year. During 2011 five licensees accounted for 32%, 15%,
12%, 11% and 6%, respectively of fee income recognized for the year.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(f) </FONT><U><FONT face="Times New Roman" size=2>Basic and Diluted Loss Per Common
Share</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Basic earnings (loss) per share excludes any dilution. It is based upon
the weighted average number of common shares outstanding during the period.
Dilutive earnings (loss) per share reflects the potential dilution that would
occur if securities or other contracts to issue common stock were exercised or
converted into common stock. The Company&#146;s dilutive loss per share equals basic
loss per share for each of the years in the three-year period ended December 31,
2012 because all common stock equivalents (</FONT><I><FONT face="Times New Roman" size=2>i.e.,</FONT></I><FONT face="Times New Roman" size=2> options and warrants) were
antidilutive in those periods. The number of options and warrants that were not
included because their effect is antidilutive was 2,630,002, 1,973,906, and
2,443,108, for 2012, 2011, and 2010, respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(g) </FONT><U><FONT face="Times New Roman" size=2>Research and Development
Costs</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Research and development costs are charged to expense as incurred.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(h) </FONT><U><FONT face="Times New Roman" size=2>Patent Costs</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company expenses costs relating to the development or acquisition of
patents due to the uncertainty of the recoverability of these items. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) </FONT><U><FONT face="Times New Roman" size=2>Use of Estimates</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The preparation of the Company&#146;s consolidated financial statements
requires management of the Company to make a number of estimates and assumptions
relating to the reported amount of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during this period.
Actual results could differ from those estimates. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(j) </FONT><U><FONT face="Times New Roman" size=2>Income Taxes</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Income taxes are accounted for under the asset and liability method.
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases and operating loss and tax credit carryforwards. Deferred tax assets and
liabilities are measured using enacted tax rates expected to be recovered or
settled. The effect on deferred tax assets and liabilities of a change in tax
rates is recognized in income in the period that includes the enactment date.
</FONT></P>

<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In accordance with ASC Topic 740 (FIN 48), we recognize tax benefits only
for tax positions that are more likely than not to be sustained upon examination
by tax authorities. The amount recognized is measured as the largest amount of
benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax
benefits are tax benefits claimed in tax returns that do not meet these
recognition and measurement standards. We classify accrued interest and
penalties related to any unrecognized tax benefits in our income tax provision.
At December 31, 2012 and 2011, we do not have accrued interest and penalties
related to any unrecognized tax benefits. We do not believe we have any
uncertain tax positions as of December 31, 2012 and 2011. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>F-8</FONT></P>
<HR align=center width="100%" noShade size="2">


<!-- g -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The tax years
subject to examination by major tax jurisdictions include the years 2008 and
forward by the U.S. Internal Revenue Service and certain states. The Company is
not currently being audited by any tax jurisdiction. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(k) </FONT><U><FONT face="Times New Roman" size=2>Fair Value of Financial
Instruments</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The fair value of a financial instrument is the amount at which the
instrument could be exchanged in a current transaction between willing parties.
The carrying amounts of all financial instruments classified as a current asset
or current liability are deemed to approximate fair value because of the short
maturity of those instruments.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(l) </FONT><U><FONT face="Times New Roman" size=2>Equity-Based
Compensation</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We recognize all stock-based compensation as an expense in the financial
statements and such costs are measured at the fair value of the award at the
date of grant. In addition to reflecting compensation expense for new
share-based payment awards, expense is also recognized to reflect the remaining
vesting period of awards that had been granted in prior periods. Tax benefits
related to stock option exercises are reflected as financing cash inflows
instead of operating cash inflows. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The exercise price for stock options granted are generally set at the
average for the high and low trading prices of the Company&#146;s common stock on the
trading date immediately prior to the date of grant, and the related number of
shares granted are fixed at the date of grant. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to determine the fair value of stock options on the date of
grant, the Company uses the Black-Scholes option-pricing model. Inherent in this
model are assumptions related to expected stock-price volatility, option term,
risk-free interest rate and dividend yield. While the risk-free interest rate
and dividend yield are less subjective assumptions that are based on factual
data derived from public sources, the expected stock-price volatility and option
term assumptions require a greater level of judgment.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with the employee stock options and restricted stock grants, the
Company charged $873,888, $719,811 and $696,888 to operations during the years
ended December 31, 2012, 2011, and 2010, respectively. In lieu of higher cash
compensation, the Company has granted warrants and non-employee options to consultants. These warrants and non-employee options
vest ratably over various terms ranging from 24 to 59 months. Non-employee options covering
60,000 shares were granted to consultants during 2012. These non-employee options are valued
at fair value at the time that the related services are provided using the Black
Scholes method and marked to market quarterly using the Black Scholes method.
The Company incurred a charge (benefit) to operations of $4,690, ($16,974) and
$75,716 for 2012, 2011, and 2010, respectively in connection with these
warrants and non-employee options. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(m) Restricted Stock</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Compensation cost for restricted stock is measured using the quoted
market price of the Company's common stock at the date the common stock is
granted. The compensation cost is recognized over the period between the issue
date and the date any restrictions lapse. Restricted stock is included in total
common shares outstanding upon the lapse of any restrictions. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-9</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(n)
</FONT><U><FONT face="Times New Roman" size=2>Impairment of Long-Lived Assets</FONT></U></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company reviews long-lived assets to determine whether an event or
change in circumstances indicates the carrying value of the asset may not be
recoverable. The Company bases its evaluation on such impairment indicators as
the nature of the assets, the future economic benefit of the assets and any
historical or future profitability measurements, as well as other external
market conditions or factors that may be present. If such impairment indicators
are present or other factors exist that indicate that the carrying amount of the
asset may not be recoverable, the Company determines whether an impairment has
occurred through the use of an undiscounted cash flows analysis at the lowest
level for which identifiable cash flows exist. If impairment has occurred, the
Company recognizes a loss for the difference between the carrying amount and the
fair value of the asset. Fair value is the amount at which the asset could be
bought or sold in a current transaction between a willing buyer and seller other
than in a forced or liquidation sale and can be measured as the asset's quoted
market price in an active market or, where an active market for the asset does
not exist, the Company&#146;s best estimate of fair value based on discounted cash
flow analysis. Assets to be disposed of by sale are measured at the lower of
carrying amount or fair value less estimated costs to sell.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(o) </FONT><U><FONT face="Times New Roman" size=2>Fair Value
Measurements</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>

<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Accounting Standards Codification (&#147;ASC&#148;) Topic 820 &#147;Fair Value
Measurements and Disclosures&#148; (&#147;ASC Topic 820&#148;) establishes a framework for
measuring fair value in generally accepted accounting principles and expands
disclosures about fair value measurements. ASC Topic 820 applies under other
previously issued accounting pronouncements that require or permit fair value
measurements but does not require any new fair value measurements. </FONT></P>


<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>ASC Topic 820
defines fair value as the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at
the measurement date. ASC Topic 820 establishes a fair value hierarchy that
distinguishes between (1) market participant assumptions developed based on
market data obtained from independent sources (observable inputs) and (2) an
entity&#146;s own assumptions about market participant assumptions developed based on
the best information available in the circumstances (unobservable inputs).
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We value financial instruments using a three-tier fair value hierarchy,
which prioritizes the inputs used in measuring fair value. These tiers include:
Level 1, defined as observable inputs such as quoted prices in active markets
for identical assets or liabilities; Level 2, defined as inputs other than
quoted prices for similar assets or liabilities in active markets that are
either directly or indirectly observable; and Level 3, defined as unobservable
inputs in which little or no market data exists, therefore requiring an entity
to develop its own assumptions. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Financial assets accounted for at fair value on a recurring basis at
December 31, 2012 and 2011, include cash and cash equivalents of approximately
$8.4 million and $2.4 million, respectively, as well as short term investments
of $5.1 million and $1.3 million in 2012 and 2011, respectively. The carrying value of these assets approximates fair value due to the short-term maturity of these instruments.</FONT></P>

<P align=justify><I><FONT face="Times New Roman" size=2>New Accounting Standards
</FONT></I></P>
<P align=justify><FONT face="Times New Roman" size=2>In July 2012, the FASB issued ASU
2012-02, &#147;Testing Indefinite-Lived Intangible Assets for impairment (the revised
standard)&#148;, which allows companies the option to perform a qualitative
assessment to determine whether further impairment testing of indefinite-lived
intangible assets is necessary. Under this guidance, an entity is required to
perform a quantitative impairment test if qualitative factors indicate that it
is more likely than not the indefinite-lived intangible assets are impaired. The
qualitative factors are consistent with the guidance established for goodwill
impairment testing and include identifying and assessing events and
circumstances that would most significantly impact, individually or in the
aggregate, the carrying value of the indefinite-lived intangible assets. The
revised standard is effective for the Company in fiscal 2014 and early adoption
is permitted. The adoption of ASU 2012-02 is not expected to have a material
impact on the Company&#146;s consolidated financial statements. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>In October 2012, the FASB issued ASU
2012-04, &#147;Technical Corrections and Improvements.&#148; ASU 2012-04 contains certain
technical corrections and conforming fair value amendments to the FASB
Accounting Standards Codification. The amendments that do not have transition
guidance were effective upon issuance. The amendments that are subject to the
transition guidance will be effective for fiscal beginning after December 15,
2012. The adoption of ASU 2012-04 will not have a material impact on the
Company&#146;s consolidated financial statements. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(p) </FONT><U><FONT face="Times New Roman" size=2>Recent Accounting
Pronouncements</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>F-10</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify><FONT face="Times New Roman" size=2>(3) </FONT><U><FONT face="Times New Roman" size=2>Note Receivable from SPD Control Systems</FONT></U></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On May 9, 2007, the Company began participating in the funding of the
ongoing development of automotive controllers by SPD Control Systems Corp., a
licensee of the Company (&#147;SPD Control Systems&#148;). This development work is to
produce the electronic controllers to operate SPD-Smart automotive windows and
glass roof systems for one or more of the top five automotive makers in the
world. The Company&#146;s funding of this project was reflected in the form of a
senior secured convertible promissory note (the &#147;Note&#148;) of SPD Control Systems
held by Research Frontiers&#146; wholly-owned subsidiary, SPD Enterprises Inc. (&#147;SPD
Enterprises&#148;). The Note bore interest at 10% per annum, was secured by all of
the assets (including intellectual property) of SPD Control Systems, and was
convertible at the option of SPD Enterprises into common stock of SPD Control
Systems at an initial conversion price of $0.50 per share. This conversion price
was adjustable downward to result in the issuance to SPD Enterprises of
additional shares of SPD Control Systems common stock under certain conditions.
The Note provided funding of up to $150,000 by SPD Enterprises based upon the
achievement of certain development milestones by SPD Control Systems. As part of
a broader agreement between SPD Control Systems and the Company, effective May
9, 2010, the maturity date of this Note was extended to May 9, 2012 and the
applicable conversion price for the Note was specified as $0.25 per share of SPD
Control Systems stock through May 9, 2012 and $0.10 per share thereafter. On
March 30, 2012 SPD Control Systems paid Research Frontiers $224,903 in full
payment of the principal and accrued interest on the note. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(4) </FONT><U><FONT face="Times New Roman" size=2>Fixed Assets</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Fixed assets and their estimated useful lives as of December 31, 2012 and
2011, are as follows: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=2>Estimated
      useful life</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>Equipment and furniture</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>1,301,341</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>1,290,083</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>5
    years</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="94%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>Life of lease or estimated</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>Leasehold Improvements</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>437,745</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>437,427</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>life of asset
      if shorter</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,739,086</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,727,510</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="94%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>Less accumulated depreciation</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and amortization</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; (1,680,045</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"><FONT size=+0><FONT face="Times New Roman" size=2>)</FONT></FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; (1,645,082</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"><FONT size=+0><FONT face="Times New Roman" size=2>)</FONT></FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>59,041</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 2pt double"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>82,428</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 2pt double"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>F-11</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>(5) </FONT><U><FONT face="Times New Roman" size=2>Accrued Expenses and Other</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Accrued
expenses consist of the following at December 31, 2012 and 2011: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>2011</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>Payroll, bonuses and related
      benefits</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
    110,621</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
    134,384</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Professional services</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>23,450</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>35,040</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>Deferred rent</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>10,691</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>19,006</FONT></TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>Other</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>361</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>363</FONT></TD></TR>
  <TR STYLE="background-color: Silver; vertical-align: bottom">
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>145,123</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>188,793</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>(6) </FONT><U><FONT face="Times New Roman" size=2>Income Taxes</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Since
inception, the Company has incurred losses from operations and as a result has
not recorded income tax expense. Benefits related to net operating loss
carryforwards and deferred items have been fully reserved since it was not more
likely than not that the Company would achieve profitable operations.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company applied for state research and development refundable credits
for the years ended December 31, 2006 through 2009. In April 2012, the Company
received $613,397 relating to these credits for the years 2006 through 2009,
which is reflected as an income tax benefit in the accompanying statement of
operations. The Company currently does not expect to collect additional credits
for years subsequent to 2009. In addition, $61,340 is included in operating
expenses on the accompanying statement of operations for the year ended December
31, 2012 relating to professional fees paid in connection with securing these
refundable credits. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The tax effects of temporary differences that give rise to significant
portions of the deferred tax assets at December 31, 2012 and 2011 are presented
below. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>Deferred tax assets:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Depreciation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>95,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>91,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for bad
      debts</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>37,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>37,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating loss
      carryforwards</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>22,525,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>22,516,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option
      expense</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>1,051,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>1,051,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and other
      credits</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>977,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,008,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other temporary
      differences</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>15,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>15,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total gross deferred tax assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>24,700,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>24,718,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less valuation
      allowance</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; (24,700,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; (24,718,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>F-12</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In assessing
the realizability of deferred tax assets, the Company considers whether it is
more likely than not that some portion or all of the deferred tax assets will
not be realized. The ultimate realization of deferred tax assets is dependent
upon future taxable income during the period in which those temporary
differences become deductible. The Company considers the scheduled reversal of
deferred tax liabilities, projected future taxable income, and tax planning
strategies in making this assessment. Based upon its historical operating
losses, utilization of deferred tax assets cannot currently be determined.
Accordingly, the Company has recorded a full valuation allowance against the
deferred tax assets, as they will not be realized until the Company achieves
profitable operations in the future. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At December 31, 2012, the Company had a net operating loss carryforward
for federal income tax purposes of approximately $55,000,000, varying amounts of
which will expire in each year from 2013 through 2032. Research and other credit
carryforwards of approximately $977,000</FONT><B><FONT face="Times New Roman" size=2>
</FONT></B><FONT face="Times New Roman" size=2>are available to the Company to reduce income
taxes payable in future years principally through 2032. Net operating loss
carryforwards of approximately $2,654,000 and research and other credit
carryforwards of approximately $65,000 are scheduled to expire during fiscal
2013, if not utilized. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(7) </FONT><U><FONT face="Times New Roman" size=2>Shareholders&#146; Equity</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(a)</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>Common
Stock and Warrants</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During 2012 the Company sold, pursuant to the Company&#146;s effective
registration statement filed with the SEC, equity in the Company as follows:
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Date</FONT></TD>
    <TD noWrap align=right width="89%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=2>Shares issued</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=2>Warrants issued</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>Unit price</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>Proceeds</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>July 30, 2012</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="89%">&nbsp;</TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>589,227</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>117,846</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>2.97</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>1,745,549</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>August 28, 2012</FONT></TD>
    <TD noWrap align=right width="89%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,900,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>380,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2.97</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5,229,201</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>**</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>October 3, 2012</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="89%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>1,250,000</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>250,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>4.49</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>5,275,750</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>***</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap align=right width="89%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>3,739,227</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>747,846</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; 12,250,500</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(*)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Net of fees of
$4,455</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(**)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Net of fees of
  $413,719</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(***)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Net of fees of
  $336,750</FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shares and warrants issued in the July 30, 2012 and August 28, 2012 sales were sold pursuant to the Company&#146;s currently effective shelf registration. Warrants issued in the July 30, 2012 and August 28, 2012 sales&#146; are exercisable for a period of five years beginning on the closing date of the offering at an exercise price of $4.45 per share (150% of the aggregate offering price for a share of common stock and corresponding warrant). </FONT></P>

<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The warrants issued in connection with the October 3, 2012 sale are exercisable for a period of five years beginning on the six-month anniversary of the closing date at an exercise price of $6.73 per share (approximately 150% of the aggregate offering price). The securities issued in the October 3, 2012 sale were not registered under the Securities Act of 1933, as amended, or any state securities laws, and were issued and sold in a private placement pursuant to Regulation D of the Securities Act. The Company subsequently filed a Form S-3 registration with the US Securities and Exchange Commission which was declared effective on December 26, 2012 that covers the resale of the shares by the purchaser and the shares issuable upon exercise of the warrants.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-13</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>During 2010 the Company sold, pursuant
to the Company&#146;s effective registration statement filed with the SEC, equity in
the Company as follows: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%"><FONT face="Times New Roman" size=2>Date</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="75%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>Shares
      issued</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%" colSpan=2><FONT face="Times New Roman" size=2>Warrants
      issued</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>Unit
    price</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>Proceeds</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="7%"><FONT face="Times New Roman" size=2>March 3, 2010</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="75%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>588,602</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%"><FONT face="Times New Roman" size=2>117,719</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>2.75</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>1,618,653</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="7%"><FONT face="Times New Roman" size=2>September 17, 2010</FONT></TD>
    <TD noWrap align=right width="75%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>641,026</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>128,205</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3.90</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,490,723</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="7%"><FONT face="Times New Roman" size=2>September 27, 2010</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="75%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>194,118</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%"><FONT face="Times New Roman" size=2>38,824</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>4.25</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%"><FONT face="Times New Roman" size=2>825,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="7%"><FONT face="Times New Roman" size=2>December 1, 2010</FONT></TD>
    <TD noWrap align=right width="75%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>295,000</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>59,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.00</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,475,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="7%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="75%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%">&nbsp;</TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>1,718,746</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%">&nbsp;</TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>343,748</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>6,409,376</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR></TABLE>____________________<BR>
<P align=justify><FONT face="Times New Roman" size=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net of fees of $9,277 </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(b)
</FONT><U><FONT face="Times New Roman" size=2>Options and Warrants</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) </FONT><U><FONT face="Times New Roman" size=2>Employee Options</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In 2008, the shareholders approved the Company&#146;s 2008 Equity Incentive
Plan which provides for the granting of both incentive stock options at the fair
market value at the date of grant and nonqualified stock options at the fair
market value at the date of grant to employees or non-employees who, in the
determination of the Board of Directors, have made or may make significant
contributions to the Company in the future. The Company may also award stock
appreciation rights, restricted stock, or restricted stock units under this
plan. The Company initially reserved 750,000 shares of its common stock for
issuance under this plan, and 388,508 options and other awards were available
for issuance under this plan as of December 31, 2012. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the discretion of the Board of Directors, options expire in ten years
or less from the date of grant and are generally fully exercisable upon grant
but in some cases may be subject to vesting in the future. Full payment of the
exercise price may be made in cash or in shares of common stock valued at the
fair market value thereof on the date of exercise, or by agreeing with the
Company to cancel a portion of the exercised options.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company granted no Employee options during 2012 and 2011. The Company granted
176,000 fully vested options during 2010 and recorded share-based
compensation of $406,560. There was no share-based compensation recorded in 2012
and 2011. The Company valued these 2010 grants using the Black-Scholes option
pricing model with the following assumptions:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="98%"><FONT face="Times New Roman" size=2>Fair value on grant date</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>2.31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Expected dividend yield</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="98%"><FONT face="Times New Roman" size=2>Expected volatility</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>76%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Risk free interest rate</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2.57%</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="98%"><FONT face="Times New Roman" size=2>Expected term of the option</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>5 years</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>F-14</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Activity in stock options is summarized
below: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>Weighted</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>Average</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Number</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Weighted</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>Remaining</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>of Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Average</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>Contractual</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Aggregate</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Subject to</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Exercise</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>Term</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Intrinsic</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>Option</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>Price</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><FONT face="Times New Roman" size=2>(Years)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>Value</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="89%"><FONT face="Times New Roman" size=2>Balance at December 31, 2009</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>2,011,180</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>13.82</FONT></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="border-bottom: #000000 1pt solid; text-align: right"><FONT face="Times New Roman" size=2>3.9</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>176,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3.69</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cancelled</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(452,981</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>18.90</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="89%"><FONT face="Times New Roman" size=2>Balance at December 31, 2010</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>1,734,199</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>11.64</FONT></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="border-bottom: #000000 1pt solid; text-align: right"><FONT face="Times New Roman" size=2>4.3</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>281,600</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cancelled</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(379,550</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>20.43</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(85,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3.72</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="89%"><FONT face="Times New Roman" size=2>Balance at December 31, 2011</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>1,269,649</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>9.48</FONT></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="border-bottom: #000000 1pt solid; text-align: right"><FONT face="Times New Roman" size=2>4.2</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(151,750</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>12.76</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Exercised</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Balance of December 31, 2012</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,117,899</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 2pt double"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>9.03</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="border-bottom: #000000 2pt double; text-align: right"><FONT face="Times New Roman" size=2>3.7</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4,250</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>All options are exercisable at December
31, 2012.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>During 2011 an employee was to make a
payment of $276,750 for exercising 75,000 options but instead he forfeited
29,270 options which would have been exercisable at a fair market value of
$276,896 and delivered the difference in cash.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>During 2011, the Company received
$39,744 in proceeds from the exercise of options. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(ii)
</FONT><U><FONT face="Times New Roman" size=2>Warrants/Non-Employee Options</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Activity in warrants is summarized below: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="93%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>Number of Shares</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>Underlying Warrants</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2></TD></TR>
  <TR>
    <TD noWrap align=left width="93%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=center width="2%"  colSpan=2><FONT size=2>and Non-Employee</FONT></TD>
    <TD noWrap width="1%" ></TD>
    <TD COLSPAN="2" NOWRAP STYLE="width: 2%; text-align: center"><FONT face="Times New Roman" size=2>Weighted Average</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT size=2>Options&nbsp;Granted</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>Exercise
      Price</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Balance at December 31, 2009</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>500,161</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>6.00-9.00</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminated</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp; (135,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7.50</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>343,748</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.91</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Balance at December 31, 2010</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>708,909</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.00-9.00</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(4,652</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.64</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminated</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Balance at December 31, 2011</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; width: 1%"><FONT face="Times New Roman" size=2>704,257</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; width: 1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; width: 1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; width: 1%"><FONT face="Times New Roman" size=2>5.00-9.00</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminated</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>--</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>807,846</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.12</FONT></TD></TR>
  <TR style="BACKGROUND-COLOR: silver">
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Balance at December 31, 2012</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1,512,103</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.56</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>F-15</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Warrants and non-employee options generally expire from five to
ten years from the date of issuance. At December 31, 2012, the number of
warrants and non-employee options exercisable was 1,218,353 at a weighted average exercise price of $5.37
per share.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Company granted a total of 60,000
non-employee options to two consultants during 2012 at a weighted average exercise price of
$3.95. These grants vest ratably over 24 months from the date of grant. These non-employee options are valued at fair value at the time that the related services are
provided using the Black-Scholes method and marked to market quarterly using the
Black Scholes method. The Company incurred a charge (benefit) of $4,690
($16,974), and $75,716 for 2012, 2011, and 2010, respectively in connection with
these non-employee options.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>During 2011, the Company received $26,233 in proceeds from the exercise of warrants.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(c)
</FONT><U><FONT face="Times New Roman" size=2>Restricted Stock Grants</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During, 2012 the Company granted 363,200 shares of common stock to its
directors and employees. All of the 96,500 shares granted to the directors, as
well as 5,100 shares granted to employees, vested immediately upon grant. The
remaining 261,600 shares issued to employees vest ratably over 36 months
following grant. The market value per share on the date of grant was $3.38. In
connection with these grants, as well as prior grants that are not yet fully
vested, the Company charged $873,888, $719,811 and $696,888 to operations during
2012, 2011 and 2010, respectively. In addition, at December 31, 2012, $589,000
remains to be charged to operations over the next 24 months relating to these grants. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During 2011, the Company granted 63,000 and 139,000 shares of common
stock to directors and employees respectively. The market price of each share on
the date of grant was $5.20. All of the shares granted to the directors, as well
as 3,000 shares granted to certain employees, vested immediately upon grant. The
remaining 136,000 shares issued vest ratably over the next 36 months. During
2010, the Company granted a total of 40,500 shares of restricted common stock to
three directors. The market price of each share on the date of grant was $3.69.
These shares were fully vested on the date of grant. At December 31, 2012, 2011,
and 2010, 218,733, 90,667, 65,768 respectively, of these grants remain
unvested. In addition, at December 31, 2012, $236,000 remains to be charged to operations over the next 12 months relating to these grants.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(8) </FONT><U><FONT face="Times New Roman" size=2>License and Other Agreements</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has entered into a number of license agreements covering
various products using the Company&#146;s SPD technology. Some of these license
agreements are limited to specific countries and/or markets. Licensees of
Research Frontiers who incorporate SPD technology into end products pay Research
Frontiers an earned royalty of 5-15% of net sales of licensed products under
license agreements currently in effect, and may also be required to pay Research
Frontiers fees and minimum annual royalties. Licensees who sell products or
components to other licensees of Research Frontiers do not pay a royalty on such
sale; Research Frontiers will collect such royalty from the licensee
incorporating such products or components into its own end-products. Research
Frontiers&#146; license agreements typically allow the licensee to terminate the
license after some period of time, and give Research Frontiers only limited
rights to terminate before the license expires. Most licenses are non-exclusive
and generally last as long as our patents remain in effect. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-16</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(9)
</FONT><U><FONT face="Times New Roman" size=2>Commitments</FONT></U><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Company has an employment agreement with one of its officers which  provides for an annual base salary of $425,000 and with
another officer which  provides for an annual base salary of $300,000, both for calendar year 2012. Each of these employment
agreements have evergreen provision that extend the term by one year on the anniversary date unless the Company or the
employee has given notice that they will not renew the agreement upon the expiration of its
term. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has a defined contribution profit sharing (401K) plan
covering employees who have completed one year of service. Contributions are
made at the discretion of the Company. The Company did not make any
contributions to this plan for 2012, 2011, or 2010. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company occupies premises under an operating lease agreement which
expires on January 31, 2014. At December 31, 2012, the approximate minimum
annual future rental commitments under this lease for the next five years are as
follows: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR STYLE="background-color: Silver">
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2013:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>192,000</FONT></TD>
    <TD style="background-color: #ffffff" noWrap align=right width="95%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2014:</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>16,000</FONT></TD>
    <TD noWrap align=right width="95%">&nbsp;</TD></TR>
  </TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Rent expense,
including other occupancy related expenses, amounted to approximately $200,000,
$172,000, and $198,000, for 2012, 2011, and 2010, respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(10) </FONT><U><FONT face="Times New Roman" size=2>Rights Plan</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>In February 2003, the Company&#146;s Board
of Directors adopted a Stockholders&#146; Rights Plan (the &#147;Rights Plan&#148;) and
declared a dividend distribution of one right (a &#147;Right&#148;) for each outstanding
share of Company common stock to stockholders of record at the close of business
on March 3, 2003. 	Pursuant to the 2003 Agreement, on February 11, 2013, the Board of Directors of the Company authorized the adoption of the Restated and Amended Stockholder Protection Rights Agreement, dated as of February 11, 2013 (the &#147;Restated and Amended Rights Agreement&#148;), between the Company and the Rights Agent, which restates and amends the 2003 Agreement to (a) extend the final expiration time of the Rights from February 18, 2013 to February 11, 2023, (b) decrease the Exercise Price of the Rights from $60 to $40, and (c) make certain other changes as set forth therein. The 15% acquisition threshold contained in the 2003 Rights Agreement was not changed. The Board of Directors authorized the adoption of the Restated and Amended Rights Agreement to promote fair and equal treatment of the Company&#146;s stockholders in connection with any initiative to acquire control of the Company. The Restated and Amended Rights Agreement was not adopted in response to any specific proposal to acquire the Company.</FONT></P>


<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>	Subject to certain exceptions listed in the Rights Plan, if a person or group has acquired beneficial ownership of, or commences a tender or exchange offer for, 15% or more of the Company&#146;s common stock, unless redeemed by the Company&#146;s Board of Directors, each Right entitles the holder (other than the acquiring person) to purchase from the Company $80 worth of common stock for $40. If the Company is merged into, or 50% or more of its assets or earning power is sold to, the acquiring company, the Rights will also enable the holder (other than the acquiring person) to purchase $80 worth of common stock of the acquiring company for $40. The Rights will expire at the close of business on February 11, 2023, unless the Rights Plan is extended by the Company&#146;s Board of Directors or unless the Rights are earlier redeemed by the Company at a price of $.0001 per Right. The Rights are not exercisable during the time when they are redeemable by the Company.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>F-17</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(11) </FONT><U><FONT face="Times New Roman" size=2>Selected Quarterly
Financial Data (Unaudited)</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double; text-align: center" noWrap width="1%" colSpan=15><FONT><FONT face="Times New Roman" size=2>Quarter</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=3><FONT><FONT face="Times New Roman" size=2>First</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=3><FONT><FONT face="Times New Roman" size=2>Second</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=3><FONT><FONT face="Times New Roman" size=2>Third</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%" colSpan=3><FONT><FONT face="Times New Roman" size=2>Fourth</FONT></FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Fee income</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>482,578</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>450,828</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>471,886</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>552,044</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Operating loss (2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(1,434,553</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(793,041</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(869,788</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(612,787</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Net loss (2)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(803,339</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(789,551</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(866,464</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(604,247</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Basic and diluted net loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common
      share (1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(.03</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT><FONT face="Times New Roman" size=2>First</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT><FONT face="Times New Roman" size=2>Second</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT><FONT face="Times New Roman" size=2>Third</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=3><FONT><FONT face="Times New Roman" size=2>Fourth</FONT></FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Fee income</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>144,441</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>140,407</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>207,200</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>353,934</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Operating loss (2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; (1,593,220</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; (923,394</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; (812,400</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; (834,328</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="100%"><FONT face="Times New Roman" size=2>Net loss (2)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(1,589,281</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(919,122</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(801,840</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>(825,825</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Basic and diluted net loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common
      share (1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(.09</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(.05</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(.04</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR></TABLE><BR>
<p align=justify>____________________</p>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(1) Since per share information is computed independently for each
quarter and the full year, based on the respective average number of common
shares outstanding, the sum of the quarterly per share amounts does not
necessarily equal the per share amounts for the year. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(2) The Company incurred higher costs in the first quarter of 2012 and
2011 relating primarily to: (i) $424,000 and $444,000 of stock and
option compensation charges in the first quarter of 2012 and 2011 respectively
relating to common stock and options granted to directors, employees and
consultants, and (ii) $175,000 during the first quarter of 2012 and
2011 in directors&rsquo; fees. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-18</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>SCHEDULE II </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR>VALUATION AND QUALIFYING ACCOUNTS<BR>Years ended December 31,
2012, 2011, and 2010 </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="84%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><FONT face="Times New Roman" size=2>Balance at</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Charged to</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>Balance</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="84%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><FONT face="Times New Roman" size=2>beginning</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>costs and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=2>at end</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="84%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>of period</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>expenses</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" width="3%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>Deductions</FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%" colSpan=2><FONT size=+0><FONT face="Times New Roman" size=2>of period</FONT></FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>Description</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP ALIGN="LEFT" WIDTH="84%"><FONT face="Times New Roman" size=2>Allowance for uncollectible</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="2%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="2%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP ALIGN="LEFT" WIDTH="84%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;royalty receivables:</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="2%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="2%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=14>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="84%"><FONT face="Times New Roman" size=2>December </FONT><FONT face="Times New Roman" size=2>31, </FONT><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%"><FONT face="Times New Roman" size=2>92,723</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>92,723</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=14>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="84%"><FONT face="Times New Roman" size=2>December </FONT><FONT face="Times New Roman" size=2>31, </FONT><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%"><FONT face="Times New Roman" size=2>162,723</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%"><FONT face="Times New Roman" size=2>70,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>92,723</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=14>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="84%"><FONT face="Times New Roman" size=2>December </FONT><FONT face="Times New Roman" size=2>31, </FONT><FONT face="Times New Roman" size=2>2010</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%"><FONT face="Times New Roman" size=2>186,568</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%"><FONT face="Times New Roman" size=2>23,845</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"><FONT face="Times New Roman" size=2>162,723</FONT></TD></TR></TABLE>____________________<BR>
<P align=justify><FONT face="Times New Roman" size=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery of previously reserved
receivables. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>F-19</FONT></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>exhibit31-1.htm
<DESCRIPTION>RULE 13A-14(A)/15D-14(A) CERTIFICATION OF JOSEPH M. HARARY - FILED HEREWITH
<TEXT>
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<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<BR>
<P align=justify><B><FONT face="Times New Roman" size=2>EXHIBIT 31.1
CERTIFICATION</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>I, </FONT><B><FONT face="Times New Roman" size=2>Joseph M. Harary,</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>certify that:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>1. I have reviewed this annual report
on Form 10-K of Research Frontiers Incorporated (the &#147;registrant&#148;);</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>2. Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by this report;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>3. Based on my knowledge, the
consolidated financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the
periods presented in this report;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>4. The registrant&#146;s other certifying
officer&#146;s and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>a) Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>c) Evaluated the effectiveness of the
registrant&#146;s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation;
and</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>d) Disclosed in this report any change
in the registrant&#146;s internal control over financial reporting that occurred
during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or
is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>5. The registrant&#146;s other certifying
officer&#146;s and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant&#146;s auditors and the audit
committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>a) All significant deficiencies and
material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize and report financial
information; and</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the
registrant&#146;s internal control over financial reporting. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face="Times New Roman" size=2>Dated: March 12, 2013</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>/s/ Joseph M.
    Harary</FONT></TD>
    <TD noWrap align=left width="46%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"></TD>
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>Joseph M. Harary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"></TD>
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>President, Chief Executive
Officer</FONT></TD></TR></TABLE><BR>


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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>exhibit31-2.htm
<DESCRIPTION>RULE 13A-14(A)/15D-14(A) CERTIFICATION OF SETH L. VAN VOORHEES - FILED HEREWITH
<TEXT>
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<BR>
<P align=justify><B><FONT face="Times New Roman" size=2>EXHIBIT 31.2 CERTIFICATION
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>I, </FONT><B><FONT face="Times New Roman" size=2>Seth L. Van Voorhees,</FONT></B><FONT face="Times New Roman" size=2> certify
that:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>1. I have reviewed this annual report
on Form 10-K of Research Frontiers Incorporated (the </FONT><FONT face="Times New Roman" size=2>&#147;registrant&#148;);</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>2. Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by this report;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>3. Based on my knowledge, the
consolidated financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the
periods presented in this report;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>4. The registrant's other certifying
officer&#146;s and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>a) Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>c) Evaluated the effectiveness of the
registrant's disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation;
and</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>d) Disclosed in this report any change
in the registrant&#146;s internal control over financial reporting that occurred
during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or
is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>5. The registrant's other certifying
officer&#146;s and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant's auditors and the audit
committee of the registrant's board of directors (or persons performing the
equivalent functions):</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>a) All significant deficiencies and
material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize and report financial
information; and</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the
registrant's internal control over financial reporting. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="64%"><FONT face="Times New Roman" size=2>Dated: March 12, 2013</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>/s/ Seth L. Van Voorhees</FONT></TD>
    <TD noWrap align=left width="34%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>Seth L. Van Voorhees</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>Vice President, Chief Financial
      Officer,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=left width="35%" colSpan=2><FONT face="Times New Roman" size=2>Treasurer and Principal Accounting
      Officer</FONT></TD></TR></TABLE><BR>

<HR align=center width="100%" noShade size="2">


</BODY>
</HTML>
</TEXT>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>exhibit32-1.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION OF JOSEPH M. HARARY - FILED HEREWITH
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<BR>
<P align=justify><B><FONT face="Times New Roman" size=2>EXHIBIT 32.1</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>CERTIFICATION PURSUANT TO<BR>18 U.S.C.
SECTION 1350,<BR>AS ADOPTED PURSUANT TO<BR></FONT><FONT face="Times New Roman" size=2>SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In connection
with the Annual Report of Research Frontiers Incorporated (the &#147;Company&#148;) on
Form 10-K for the year ended December 31, 2012 as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, Joseph M. Harary,
President and Chief Executive Officer and Principal Executive Officer of the
Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The Report fully complies with
      the requirements of Section 13(a) or 15(d), as applicable, of the
      Securities Exchange Act of 1934; and</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The information contained in the
      Report fairly presents, in all material respects, the financial condition
      and results of operations of the Company.</FONT></TD></TR></TABLE><BR><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>/s/ Joseph M. Harary</FONT></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Joseph M. Harary</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>President, Chief Executive Officer and
      Principal Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>March 12,
2013</FONT></TD></TR></TABLE><BR>

<HR align=center width="100%" noShade size="2">




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</TEXT>
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<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>exhibit32-2.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION OF SETH L. VAN VOORHEES - FILED HEREWITH
<TEXT>
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<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<BR>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>EXHIBIT 32.2</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>CERTIFICATION PURSUANT TO<BR>18 U.S.C.
SECTION 1350,<BR>AS ADOPTED PURSUANT TO<BR></FONT><FONT face="Times New Roman" size=2>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>In connection
with the Annual Report of Research Frontiers Incorporated (the &#147;Company&#148;) on
Form 10-K for the year ended December 31, 2012 as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, Seth L. Van Voorhees,
Vice President, Chief Financial Officer, Treasurer and Principal Accounting
Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.&nbsp; </FONT></TD>
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      the requirements of Section 13(a) or 15(d), as applicable, of the
      Securities Exchange Act of 1934; and</FONT></TD></TR>
  <TR>
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  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The information contained in the
      Report fairly presents, in all material respects, the financial condition
      and results of operations of the Company.</FONT></TD></TR></TABLE><BR><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR STYLE="vertical-align: bottom">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>/s/ Seth L. Van Voorhees</FONT></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Treasurer and Principal Accounting
      Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>March 12,
2013</FONT></TD></TR></TABLE><BR>

<HR align=center width="100%" noShade size="2">

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<us-gaap:EarningsPerShareBasicAndDiluted contextRef="Context_3ME_31-Dec-2012" unitRef="USD_per_Share" decimals="2" id="Footnote-2_5">-0.03</us-gaap:EarningsPerShareBasicAndDiluted>
<us-gaap:EarningsPerShareBasicAndDiluted contextRef="Context_FYE_31-Dec-2012" unitRef="USD_per_Share" decimals="2">-0.15</us-gaap:EarningsPerShareBasicAndDiluted>
<refr:WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted contextRef="Context_FYE_31-Dec-2010" unitRef="shares" decimals="0">17321360</refr:WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted>

<refr:WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted contextRef="Context_FYE_31-Dec-2011" unitRef="shares" decimals="0">18538041</refr:WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted>

<refr:WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted contextRef="Context_FYE_31-Dec-2012" unitRef="shares" decimals="0">20125309</refr:WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted>

<us-gaap:DepreciationDepletionAndAmortization contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">44315</us-gaap:DepreciationDepletionAndAmortization>
<us-gaap:DepreciationDepletionAndAmortization contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">39857</us-gaap:DepreciationDepletionAndAmortization>
<us-gaap:DepreciationDepletionAndAmortization contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">34963</us-gaap:DepreciationDepletionAndAmortization>
<us-gaap:ShareBasedCompensation contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">772604</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">702837</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">878578</us-gaap:ShareBasedCompensation>
<refr:IncreaseDecreaseInUncollectibleRoyaltyReceivable contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0" id="Footnote-3_1">23845</refr:IncreaseDecreaseInUncollectibleRoyaltyReceivable>

<refr:IncreaseDecreaseInUncollectibleRoyaltyReceivable contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0" id="Footnote-3_2">70000</refr:IncreaseDecreaseInUncollectibleRoyaltyReceivable>

<refr:IncreaseDecreaseInUncollectibleRoyaltyReceivable contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">0</refr:IncreaseDecreaseInUncollectibleRoyaltyReceivable>

<refr:IncreaseDecreaseInRoyaltyReceivables contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">129841</refr:IncreaseDecreaseInRoyaltyReceivables>

<refr:IncreaseDecreaseInRoyaltyReceivables contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">-116127</refr:IncreaseDecreaseInRoyaltyReceivables>

<refr:IncreaseDecreaseInRoyaltyReceivables contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">354268</refr:IncreaseDecreaseInRoyaltyReceivables>

<us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">-20861</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
<us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">5037</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
<us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">107218</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">3716</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">-2300</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">-67547</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
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<us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">-3352584</us-gaap:NetCashProvidedByUsedInOperatingActivities>
<us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">-2679093</us-gaap:NetCashProvidedByUsedInOperatingActivities>
<us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">10313</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
<us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">12517</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
<us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">11576</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">0</us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">0</us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">224903</us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
<us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">-10313</us-gaap:NetCashProvidedByUsedInInvestingActivities>
<us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">-1267573</us-gaap:NetCashProvidedByUsedInInvestingActivities>
<us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">-3584538</us-gaap:NetCashProvidedByUsedInInvestingActivities>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">6409376</us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Context_FYE_31-Dec-2010_PeriodAxis_March32010Member" unitRef="USD" decimals="0">1618653</us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Context_FYE_31-Dec-2010_PeriodAxis_September172010Member" unitRef="USD" decimals="0" id="Footnote-4_1">2490723</us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Context_FYE_31-Dec-2010_PeriodAxis_September272010Member" unitRef="USD" decimals="0">825000</us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Context_FYE_31-Dec-2010_PeriodAxis_December12010Member" unitRef="USD" decimals="0">1475000</us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">12250500</us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Context_FYE_31-Dec-2012_PeriodAxis_July302012Member" unitRef="USD" decimals="0" id="Footnote-5_1">1745549</us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Context_FYE_31-Dec-2012_PeriodAxis_August282012Member" unitRef="USD" decimals="0" id="Footnote-6_1">5229201</us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Context_FYE_31-Dec-2012_PeriodAxis_October32012Member" unitRef="USD" decimals="0" id="Footnote-7_1">5275750</us-gaap:ProceedsFromIssuanceOfCommonStock>
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<us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">65977</us-gaap:NetCashProvidedByUsedInFinancingActivities>
<us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">12250500</us-gaap:NetCashProvidedByUsedInFinancingActivities>
<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">3197010</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">-4554180</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">5986869</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
<us-gaap:NatureOfOperations contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(1) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Business&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;Research Frontiers Incorporated (&amp;#8220;Research Frontiers&amp;#8221; or the &amp;#8220;Company&amp;#8221;) operates in a single business segment which is engaged in the development and marketing of technology and devices to control the flow of light. Such devices, often referred to as &amp;#8220;light valves&amp;#8221; or suspended particle devices (SPDs), use colloidal particles that are either incorporated within a liquid suspension or a film, which is usually enclosed between two sheets of glass or plastic having transparent, electrically conductive coatings on the facing surfaces thereof. At least one of the two sheets is transparent. SPD technology, made possible by a flexible light-control film invented by Research Frontiers, allows the user to instantly and precisely control the shading of glass/plastic manually or automatically. SPD technology has numerous product applications, including: SPD-Smart&amp;#8482; windows, sunshades, skylights and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels and navigation systems; aircraft windows; eyewear products; and flat panel displays for electronic products. SPD-Smart light control film is now being developed for, or used in, architectural, automotive, marine, aerospace and appliance applications.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company has historically utilized its cash, cash equivalents, short-term investments, and the proceeds from the sale of its investments to fund its research and development of SPD light valves, for marketing initiatives, and for other working capital purposes. The Company&amp;#8217;s working capital and capital requirements depend upon numerous factors, including the results of research and development activities, competitive and technological developments, the timing and cost of patent filings, and the development of new licensees and changes in the Company&amp;#8217;s relationships with its existing licensees. The degree of dependence of the Company&amp;#8217;s working capital requirements on each of the foregoing factors cannot be quantified; increased research and development activities and related costs would increase such requirements; the addition of new licensees may provide additional working capital or working capital requirements, and changes in relationships with existing licensees would have a favorable or negative impact depending upon the nature of such changes. There can be no assurance that expenditures will not exceed the anticipated amounts or that additional financing, if required, will be available when needed or, if available, that its terms will be favorable or acceptable to the Company. Eventual success of the Company and generation of positive cash flow will be dependent upon the commercialization of products using the Company&amp;#8217;s technology by the Company&amp;#8217;s licensees and payments of continuing royalties on account thereof. To date, the Company has not generated sufficient revenue from its licensees to fund its operations. &lt;/font&gt;&lt;/p&gt;</us-gaap:NatureOfOperations>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(6) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Income Taxes&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;Since inception, the Company has incurred losses from operations and as a result has not recorded income tax expense. Benefits related to net operating loss carryforwards and deferred items have been fully reserved since it was not more likely than not that the Company would achieve profitable operations. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company applied for state research and development refundable credits for the years ended December 31, 2006 through 2009. In April 2012, the Company received $613,397 relating to these credits for the years 2006 through 2009, which is reflected as an income tax benefit in the accompanying statement of operations. The Company currently does not expect to collect additional credits for years subsequent to 2009. In addition, $61,340 is included in operating expenses on the accompanying statement of operations for the year ended December 31, 2012 relating to professional fees paid in connection with securing these refundable credits. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2012 and 2011 are presented below. &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;95,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;91,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Allowance for bad debts&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;37,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;37,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Net operating loss carryforwards&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;22,525,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;22,516,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Stock option expense&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,051,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,051,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Research and other credits&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;977,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,008,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%"
 nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Other temporary differences&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;15,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;15,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Total gross deferred tax assets&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;24,700,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;24,718,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Less valuation allowance&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (24,700,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (24,718,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon future taxable income during the period in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon its historical operating losses, utilization of deferred tax assets cannot currently be determined. Accordingly, the Company has recorded a full valuation allowance against the deferred tax assets, as they will not be realized until the Company achieves profitable operations in the future. &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;At December 31, 2012, the Company had a net operating loss carryforward for federal income tax purposes of approximately $55,000,000, varying amounts of which will expire in each year from 2013 through 2032. Research and other credit carryforwards of approximately $977,000&lt;/font&gt;&lt;b&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/b&gt;&lt;font size="2" style="font-family:times new roman"&gt;are available to the Company to reduce income taxes payable in future years principally through 2032. Net operating loss carryforwards of approximately $2,654,000 and research and other credit carryforwards of approximately $65,000 are scheduled to expire during fiscal 2013, if not utilized.&lt;/font&gt;&lt;/p&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
<refr:StockholdersEquityNoteTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(7) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Shareholders&amp;#8217; Equity&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(a)&lt;/font&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Common Stock and Warrants&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;During 2012 the Company sold, pursuant to the Company&amp;#8217;s effective registration statement filed with the SEC, equity in the Company as follows: &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Shares issued&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Warrants issued&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Unit price&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Proceeds&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;July 30, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="89%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;589,227&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;117,846&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2.97&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,745,549&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;August 28, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,900,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;380,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2.97&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5,229,201&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;**&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;October 3, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,250,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;250,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;4.49&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5,275,750&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;***&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font size="2" style="font-family:times new roman"&gt;3,739,227&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font size="2" style="font-family:times new roman"&gt;747,846&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 12,250,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;____________________&lt;br  /&gt;&amp;#160;&lt;/div&gt;
&lt;table style="text-align: justify;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(*)&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td width="100%"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Net of fees of $4,455&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(**)&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td width="100%"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Net of fees of $413,719&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(***)&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td width="100%"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Net of fees of $336,750&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Shares and warrants issued in the July 30, 2012 and August 28, 2012 sales were sold pursuant to the Company&amp;#8217;s currently effective shelf registration. Warrants issued in the July 30, 2012 and August 28, 2012 sales&amp;#8217; are exercisable for a period of five years beginning on the closing date of the offering at an exercise price of $4.45 per share (150% of the aggregate offering price for a share of common stock and corresponding warrant). &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The warrants issued in connection with the October 3, 2012 sale are exercisable for a period of five years beginning on the six-month anniversary of the closing date at an exercise price of $6.73 per share (approximately 150% of the aggregate offering price). The securities issued in the October 3, 2012 sale were not registered under the Securities Act of 1933, as amended, or any state securities laws, and were issued and sold in a private placement pursuant to Regulation D of the Securities Act. The Company subsequently filed a Form S-3 registration with the US Securities and Exchange Commission which was declared effective on December 26, 2012 that covers the resale of the shares by the purchaser and the shares issuable upon exercise of the warrants.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;font size="2" style="font-family:times new roman"&gt;During 2010 the Company sold, pursuant to the Company&amp;#8217;s effective registration statement filed with the SEC, equity in the Company as follows: &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="75%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Shares issued&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Warrants issued&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Unit price&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Proceeds&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;March 3, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="75%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;588,602&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;117,719&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2.75&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,618,653&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;September 17, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="75%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;641,026&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;128,205&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;3.90&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2,490,723&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;September 27, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="75%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;194,118&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;38,824&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;4.25&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;825,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;December 1, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="75%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;295,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;59,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.00&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,475,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Total&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="75%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,718,746&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;343,748&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;6,409,376&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;____________________&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;*&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Net of fees of $9,277 &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;(b) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Options and Warrants&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(i) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Employee Options&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In 2008, the shareholders approved the Company&amp;#8217;s 2008 Equity Incentive Plan which provides for the granting of both incentive stock options at the fair market value at the date of grant and nonqualified stock options at the fair market value at the date of grant to employees or non-employees who, in the determination of the Board of Directors, have made or may make significant contributions to the Company in the future. The Company may also award stock appreciation rights, restricted stock, or restricted stock units under this plan. The Company initially reserved 750,000 shares of its common stock for issuance under this plan, and 388,508 options and other awards were available for issuance under this plan as of December 31, 2012. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;At the discretion of the Board of Directors, options expire in ten years or less from the date of grant and are generally fully exercisable upon grant but in some cases may be subject to vesting in the future. Full payment of the exercise price may be made in cash or in shares of common stock valued at the fair market value thereof on the date of exercise, or by agreeing with the Company to cancel a portion of the exercised options.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company granted no Employee options during 2012 and 2011. The Company granted 176,000 fully vested options during 2010 and recorded share-based compensation of $406,560. There was no share-based compensation recorded in 2012 and 2011. The Company valued these 2010 grants using the Black-Scholes option pricing model with the following assumptions:&lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="98%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fair value on grant date&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2.31&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="98%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Expected dividend yield&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="98%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Expected volatility&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;76%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="98%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Risk free interest rate&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2.57%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="98%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Expected term of the option&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5 yeas&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;
&lt;div&gt;&lt;font size="2" style="font-family:times new roman"&gt;Activity in stock options is summarized below: &lt;/font&gt;&lt;/div&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Weighted&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Average&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Number&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Weighted&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Remaining&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;of Shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Average&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Contractual&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Aggregate&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Subject to&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Exercise&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Term&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Intrinsic&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Option&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Price&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(Years)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Value&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2009&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2,011,180&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;13.82&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;3.9&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;176,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;3.69&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(452,981&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;18.90&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,734,199&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;11.64&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;4.3&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;281,600&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(379,550&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;20.43&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(85,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;3.72&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,269,649&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;9.48&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;4.2&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(151,750&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;12.76&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance of December 31, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,117,899&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2pt double; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;9.03&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2pt double; text-align: right;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;3.7&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;4,250&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;All options are exercisable at December 31, 2012.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;During 2011 an employee was to make a payment of $276,750 for exercising 75,000 options but instead he forfeited 29,270 options which would have been exercisable at a fair market value of $276,896 and delivered the difference in cash.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;During 2011, the Company received $39,744 in proceeds from the exercise of options. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;(ii) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Warrants/Non-Employee Options&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Activity in warrants is summarized below: &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 90%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Number of Shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Underlying Warrants&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="center" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2"&gt;and Non-Employee&lt;/font&gt;&lt;/td&gt;
&lt;td width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; width: 2%;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Weighted Average&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2"&gt;Options&amp;#160;Granted&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2009&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;500,161&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;6.00-9.00&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &amp;#160;&amp;#160;&amp;#160; (135,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;7.50&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;343,748&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.91&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;708,909&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.00-9.00&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(4,652&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.64&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;704,257&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.00-9.00&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;807,846&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.12&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,512,103&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2pt double; text-align: left; width: 1%;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.56&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;
&lt;div&gt;&lt;font size="2" style="font-family:times new roman"&gt;Warrants and non-employee options generally expire from five to ten years from the date of issuance. At December 31, 2012, the number of warrants and non-employee options exercisable was 1,218,353 at a weighted average exercise price of $5.37 per share.&lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;The Company granted a total of 60,000 non-employee options to two consultant&amp;#8217;s during 2012 at a weighted average exercise price of $3.95. These grants vest ratably over 24 months from the date of grant. These non-employee options are valued at fair value at the time that the related services are provided using the Black-Scholes method and marked to market quarterly using the Black Scholes method. The Company incurred a charge (benefit) of $4,690 ($16,974), and $75,716 for 2012, 2011, and 2010, respectively in connection with these non-employee options.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;During 2011, the Company received $26,233 in proceeds from the exercise of warrants.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;(c) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Restricted Stock Grant&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;During, 2012 the Company granted 363,200 shares of common stock to its directors and employees. All of the 96,500 shares granted to the directors, as well as 5,100 shares granted to employees, vested immediately upon grant. The remaining 261,600 shares issued to employees vest ratably over 36 months following grant. The market value per share on the date of grant was $3.38. In connection with these grants, as well as prior grants that are not yet fully vested, the Company charged $873,888, $719,811 and $696,888 to operations during 2012, 2011 and 2010, respectively. In addition, at December 31, 2012, $589,000 remains to be charged to operations over the next 24 months relating to these grants. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;During 2011, the Company granted 63,000 and 139,000 shares of common stock to directors and employees respectively. The market price of each share on the date of grant was $5.20. All of the shares granted to the directors, as well as 3,000 shares granted to certain employees, vested immediately upon grant. The remaining 136,000 shares issued vest ratably over the next 36 months. During 2010, the Company granted a total of 40,500 shares of restricted common stock to three directors. The market price of each share on the date of grant was $3.69. These shares were fully vested on the date of grant. At December 31, 2012, 2011, and 2010, 218,733, 90,667, 65,768 respectively, of these grants remain unvested. In addition, at December 31, 2012, $236,000 remains to be charged to operations over the next 12 months relating to these grants.&lt;/font&gt;&lt;/p&gt;</refr:StockholdersEquityNoteTextBlock>

<us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;3) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Note Receivable from SPD Control Systems&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;On May 9, 2007, the Company began participating in the funding of the ongoing development of automotive controllers by SPD Control Systems Corp., a licensee of the Company (&amp;#8220;SPD Control Systems&amp;#8221;). This development work is to produce the electronic controllers to operate SPD-Smart automotive windows and glass roof systems for one or more of the top five automotive makers in the world. The Company&amp;#8217;s funding of this project was reflected in the form of a senior secured convertible promissory note (the &amp;#8220;Note&amp;#8221;) of SPD Control Systems held by Research Frontiers&amp;#8217; wholly-owned subsidiary, SPD Enterprises Inc. (&amp;#8220;SPD Enterprises&amp;#8221;). The Note bore interest at 10% per annum, was secured by all of the assets (including intellectual property) of SPD Control Systems, and was convertible at the option of SPD Enterprises into common stock of SPD Control Systems at an initial conversion price of $0.50 per share. This conversion price was adjustable downward to result in the issuance to SPD Enterprises of additional shares of SPD Control Systems common stock under certain conditions. The Note provided funding of up to $150,000 by SPD Enterprises based upon the achievement of certain development milestones by SPD Control Systems. As part of a broader agreement between SPD Control Systems and the Company, effective May 9, 2010, the maturity date of this Note was extended to May 9, 2012 and the applicable conversion price for the Note was specified as $0.25 per share of SPD Control Systems stock through May 9, 2012 and $0.10 per share thereafter. On March 30, 2012 SPD Control Systems paid Research Frontiers $224,903 in full payment of the principal and accrued interest on the note.&lt;/font&gt;&lt;/p&gt;</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>
<us-gaap:HeldToMaturitySecuritiesTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;At December 31, 2012 all investments were classified as held to maturity and consisted of the following:&lt;/font&gt;&lt;/div&gt;
&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;
&lt;div align="center"&gt;
&lt;table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center;" width="12%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Certificates of Deposit&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="14%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Value of Held to Maturity&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="12%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Investment&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="14%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Investments (based on cost)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;04-18-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;10-17-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;500,940&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;06-29-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;500,940&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;300,564&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;04-06-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;300,564&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;251,417&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;06-29-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;251,417&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;5,052,921&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
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<refr:WarrantsIssuedToInvestorsDuringPeriod contextRef="Context_FYE_31-Dec-2010_PeriodAxis_December12010Member" unitRef="shares" decimals="0">59000</refr:WarrantsIssuedToInvestorsDuringPeriod>

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<refr:WarrantsIssuedToInvestorsDuringPeriod contextRef="Context_FYE_31-Dec-2012_PeriodAxis_October32012Member" unitRef="shares" decimals="0">250000</refr:WarrantsIssuedToInvestorsDuringPeriod>

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<refr:StockIssuedDuringPeriodPricePerShare contextRef="Context_FYE_31-Dec-2010_PeriodAxis_December12010Member" unitRef="USD_per_Share" decimals="0">5</refr:StockIssuedDuringPeriodPricePerShare>

<refr:StockIssuedDuringPeriodPricePerShare contextRef="Context_FYE_31-Dec-2012_PeriodAxis_July302012Member" unitRef="USD_per_Share" decimals="2">2.97</refr:StockIssuedDuringPeriodPricePerShare>

<refr:StockIssuedDuringPeriodPricePerShare contextRef="Context_FYE_31-Dec-2012_PeriodAxis_August282012Member" unitRef="USD_per_Share" decimals="2">2.97</refr:StockIssuedDuringPeriodPricePerShare>

<refr:StockIssuedDuringPeriodPricePerShare contextRef="Context_FYE_31-Dec-2012_PeriodAxis_October32012Member" unitRef="USD_per_Share" decimals="2">4.49</refr:StockIssuedDuringPeriodPricePerShare>

<us-gaap:ScheduleOfStockholdersEquityTableTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;During 2012 the Company sold, pursuant to the Company&amp;#8217;s effective registration statement filed with the SEC, equity in the Company as follows: &lt;/font&gt;&lt;/div&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Shares issued&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Warrants issued&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Unit price&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Proceeds&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;July 30, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;589,227&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;117,846&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2.97&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,745,549&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;August 28, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,900,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;380,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2.97&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;5,229,201&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;**&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;October 3, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,250,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;250,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;4.49&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;5,275,750&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;***&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;3,739,227&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;747,846&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 12,250,500&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;____________________&lt;/font&gt;&lt;br  /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;table style="text-align: justify;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(*)&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td width="100%"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net of fees of $4,455&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(**)&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td width="100%"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net of fees of $413,719&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(***)&lt;/font&gt;&lt;/td&gt;
&lt;td valign="top" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td width="100%"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net of fees of $336,750&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;During 2010 the Company sold, pursuant to the Company&amp;#8217;s effective registration statement filed with the SEC, equity in the Company as follows: &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="75%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Shares issued&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Warrants issued&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Unit price&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Proceeds&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;March 3, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="75%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;588,602&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;117,719&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2.75&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,618,653&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;September 17, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="75%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;641,026&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;128,205&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;3.90&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2,490,723&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;September 27, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="75%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;194,118&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;38,824&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;4.25&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;825,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December 1, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="75%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;295,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;59,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;5.00&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,475,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="7%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Total&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="75%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,718,746&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="2%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;343,748&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;6,409,376&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;____________________&lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;*&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Net of fees of $9,277&lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfStockholdersEquityTableTextBlock>
<dei:EntityWellKnownSeasonedIssuer contextRef="Context_FYE_31-Dec-2012">No</dei:EntityWellKnownSeasonedIssuer>
<dei:EntityVoluntaryFilers contextRef="Context_FYE_31-Dec-2012">No</dei:EntityVoluntaryFilers>
<dei:EntityCurrentReportingStatus contextRef="Context_FYE_31-Dec-2012">Yes</dei:EntityCurrentReportingStatus>
<dei:EntityPublicFloat contextRef="Context_As_Of_29-Jun-2012" unitRef="USD" decimals="0">55578494</dei:EntityPublicFloat>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31-Dec-2009_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="0">16522727</us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31-Dec-2010_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="0">18281973</us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31-Dec-2011_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="0">18544355</us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31-Dec-2012_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="0">22646782</us-gaap:SharesOutstanding>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">6409376</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="0">172</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0">6409204</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueNewIssues>




<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">12250500</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="0">374</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0">12250126</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">772604</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="0">4</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0">772600</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">702837</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="0">20</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0">702817</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">878578</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="0">37</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0">878541</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">0</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="0">40500</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="0">202000</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited>
<us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="0">363200</us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited>
<refr:IncreaseDecreaseDepositsAndOtherAssets contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">-14998</refr:IncreaseDecreaseDepositsAndOtherAssets>

<refr:IncreaseDecreaseDepositsAndOtherAssets contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">0</refr:IncreaseDecreaseDepositsAndOtherAssets>

<refr:IncreaseDecreaseDepositsAndOtherAssets contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">0</refr:IncreaseDecreaseDepositsAndOtherAssets>

<us-gaap:PaymentsToAcquireInvestments contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">0</us-gaap:PaymentsToAcquireInvestments>
<us-gaap:PaymentsToAcquireInvestments contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">2255056</us-gaap:PaymentsToAcquireInvestments>
<us-gaap:PaymentsToAcquireInvestments contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">3797865</us-gaap:PaymentsToAcquireInvestments>
<us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">0</us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments>
<us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">1000000</us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments>
<us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">0</us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments>
<refr:Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">6409376</refr:Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants>

<refr:Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">65977</refr:Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants>

<refr:Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">12250500</refr:Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants>

<refr:CashlessExerciseOfStockOption contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">0</refr:CashlessExerciseOfStockOption>

<refr:CashlessExerciseOfStockOption contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">276750</refr:CashlessExerciseOfStockOption>

<refr:CashlessExerciseOfStockOption contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="-3">0</refr:CashlessExerciseOfStockOption>

<us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;(2) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Summary of Significant Accounting Policies&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(a)&lt;/font&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Cash and Cash Equivalents&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company considers securities purchased with original maturities of three months or less to be cash equivalents. Cash equivalents consist of short-term investments in money market accounts at December 31, 2012 and 2011. &lt;/font&gt;&lt;/p&gt;
&lt;p align="left"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. All of our non-interest bearing cash balances were fully insured at December 31, 2012 and 2011 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible non-interest bearing accounts. Beginning 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our non-interest bearing cash balances may again exceed federally insured limits. Amounts on deposit in excess of federally insured limits at December 31, 2012 is approximately $8.9 million. &lt;/font&gt;&lt;/p&gt;
&lt;p align="left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;(b)&lt;/font&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Short-term Investments&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company classifies investments in marketable securities as trading, available-for-sale or held-to-maturity at the time of purchase and periodically re-evaluates such classifications. Trading securities are carried at fair value, with unrealized holding gains and losses included in earnings. Held-to-maturity securities are recorded at cost and are adjusted for the amortization or accretion of premiums or discounts over the life of the related security. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized. In determining realized gains and losses, the cost of securities sold is based on the specific identification method. Interest and dividends on the investments are accrued at the balance sheet date. At December 31, 2012 all investments were classified as held to maturity and consisted of the following: &lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;table style="width: 50%; line-height: 14pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center;" width="12%" colspan="4" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Certificates of Deposit&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="14%" colspan="4" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Value of Held to Maturity&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="12%" colspan="4" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Investment&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="14%" colspan="4" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Investments (based on cost)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;04-18-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;10-17-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;500,940&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;06-29-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;500,940&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;300,564&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;04-06-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;300,564&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;251,417&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;06-29-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;251,417&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="3%" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;5,052,921&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(c) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Royalties Receivable&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Royalties receivable are recorded at the amounts specified within the license agreements when the collectability of the receivable is reasonably assured. The receivables do not bear interest. The allowance for doubtful accounts is the Company&amp;#8217;s best estimate of the amount of probable credit losses in the Company&amp;#8217;s existing royalties receivable. The Company determines the allowance based on historical write off experience. The Company reviews its allowance for doubtful accounts periodically. Past due accounts are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(d) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Fixed Assets&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Fixed assets are carried at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(e) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Revenue Recognition/Fee Income&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company has entered into a number of license agreements covering its light control technology. The Company receives minimum annual royalties under certain license agreements and records fee income on a ratable basis each quarter. In instances when sales of licensed products by its licensees exceed minimum annual royalties, the Company recognizes fee income as the amounts have been earned. Certain of the fees are accrued by, or paid to, the Company in advance of the period in which they are earned resulting in deferred revenue. Such excess amounts are recorded as deferred revenue and recognized into income in future periods as earned. &lt;/font&gt;&lt;/p&gt;
&lt;p align="left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;Fee income represents amounts earned by the Company under various license and other agreements (note 8) relating to technology developed by the Company. During 2012, four licensees accounted for 62%, 6%, 5% and 5% respectively of fee income recognized during the year. During 2011 five licensees accounted for 32%, 15%, 12%, 11% and 6%, respectively of fee income recognized for the year.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(f) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Basic and Diluted Loss Per Common Share&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Basic earnings (loss) per share excludes any dilution. It is based upon the weighted average number of common shares outstanding during the period. Dilutive earnings (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company&amp;#8217;s dilutive loss per share equals basic loss per share for each of the years in the three-year period ended December 31, 2012 because all common stock equivalents (&lt;/font&gt;&lt;i&gt;&lt;font style="font-family: times new roman;" size="2"&gt;i.e.,&lt;/font&gt;&lt;/i&gt;&lt;font style="font-family: times new roman;" size="2"&gt; options and warrants) were antidilutive in those periods. The number of options and warrants that were not included because their effect is antidilutive was 2,630,002, 1,973,906, and 2,443,108, for 2012, 2011, and 2010, respectively. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(g) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Research and Development Costs&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Research and development costs are charged to expense as incurred. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(h) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Patent Costs&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(i) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Use of Estimates&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The preparation of the Company&amp;#8217;s consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during this period. Actual results could differ from those estimates. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(j) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Income Taxes&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In accordance with ASC Topic 740 (FIN 48), we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in tax returns that do not meet these recognition and measurement standards. We classify accrued interest and penalties related to any unrecognized tax benefits in our income tax provision. At December 31, 2012 and 2011, we do not have accrued interest and penalties related to any unrecognized tax benefits. We do not believe we have any uncertain tax positions as of December 31, 2012 and 2011. &lt;/font&gt;&lt;/p&gt;
&lt;p align="left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;The tax years subject to examination by major tax jurisdictions include the years 2008 and forward by the U.S. Internal Revenue Service and certain states. The Company is not currently being audited by any tax jurisdiction. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(k) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Fair Value of Financial Instruments&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying amounts of all financial instruments classified as a current asset or current liability are deemed to approximate fair value because of the short maturity of those instruments.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(l) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Equity-Based Compensation&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;We recognize all stock-based compensation as an expense in the financial statements and such costs are measured at the fair value of the award at the date of grant. In addition to reflecting compensation expense for new share-based payment awards, expense is also recognized to reflect the remaining vesting period of awards that had been granted in prior periods. Tax benefits related to stock option exercises are reflected as financing cash inflows instead of operating cash inflows. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The exercise price for stock options granted are generally set at the average for the high and low trading prices of the Company&amp;#8217;s common stock on the trading date immediately prior to the date of grant, and the related number of shares granted are fixed at the date of grant. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In order to determine the fair value of stock options on the date of grant, the Company uses the Black-Scholes option-pricing model. Inherent in this model are assumptions related to expected stock-price volatility, option term, risk-free interest rate and dividend yield. While the risk-free interest rate and dividend yield are less subjective assumptions that are based on factual data derived from public sources, the expected stock-price volatility and option term assumptions require a greater level of judgment.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In connection with the employee stock options and restricted stock grants, the Company charged $873,888, $719,811 and $696,888 to operations during the years ended December 31, 2012, 2011, and 2010, respectively. In lieu of higher cash compensation, the Company has granted warrants and non-employee options to consultants. These warrants and non-employee options vest ratably over various terms ranging from 24 to 59 months. Non-employee options covering 60,000 shares were granted to consultants during 2012. These non-employee options are valued at fair value at the time that the related services are provided using the Black Scholes method and marked to market quarterly using the Black Scholes method. The Company incurred a charge (benefit) to operations of $4,690, ($16,974) and $75,716 for 2012, 2011, and 2010, respectively in connection with these warrants and non-employee options. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(m) Restricted Stock&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Compensation cost for restricted stock is measured using the quoted market price of the Company's common stock at the date the common stock is granted. The compensation cost is recognized over the period between the issue date and the date any restrictions lapse. Restricted stock is included in total common shares outstanding upon the lapse of any restrictions. &lt;/font&gt;&lt;/p&gt;
&lt;p align="left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;(n) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Impairment of Long-Lived Assets&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company reviews long-lived assets to determine whether an event or change in circumstances indicates the carrying value of the asset may not be recoverable. The Company bases its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flows analysis at the lowest level for which identifiable cash flows exist. If impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset. Fair value is the amount at which the asset could be bought or sold in a current transaction between a willing buyer and seller other than in a forced or liquidation sale and can be measured as the asset's quoted market price in an active market or, where an active market for the asset does not exist, the Company&amp;#8217;s best estimate of fair value based on discounted cash flow analysis. Assets to be disposed of by sale are measured at the lower of carrying amount or fair value less estimated costs to sell.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(o) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Fair Value Measurements&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;" size="2"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) Topic 820 &amp;#8220;Fair Value Measurements and Disclosures&amp;#8221; (&amp;#8220;ASC Topic 820&amp;#8221;) establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. ASC Topic 820 applies under other previously issued accounting pronouncements that require or permit fair value measurements but does not require any new fair value measurements. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity&amp;#8217;s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;We value financial instruments using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices for similar assets or liabilities in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Financial assets accounted for at fair value on a recurring basis at December 31, 2012 and 2011, include cash and cash equivalents of approximately $8.4 million and $2.4 million, respectively, as well as short term investments of $5.1 million and $1.3 million in 2012 and 2011, respectively. The carrying value of these assets approximates fair value due to the short-term maturity of these instruments.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;i&gt;&lt;font style="font-family: times new roman;" size="2"&gt;New Accounting Standards &lt;/font&gt;&lt;/i&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;In July 2012, the FASB issued ASU 2012-02, &amp;#8220;Testing Indefinite-Lived Intangible Assets for impairment (the revised standard)&amp;#8221;, which allows companies the option to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. Under this guidance, an entity is required to perform a quantitative impairment test if qualitative factors indicate that it is more likely than not the indefinite-lived intangible assets are impaired. The qualitative factors are consistent with the guidance established for goodwill impairment testing and include identifying and assessing events and circumstances that would most significantly impact, individually or in the aggregate, the carrying value of the indefinite-lived intangible assets. The revised standard is effective for the Company in fiscal 2014 and early adoption is permitted. The adoption of ASU 2012-02 is not expected to have a material impact on the Company&amp;#8217;s consolidated financial statements. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;In October 2012, the FASB issued ASU 2012-04, &amp;#8220;Technical Corrections and Improvements.&amp;#8221; ASU 2012-04 contains certain technical corrections and conforming fair value amendments to the FASB Accounting Standards Codification. The amendments that do not have transition guidance were effective upon issuance. The amendments that are subject to the transition guidance will be effective for fiscal beginning after December 15, 2012. The adoption of ASU 2012-04 will not have a material impact on the Company&amp;#8217;s consolidated financial statements. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(p) &lt;/font&gt;&lt;u&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Recent Accounting Pronouncements&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(4) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fixed Assets&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Fixed assets and their estimated useful lives as of December 31, 2012 and 2011, are as follows: &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Estimated useful life&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Equipment and furniture&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,301,341&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,290,083&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5 years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Life of lease or estimated&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Leasehold Improvements&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;437,745&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;437,427&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;life of asset if shorter&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,739,086&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,727,510&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Less accumulated depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2"
 style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,680,045&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,645,082&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;59,041&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2pt double; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;82,428&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2pt double; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(5) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Accrued Expenses and Other&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;Accrued expenses consist of the following at December 31, 2012 and 2011: &lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 80%; line-height: 14pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Payroll, bonuses and related benefits&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 110,621&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 134,384&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Professional services&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;23,450&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;35,040&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Deferred rent&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;10,691&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;19,006&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;361&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;363&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;145,123&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;188,793&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
<refr:LicenseAndOtherAgreementTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(8) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;License and Other Agreements&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company has entered into a number of license agreements covering various products using the Company&amp;#8217;s SPD technology. Some of these license agreements are limited to specific countries and/or markets. Licensees of Research Frontiers who incorporate SPD technology into end products pay Research Frontiers an earned royalty of 5-15% of net sales of licensed products under license agreements currently in effect, and may also be required to pay Research Frontiers fees and minimum annual royalties. Licensees who sell products or components to other licensees of Research Frontiers do not pay a royalty on such sale; Research Frontiers will collect such royalty from the licensee incorporating such products or components into its own end-products. Research Frontiers&amp;#8217; license agreements typically allow the licensee to terminate the license after some period of time, and give Research Frontiers only limited rights to terminate before the license expires. Most licenses are non-exclusive and generally last as long as our patents remain in effect.&lt;/font&gt;&lt;/p&gt;</refr:LicenseAndOtherAgreementTextBlock>

<us-gaap:CommitmentsDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2"&gt;(9) &lt;u&gt;&lt;font style="font-family: times new roman;"&gt;Commitments&lt;/font&gt;&lt;/u&gt;&lt;font style="font-family: times new roman;"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company has an employment agreement with one of its officers which provides for an annual base salary of $425,000 and with another officer which provides for an annual base salary of $300,000, both for calendar year 2012. Each of these employment agreements have evergreen provision that extend the term by one year on the anniversary date unless the Company or the employee has given notice that they will not renew the agreement upon the expiration of its term. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company has a defined contribution profit sharing (401K) plan covering employees who have completed one year of service. Contributions are made at the discretion of the Company. The Company did not make any contributions to this plan for 2012, 2011, or 2010. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&lt;font style="font-family: times new roman;" size="3"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The Company occupies premises under an operating lease agreement which expires on January 31, 2014. At December 31, 2012, the approximate minimum annual future rental commitments under this lease for the next five years are as follows: &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2013:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;192,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="background-color: #ffffff;" width="95%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2014:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;16,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="95%" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font style="font-family: times new roman;" size="2"&gt;Rent expense, including other occupancy related expenses, amounted to approximately $200,000, $172,000, and $198,000, for 2012, 2011, and 2010, respectively.&lt;/font&gt;&lt;/p&gt;</us-gaap:CommitmentsDisclosureTextBlock>
<us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(10) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Rights Plan&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;In February 2003, the Company&amp;#8217;s Board of Directors adopted a Stockholders&amp;#8217; Rights Plan (the &amp;#8220;Rights Plan&amp;#8221;) and declared a dividend distribution of one right (a &amp;#8220;Right&amp;#8221;) for each outstanding share of Company common stock to stockholders of record at the close of business on March 3, 2003. Pursuant to the 2003 Agreement, on February 11, 2013, the Board of Directors of the Company authorized the adoption of the Restated and Amended Stockholder Protection Rights Agreement, dated as of February 11, 2013 (the &amp;#8220;Restated and Amended Rights Agreement&amp;#8221;), between the Company and the Rights Agent, which restates and amends the 2003 Agreement to (a) extend the final expiration time of the Rights from February 18, 2013 to February 11, 2023, (b) decrease the Exercise Price of the Rights from $60 to $40, and (c) make certain other changes as set forth therein. The 15% acquisition threshold contained in the 2003 Rights Agreement was not changed. The Board of Directors authorized the adoption of the Restated and Amended Rights Agreement to promote fair and equal treatment of the Company&amp;#8217;s stockholders in connection with any initiative to acquire control of the Company. The Restated and Amended Rights Agreement was not adopted in response to any specific proposal to acquire the Company.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;Subject to certain exceptions listed in the Rights Plan, if a person or group has acquired beneficial ownership of, or commences a tender or exchange offer for, 15% or more of the Company&amp;#8217;s common stock, unless redeemed by the Company&amp;#8217;s Board of Directors, each Right entitles the holder (other than the acquiring person) to purchase from the Company $80 worth of common stock for $40. If the Company is merged into, or 50% or more of its assets or earning power is sold to, the acquiring company, the Rights will also enable the holder (other than the acquiring person) to purchase $80 worth of common stock of the acquiring company for $40. The Rights will expire at the close of business on February 11, 2023, unless the Rights Plan is extended by the Company&amp;#8217;s Board of Directors or unless the Rights are earlier redeemed by the Company at a price of $.0001 per Right. The Rights are not exercisable during the time when they are redeemable by the Company.&lt;/font&gt;&lt;/p&gt;</us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock>
<us-gaap:QuarterlyFinancialInformationTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(11) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Selected Quarterly Financial Data (Unaudited)&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; line-height: 14pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" colspan="15" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Quarter&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;First&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Second&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Third&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fourth&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fee income&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;482,578&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;450,828&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;471,886&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;552,044&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Operating loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(1,434,553&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(793,041&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(869,788&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(612,787&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Net loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(803,339&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(789,551&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(866,464&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(604,247&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Basic and diluted net loss&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; per common share (1)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.03&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="100%" colspan="17"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;First&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Second&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Third&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fourth&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fee income&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;144,441&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;140,407&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;207,200&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;353,934&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Operating loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,593,220&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (923,394&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (812,400&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (834,328&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Net loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(1,589,281&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(919,122&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(801,840&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(825,825&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Basic and diluted net loss&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; per common share (1)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.09&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.05&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p align="justify"&gt;____________________&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(1) Since per share information is computed independently for each quarter and the full year, based on the respective average number of common shares outstanding, the sum of the quarterly per share amounts does not necessarily equal the per share amounts for the year. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(2) The Company incurred higher costs in the first quarter of 2012 and 2011 relating primarily to: (i) $424,000 and $444,000 of stock and option compensation charges in the first quarter of 2012 and 2011 respectively relating to common stock and options granted to directors, employees and consultants, and (ii) $175,000 during the first quarter of 2012 and 2011 in directors&amp;#8217; fees. &lt;/font&gt;&lt;/p&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
<us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="center"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;SCHEDULE II &lt;/font&gt;&lt;/p&gt;
&lt;p align="center"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;RESEARCH FRONTIERS INCORPORATED&lt;br /&gt;VALUATION AND QUALIFYING ACCOUNTS&lt;br /&gt;Years ended December 31, 2012, 2011, and 2010 &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="3%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Balance at&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Charged to&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Balance&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="3%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;beginning&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;costs and&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;at end&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="2" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;of period&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;expenses&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="2"&gt;&lt;font size="+0"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Deductions&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;of period&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Description&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;Allowance for uncollectible&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;royalty receivables:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="2%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="99%" colspan="14"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;December &lt;/font&gt;&lt;font style="font-family: times new roman;" size="2"&gt;31, &lt;/font&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;92,723&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"
 width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;92,723&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="99%" colspan="14"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;December &lt;/font&gt;&lt;font style="font-family: times new roman;" size="2"&gt;31, &lt;/font&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;162,723&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;70,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;92,723&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="99%" colspan="14"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="84%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;December &lt;/font&gt;&lt;font style="font-family: times new roman;" size="2"&gt;31, &lt;/font&gt;&lt;font style="font-family: times new roman;" size="2"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;186,568&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="2%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;23,845&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;$&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;162,723&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p align="justify"&gt;&lt;font style="font-family: times new roman;" size="2"&gt;*&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Recovery of previously reserved receivables.&lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock>
<us-gaap:ReceivablesPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(c) &lt;u&gt;Royalties Receivable&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Royalties receivable are recorded at the amounts specified within the license agreements when the collectability of the receivable is reasonably assured. The receivables do not bear interest. The allowance for doubtful accounts is the Company&amp;#8217;s best estimate of the amount of probable credit losses in the Company&amp;#8217;s existing royalties receivable. The Company determines the allowance based on historical write off experience. The Company reviews its allowance for doubtful accounts periodically. Past due accounts are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.&lt;/font&gt;&lt;/p&gt;</us-gaap:ReceivablesPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(a) &lt;u&gt;Cash and Cash Equivalents&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The Company considers securities purchased with original maturities of three months or less to be cash equivalents. Cash equivalents consist of short-term investments in money market accounts at December 31, 2012 and 2011. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. All of our non-interest bearing cash balances were fully insured at December 31, 2012 and 2011 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible non-interest bearing accounts. Beginning 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our non-interest bearing cash balances may again exceed federally insured limits. Amounts on deposit in excess of federally insured limits at December 31, 2012 is approximately $8.9 million.&lt;/font&gt;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(e) &lt;u&gt;Revenue Recognition/Fee Income&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The Company has entered into a number of license agreements covering its light control technology. The Company receives minimum annual royalties under certain license agreements and records fee income on a ratable basis each quarter. In instances when sales of licensed products by its licensees exceed minimum annual royalties, the Company recognizes fee income as the amounts have been earned. Certain of the fees are accrued by, or paid to, the Company in advance of the period in which they are earned resulting in deferred revenue. Such excess amounts are recorded as deferred revenue and recognized into income in future periods as earned. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Fee income represents amounts earned by the Company under various license and other agreements (note 8) relating to technology developed by the Company. During 2012, four licensees accounted for 62%, 6%, 5% and 5% respectively of fee income recognized during the year. During 2011 five licensees accounted for 32%, 15%, 12%, 11% and 6%, respectively of fee income recognized for the year.&lt;/font&gt;&lt;/p&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(d) &lt;u&gt;Fixed Assets&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Fixed assets are carried at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets.&lt;/font&gt;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(f) &lt;u&gt;Basic and Diluted Loss Per Common Share&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Basic earnings (loss) per share excludes any dilution. It is based upon the weighted average number of common shares outstanding during the period. Dilutive earnings (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company&amp;#8217;s dilutive loss per share equals basic loss per share for each of the years in the three-year period ended December 31, 2012 because all common stock equivalents (&lt;i&gt;i.e.,&lt;/i&gt; options and warrants) were antidilutive in those periods. The number of options and warrants that were not included because their effect is antidilutive was 2,630,002, 1,973,906, and 2,443,108, for 2012, 2011, and 2010, respectively.&lt;/font&gt;&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:ResearchAndDevelopmentExpensePolicy contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;(g) &lt;u&gt;Research and Development Costs&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Research and development costs are charged to expense as incurred.&lt;/font&gt;&lt;/p&gt;</us-gaap:ResearchAndDevelopmentExpensePolicy>
<us-gaap:IntangibleAssetsFiniteLivedPolicy contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(h) &lt;u&gt;Patent Costs&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The Company expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items.&lt;/font&gt;&lt;/p&gt;</us-gaap:IntangibleAssetsFiniteLivedPolicy>
<us-gaap:UseOfEstimates contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(i) &lt;u&gt;Use of Estimates&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The preparation of the Company&amp;#8217;s consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during this period. Actual results could differ from those estimates.&lt;/font&gt;&lt;/p&gt;</us-gaap:UseOfEstimates>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;(j) &lt;u&gt;Income Taxes&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; In accordance with ASC Topic 740 (FIN 48), we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in tax returns that do not meet these recognition and measurement standards. We classify accrued interest and penalties related to any unrecognized tax benefits in our income tax provision. At December 31, 2012 and 2011, we do not have accrued interest and penalties related to any unrecognized tax benefits. We do not believe we have any uncertain tax positions as of December 31, 2012 and 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The tax years subject to examination by major tax jurisdictions include the years 2008 and forward by the U.S. Internal Revenue Service and certain states. The Company is not currently being audited by any tax jurisdiction.&lt;/font&gt;&lt;/p&gt;</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(k) &lt;u&gt;Fair Value of Financial Instruments&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying amounts of all financial instruments classified as a current asset or current liability are deemed to approximate fair value because of the short maturity of those instruments.&lt;/font&gt;&lt;/p&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt; &lt;/font&gt;(l) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Equity-Based Compensation&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;We recognize all stock-based compensation as an expense in the financial statements and such costs are measured at the fair value of the award at the date of grant. In addition to reflecting compensation expense for new share-based payment awards, expense is also recognized to reflect the remaining vesting period of awards that had been granted in prior periods. Tax benefits related to stock option exercises are reflected as financing cash inflows instead of operating cash inflows. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;The exercise price for stock options granted are generally set at the average for the high and low trading prices of the Company&amp;#8217;s common stock on the trading date immediately prior to the date of grant, and the related number of shares granted are fixed at the date of grant. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In order to determine the fair value of stock options on the date of grant, the Company uses the Black-Scholes option-pricing model. Inherent in this model are assumptions related to expected stock-price volatility, option term, risk-free interest rate and dividend yield. While the risk-free interest rate and dividend yield are less subjective assumptions that are based on factual data derived from public sources, the expected stock-price volatility and option term assumptions require a greater level of judgment.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;In connection with the employee stock options and restricted stock grants, the Company charged $873,888, $719,811 and $696,888 to operations during the years ended December 31, 2012, 2011, and 2010, respectively. In lieu of higher cash compensation, the Company has granted warrants and non-employee options to consultants. These warrants and non-employee options vest ratably over various terms ranging from 24 to 59 months. Non-employee options covering 60,000 shares were granted to consultants during 2012. These non-employee options are valued at fair value at the time that the related services are provided using the Black Scholes method and marked to market quarterly using the Black Scholes method. The Company incurred a charge (benefit) to operations of $4,690, ($16,974) and $75,716 for 2012, 2011, and 2010, respectively in connection with these warrants and non-employee options. &lt;/font&gt;&lt;/p&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<refr:RestrictedStockPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;(m) Restricted Stock&lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Compensation cost for restricted stock is measured using the quoted market price of the Company's common stock at the date the common stock is granted. The compensation cost is recognized over the period between the issue date and the date any restrictions lapse. Restricted stock is included in total common shares outstanding upon the lapse of any restrictions.&lt;/font&gt;&lt;/p&gt;</refr:RestrictedStockPolicyTextBlock>

<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;(n) &lt;u&gt;Impairment of Long-Lived Assets&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The Company reviews long-lived assets to determine whether an event or change in circumstances indicates the carrying value of the asset may not be recoverable. The Company bases its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flows analysis at the lowest level for which identifiable cash flows exist. If impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset. Fair value is the amount at which the asset could be bought or sold in a current transaction between a willing buyer and seller other than in a forced or liquidation sale and can be measured as the asset's quoted market price in an active market or, where an active market for the asset does not exist, the Company&amp;#8217;s best estimate of fair value based on discounted cash flow analysis. Assets to be disposed of by sale are measured at the lower of carrying amount or fair value less estimated costs to sell.&lt;/font&gt;&lt;/p&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;i&gt;New Accounting Standards &lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;In July 2012, the FASB issued ASU 2012-02, &amp;#8220;Testing Indefinite-Lived Intangible Assets for impairment (the revised standard)&amp;#8221;, which allows companies the option to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. Under this guidance, an entity is required to perform a quantitative impairment test if qualitative factors indicate that it is more likely than not the indefinite-lived intangible assets are impaired. The qualitative factors are consistent with the guidance established for goodwill impairment testing and include identifying and assessing events and circumstances that would most significantly impact, individually or in the aggregate, the carrying value of the indefinite-lived intangible assets. The revised standard is effective for the Company in fiscal 2014 and early adoption is permitted. The adoption of ASU 2012-02 is not expected to have a material impact on the Company&amp;#8217;s consolidated financial statements. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;In October 2012, the FASB issued ASU 2012-04, &amp;#8220;Technical Corrections and Improvements.&amp;#8221; ASU 2012-04 contains certain technical corrections and conforming fair value amendments to the FASB Accounting Standards Codification. The amendments that do not have transition guidance were effective upon issuance. The amendments that are subject to the transition guidance will be effective for fiscal beginning after December 15, 2012. The adoption of ASU 2012-04 will not have a material impact on the Company&amp;#8217;s consolidated financial statements. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (p) &lt;u&gt;Recent Accounting Pronouncements&lt;/u&gt;&lt;/font&gt;&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt; &lt;/font&gt;(o) &lt;/font&gt;&lt;u&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fair Value Measurements&lt;/font&gt;&lt;/u&gt;&lt;font size="2" style="font-family:times new roman"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) Topic 820 &amp;#8220;Fair Value Measurements and Disclosures&amp;#8221; (&amp;#8220;ASC Topic 820&amp;#8221;) establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. ASC Topic 820 applies under other previously issued accounting pronouncements that require or permit fair value measurements but does not require any new fair value measurements. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family:times new roman"&gt;ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity&amp;#8217;s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;We value financial instruments using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices for similar assets or liabilities in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;Financial assets accounted for at fair value on a recurring basis at December 31, 2012 and 2011, include cash and cash equivalents of approximately $8.4 million and $2.4 million, respectively, as well as short term investments of $5.1 million and $1.3 million in 2012 and 2011, respectively. The carrying value of these assets approximates fair value due to the short-term maturity of these instruments.&lt;/font&gt;&lt;/p&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<us-gaap:MarketableSecuritiesPolicy contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(b) &lt;u&gt;Short-term Investments&lt;/u&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The Company classifies investments in marketable securities as trading, available-for-sale or held-to-maturity at the time of purchase and periodically re-evaluates such classifications. Trading securities are carried at fair value, with unrealized holding gains and losses included in earnings. Held-to-maturity securities are recorded at cost and are adjusted for the amortization or accretion of premiums or discounts over the life of the related security. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized. In determining realized gains and losses, the cost of securities sold is based on the specific identification method. Interest and dividends on the investments are accrued at the balance sheet date. At December 31, 2012 all investments were classified as held to maturity and consisted of the following: &lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center;" width="12%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Certificates of Deposit&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="14%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Value of Held to Maturity&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="12%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Investment&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="14%" colspan="4" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Investments (based on cost)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;04-18-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;10-17-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;500,940&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;06-29-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;500,940&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;300,564&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;04-06-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;300,564&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;251,417&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="4%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;06-29-13&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;251,417&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="3%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="68%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="4%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;5,052,921&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:MarketableSecuritiesPolicy>
<refr:ReservesOfRoyaltyChargedToCostAndExpenses contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">0</refr:ReservesOfRoyaltyChargedToCostAndExpenses>

<refr:ReservesOfRoyaltyChargedToCostAndExpenses contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">0</refr:ReservesOfRoyaltyChargedToCostAndExpenses>

<refr:ReservesOfRoyaltyChargedToCostAndExpenses contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">0</refr:ReservesOfRoyaltyChargedToCostAndExpenses>

<us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;table style="width: 100%; line-height: 14pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" colspan="15" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Quarter&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;First&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Second&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Third&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fourth&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fee income&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;482,578&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;450,828&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;471,886&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;552,044&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Operating loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(1,434,553&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(793,041&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(869,788&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(612,787&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Net loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(803,339&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(789,551&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(866,464&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(604,247&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Basic and diluted net loss&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; per common share (1)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.03&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td width="100%" colspan="17"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;First&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Second&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Third&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fourth&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Fee income&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;144,441&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;140,407&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;207,200&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;353,934&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Operating loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,593,220&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (923,394&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (812,400&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (834,328&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Net loss (2)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(1,589,281&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(919,122&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(801,840&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(825,825&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Basic and diluted net loss&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; per common share (1)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.09&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.05&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(.04&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p align="justify"&gt;____________________&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(1) Since per share information is computed independently for each quarter and the full year, based on the respective average number of common shares outstanding, the sum of the quarterly per share amounts does not necessarily equal the per share amounts for the year. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&lt;font size="3" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;(2) The Company incurred higher costs in the first quarter of 2012 and 2011 relating primarily to: (i) $424,000 and $444,000 of stock and option compensation charges in the first quarter of 2012 and 2011 respectively relating to common stock and options granted to directors, employees and consultants, and (ii) $175,000 during the first quarter of 2012 and 2011 in directors&amp;#8217; fees. &lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock>
<refr:InsuranceCoveragePerDepositorInNextFiscalYear contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">250000</refr:InsuranceCoveragePerDepositorInNextFiscalYear>

<refr:UnrecognizedTaxBenefitsPercentage contextRef="Context_FYE_31-Dec-2012">greater than 50 percent</refr:UnrecognizedTaxBenefitsPercentage>

<us-gaap:CashFDICInsuredAmount contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="-5">8900000</us-gaap:CashFDICInsuredAmount>
<us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="Context_FYE_31-Dec-2010" unitRef="shares" decimals="0">2443108</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
<us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="Context_FYE_31-Dec-2011" unitRef="shares" decimals="0">1973906</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
<us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="Context_FYE_31-Dec-2012" unitRef="shares" decimals="0">2630002</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
<us-gaap:CashAndCashEquivalentsFairValueDisclosure contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="-5">2400000</us-gaap:CashAndCashEquivalentsFairValueDisclosure>
<us-gaap:CashAndCashEquivalentsFairValueDisclosure contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="-5">8400000</us-gaap:CashAndCashEquivalentsFairValueDisclosure>
<us-gaap:HeldToMaturitySecuritiesDebtMaturitiesFairValue contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="-5">1300000</us-gaap:HeldToMaturitySecuritiesDebtMaturitiesFairValue>
<us-gaap:HeldToMaturitySecuritiesDebtMaturitiesFairValue contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="-5">5100000</us-gaap:HeldToMaturitySecuritiesDebtMaturitiesFairValue>
<us-gaap:CertificatesOfDepositAtCarryingValue contextRef="Context_As_Of_31-Dec-2012_InformationByCategoryOfDebtSecurityAxis_Held-To-MaturitySecuritiesOneMember" unitRef="USD" decimals="0">2000000</us-gaap:CertificatesOfDepositAtCarryingValue>
<us-gaap:CertificatesOfDepositAtCarryingValue contextRef="Context_As_Of_31-Dec-2012_InformationByCategoryOfDebtSecurityAxis_Held-To-MaturitySecuritiesTwoMember" unitRef="USD" decimals="0">2000000</us-gaap:CertificatesOfDepositAtCarryingValue>
<us-gaap:CertificatesOfDepositAtCarryingValue contextRef="Context_As_Of_31-Dec-2012_InformationByCategoryOfDebtSecurityAxis_Held-To-MaturitySecuritiesThreeMember" unitRef="USD" decimals="0">500940</us-gaap:CertificatesOfDepositAtCarryingValue>
<us-gaap:CertificatesOfDepositAtCarryingValue contextRef="Context_As_Of_31-Dec-2012_InformationByCategoryOfDebtSecurityAxis_Held-To-MaturitySecuritiesFourMember" unitRef="USD" decimals="0">300564</us-gaap:CertificatesOfDepositAtCarryingValue>
<us-gaap:CertificatesOfDepositAtCarryingValue contextRef="Context_As_Of_31-Dec-2012_InformationByCategoryOfDebtSecurityAxis_Held-To-MaturitySecuritiesFiveMember" unitRef="USD" decimals="0">251417</us-gaap:CertificatesOfDepositAtCarryingValue>
<us-gaap:HeldtomaturitySecuritiesDebtMaturitiesDate contextRef="Context_FYE_31-Dec-2012_InformationByCategoryOfDebtSecurityAxis_Held-To-MaturitySecuritiesOneMember">2013-04-18</us-gaap:HeldtomaturitySecuritiesDebtMaturitiesDate>
<us-gaap:HeldtomaturitySecuritiesDebtMaturitiesDate contextRef="Context_FYE_31-Dec-2012_InformationByCategoryOfDebtSecurityAxis_Held-To-MaturitySecuritiesTwoMember">2013-10-17</us-gaap:HeldtomaturitySecuritiesDebtMaturitiesDate>
<us-gaap:HeldtomaturitySecuritiesDebtMaturitiesDate contextRef="Context_FYE_31-Dec-2012_InformationByCategoryOfDebtSecurityAxis_Held-To-MaturitySecuritiesThreeMember">2013-06-29</us-gaap:HeldtomaturitySecuritiesDebtMaturitiesDate>
<us-gaap:HeldtomaturitySecuritiesDebtMaturitiesDate contextRef="Context_FYE_31-Dec-2012_InformationByCategoryOfDebtSecurityAxis_Held-To-MaturitySecuritiesFourMember">2013-04-06</us-gaap:HeldtomaturitySecuritiesDebtMaturitiesDate>
<us-gaap:HeldtomaturitySecuritiesDebtMaturitiesDate contextRef="Context_FYE_31-Dec-2012_InformationByCategoryOfDebtSecurityAxis_Held-To-MaturitySecuritiesFiveMember">2013-06-29</us-gaap:HeldtomaturitySecuritiesDebtMaturitiesDate>
<refr:DebtInstrumentInitialConversionPricePerShare contextRef="Context_As_Of_31-Dec-2012" unitRef="USD_per_Share" decimals="2">0.50</refr:DebtInstrumentInitialConversionPricePerShare>

<us-gaap:FurnitureAndFixturesGross contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">1290083</us-gaap:FurnitureAndFixturesGross>
<us-gaap:FurnitureAndFixturesGross contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">1301341</us-gaap:FurnitureAndFixturesGross>
<us-gaap:LeaseholdImprovementsGross contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">437427</us-gaap:LeaseholdImprovementsGross>
<us-gaap:LeaseholdImprovementsGross contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">437745</us-gaap:LeaseholdImprovementsGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">1727510</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">1739086</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">1645082</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">1680045</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>

<us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="Context_FYE_31-Dec-2012_PropertyPlantAndEquipmentByTypeAxis_LeaseholdImprovementsMember">Life of lease or estimated life of asset if shorter</us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
<us-gaap:EmployeeRelatedLiabilitiesCurrent contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">134384</us-gaap:EmployeeRelatedLiabilitiesCurrent>
<us-gaap:EmployeeRelatedLiabilitiesCurrent contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">110621</us-gaap:EmployeeRelatedLiabilitiesCurrent>
<us-gaap:AccruedProfessionalFeesCurrent contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">35040</us-gaap:AccruedProfessionalFeesCurrent>
<us-gaap:AccruedProfessionalFeesCurrent contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">23450</us-gaap:AccruedProfessionalFeesCurrent>
<us-gaap:DeferredRentCreditCurrent contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">19006</us-gaap:DeferredRentCreditCurrent>
<us-gaap:DeferredRentCreditCurrent contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">10691</us-gaap:DeferredRentCreditCurrent>
<us-gaap:OtherAccruedLiabilitiesCurrent contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">363</us-gaap:OtherAccruedLiabilitiesCurrent>
<us-gaap:OtherAccruedLiabilitiesCurrent contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">361</us-gaap:OtherAccruedLiabilitiesCurrent>
<refr:NetOperatingLossCarryforwardsToExpireInNextFiscalYear contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">2654000</refr:NetOperatingLossCarryforwardsToExpireInNextFiscalYear>

<refr:ResearchAndOtherCreditCarryfowardsToExpireInNextFiscalYear contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">65000</refr:ResearchAndOtherCreditCarryfowardsToExpireInNextFiscalYear>

<refr:ScheduleOfDeferredTaxAssetsTableTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2012 and 2011 are presented below. &lt;/font&gt;&lt;/div&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;95,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;91,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Allowance for bad debts&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;37,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;37,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Net operating loss carryforwards&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;22,525,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;22,516,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Stock option expense&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,051,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,051,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Research and other credits&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;977,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,008,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Other temporary differences&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;15,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;15,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Total gross deferred tax assets&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;24,700,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;24,718,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Less valuation allowance&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (24,700,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (24,718,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</refr:ScheduleOfDeferredTaxAssetsTableTextBlock>

<refr:DeferredTaxAssetsDepreciation contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">91000</refr:DeferredTaxAssetsDepreciation>

<refr:DeferredTaxAssetsDepreciation contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">95000</refr:DeferredTaxAssetsDepreciation>

<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">37000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">37000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">22516000</us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">22525000</us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">1051000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">1051000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost>
<us-gaap:DeferredTaxAssetsTaxCreditCarryforwards contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">1008000</us-gaap:DeferredTaxAssetsTaxCreditCarryforwards>
<us-gaap:DeferredTaxAssetsTaxCreditCarryforwards contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">977000</us-gaap:DeferredTaxAssetsTaxCreditCarryforwards>
<us-gaap:DeferredTaxAssetsOther contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">15000</us-gaap:DeferredTaxAssetsOther>
<us-gaap:DeferredTaxAssetsOther contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">15000</us-gaap:DeferredTaxAssetsOther>
<us-gaap:DeferredTaxAssetsGross contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">24718000</us-gaap:DeferredTaxAssetsGross>
<us-gaap:DeferredTaxAssetsGross contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">24700000</us-gaap:DeferredTaxAssetsGross>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">24718000</us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">24700000</us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsNet contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">0</us-gaap:DeferredTaxAssetsNet>
<us-gaap:DeferredTaxAssetsNet contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">0</us-gaap:DeferredTaxAssetsNet>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Fixed assets and their estimated useful lives as of December 31, 2012 and 2011, are as follows: &lt;/font&gt;&lt;/div&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Estimated useful life&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Equipment and furniture&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,301,341&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,290,083&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;5 years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Life of lease or estimated&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Leasehold Improvements&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;437,745&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;437,427&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;life of asset if shorter&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,739,086&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,727,510&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Less accumulated depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,680,045&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (1,645,082&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;59,041&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2pt double; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;82,428&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
<us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Accrued expenses consist of the following at December 31, 2012 and 2011: &lt;/font&gt;&lt;/div&gt;
&lt;table style="line-height: 14pt; width: 80%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Payroll, bonuses and related benefits&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 110,621&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 134,384&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Professional services&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;23,450&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;35,040&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Deferred rent&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;10,691&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;19,006&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;361&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;363&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver; vertical-align: bottom;"&gt;
&lt;td align="left" width="94%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;145,123&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;188,793&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
<us-gaap:OperatingLossCarryforwards contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">55000000</us-gaap:OperatingLossCarryforwards>
<us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The Company valued these 2010 grants using the Black-Scholes option pricing model with the following assumptions:&lt;/font&gt;&lt;/div&gt;
&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;
&lt;table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="98%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Fair value on grant date&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2.31&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="98%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Expected dividend yield&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="98%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Expected volatility&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;76%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="98%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Risk free interest rate&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2.57%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="98%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Expected term of the option&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;5 years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock>
<us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Activity in stock options is summarized below: &lt;/font&gt;&lt;/p&gt;
&lt;table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Weighted&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Average&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Number&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Weighted&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Remaining&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;of Shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Average&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Contractual&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Aggregate&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Subject to&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Exercise&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Term&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Intrinsic&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Option&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Price&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(Years)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Value&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Balance at December 31, 2009&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2,011,180&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;13.82&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;3.9&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;176,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;3.69&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(452,981&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;18.90&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Balance at December 31, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,734,199&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;11.64&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;4.3&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;281,600&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(379,550&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;20.43&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(85,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;3.72&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Balance at December 31, 2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,269,649&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;9.48&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;4.2&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(151,750&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;12.76&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="89%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Balance of December 31, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1,117,899&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2pt double; text-align: left; width: 1%;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;9.03&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2pt double; text-align: right;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;3.7&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;4,250&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
<refr:ScheduleOfWarrantsTableTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p align="justify"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Activity in warrants is summarized below: &lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 90%; line-height: 14pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Number of Shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Underlying Warrants&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="center" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2"&gt;and Non-Employee&lt;/font&gt;&lt;/td&gt;
&lt;td width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="width: 2%; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Weighted Average&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2"&gt;Options&amp;#160;Granted&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" width="1%" nowrap="nowrap"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="2%" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2009&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;500,161&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;6.00-9.00&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &amp;#160;&amp;#160;&amp;#160; (135,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;7.50&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;343,748&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.91&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;708,909&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.00-9.00&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;(4,652&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.64&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;704,257&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.00-9.00&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;--&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;807,846&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.12&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" width="93%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;Balance at December 31, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;1,512,103&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman"&gt;5.56&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</refr:ScheduleOfWarrantsTableTextBlock>

<refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate contextRef="Context_FYE_31-Dec-2010" unitRef="USD_per_Share" decimals="2">2.31</refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="Context_FYE_31-Dec-2010" unitRef="pure" decimals="2">0.00</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="Context_As_Of_31-Dec-2011" unitRef="shares" decimals="0">1269649</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="Context_As_Of_31-Dec-2012" unitRef="shares" decimals="0">1117899</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="Context_As_Of_31-Dec-2009" unitRef="shares" decimals="0">2011180</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="Context_As_Of_31-Dec-2010" unitRef="shares" decimals="0">1734199</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_31-Dec-2010" unitRef="shares" decimals="0">176000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_31-Dec-2010_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis_DirectorsMember_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="0">40500</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_31-Dec-2011" unitRef="shares" decimals="0">0</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_31-Dec-2011_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis_DirectorsMember_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="0">63000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_31-Dec-2011_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis_EmployeesMember_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="0">139000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_31-Dec-2011_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis_CertainEmployeesMember_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="0">3000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_WarrantMember_ConsultantsAxis_TwoConsultantsMember" unitRef="shares" decimals="0">60000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_31-Dec-2012_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="0">363200</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_31-Dec-2012_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis_DirectorsMember_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="0">96500</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_31-Dec-2012_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis_EmployeesMember_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="0">5100</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod contextRef="Context_FYE_31-Dec-2010" unitRef="shares" decimals="0">-452981</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod contextRef="Context_FYE_31-Dec-2011" unitRef="shares" decimals="0">-379550</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod contextRef="Context_FYE_31-Dec-2012" unitRef="shares" decimals="0">-151750</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="Context_FYE_31-Dec-2010" unitRef="shares" decimals="0">0</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="Context_FYE_31-Dec-2011" unitRef="shares" decimals="0">-85000</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="Context_FYE_31-Dec-2012" unitRef="shares" decimals="0">0</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2011" unitRef="USD_per_Share" decimals="2">9.48</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2012" unitRef="USD_per_Share" decimals="2">9.03</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2009" unitRef="USD_per_Share" decimals="2">13.82</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2010" unitRef="USD_per_Share" decimals="2">11.64</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2010" unitRef="USD_per_Share" decimals="2">3.69</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2011" unitRef="USD_per_Share" decimals="0">0</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2010" unitRef="USD_per_Share" decimals="1">18.9</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2011" unitRef="USD_per_Share" decimals="2">20.43</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2012" unitRef="USD_per_Share" decimals="2">12.76</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2010" unitRef="USD_per_Share" decimals="0">0</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2011" unitRef="USD_per_Share" decimals="2">3.72</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2012" unitRef="USD_per_Share" decimals="0">0</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="Context_FYE_31-Dec-2009">P3Y10M24D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="Context_FYE_31-Dec-2010">P4Y3M18D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="Context_FYE_31-Dec-2011">P4Y2M12D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="Context_FYE_31-Dec-2012">P3Y8M12D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="Context_As_Of_31-Dec-2011" unitRef="USD" decimals="0">0</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">4250</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="Context_As_Of_31-Dec-2009" unitRef="USD" decimals="0">0</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="Context_As_Of_31-Dec-2010" unitRef="USD" decimals="0">281600</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>
<refr:PercentageOfRoyaltyRevenueOnNetSales contextRef="Context_FYE_31-Dec-2012_RangeAxis_MinimumMember" unitRef="pure" decimals="2">0.05</refr:PercentageOfRoyaltyRevenueOnNetSales>

<refr:PercentageOfRoyaltyRevenueOnNetSales contextRef="Context_FYE_31-Dec-2012_RangeAxis_MaximumMember" unitRef="pure" decimals="2">0.15</refr:PercentageOfRoyaltyRevenueOnNetSales>

<refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_WarrantMember" unitRef="shares" decimals="0">0</refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised>

<refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_WarrantMember" unitRef="shares" decimals="0">-4652</refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised>

<refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_WarrantMember" unitRef="shares" decimals="0">0</refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="Context_As_Of_31-Dec-2010_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="0">65768</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="Context_As_Of_31-Dec-2011_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="0">90667</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="Context_As_Of_31-Dec-2012_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="0">218733</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="Context_As_Of_31-Dec-2009_StatementEquityComponentsAxis_WarrantMember" unitRef="shares" decimals="0">500161</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="Context_As_Of_31-Dec-2010_StatementEquityComponentsAxis_WarrantMember" unitRef="shares" decimals="0">708909</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="Context_As_Of_31-Dec-2011_StatementEquityComponentsAxis_WarrantMember" unitRef="shares" decimals="0">704257</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber contextRef="Context_As_Of_31-Dec-2012_StatementEquityComponentsAxis_WarrantMember" unitRef="shares" decimals="0">1512103</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
<refr:AnnualBaseSalaryToOfficers contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">425000</refr:AnnualBaseSalaryToOfficers>

<refr:AnnualBaseSalaryToOfficer2 contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">300000</refr:AnnualBaseSalaryToOfficer2>

<us-gaap:LeaseAndRentalExpense contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">198000</us-gaap:LeaseAndRentalExpense>
<us-gaap:LeaseAndRentalExpense contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">172000</us-gaap:LeaseAndRentalExpense>
<us-gaap:LeaseAndRentalExpense contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">200000</us-gaap:LeaseAndRentalExpense>
<refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_WarrantMember" unitRef="shares" decimals="0">-135000</refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated>

<refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_WarrantMember" unitRef="shares" decimals="0">0</refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated>

<refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_WarrantMember" unitRef="shares" decimals="0">0</refr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated>

<refr:WarrantsWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2009_StatementEquityComponentsAxis_WarrantMember_RangeAxis_MaximumMember" unitRef="USD_per_Share" decimals="2">9.00</refr:WarrantsWeightedAverageExercisePrice>

<refr:WarrantsWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2010_StatementEquityComponentsAxis_WarrantMember_RangeAxis_MaximumMember" unitRef="USD_per_Share" decimals="2">9.00</refr:WarrantsWeightedAverageExercisePrice>

<refr:WarrantsWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2009_StatementEquityComponentsAxis_WarrantMember_RangeAxis_MinimumMember" unitRef="USD_per_Share" decimals="2">6.00</refr:WarrantsWeightedAverageExercisePrice>

<refr:WarrantsWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2010_StatementEquityComponentsAxis_WarrantMember_RangeAxis_MinimumMember" unitRef="USD_per_Share" decimals="2">5.00</refr:WarrantsWeightedAverageExercisePrice>

<refr:WarrantsWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2011_StatementEquityComponentsAxis_WarrantMember_RangeAxis_MaximumMember" unitRef="USD_per_Share" decimals="2">9.00</refr:WarrantsWeightedAverageExercisePrice>

<refr:WarrantsWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2011_StatementEquityComponentsAxis_WarrantMember_RangeAxis_MinimumMember" unitRef="USD_per_Share" decimals="2">5.00</refr:WarrantsWeightedAverageExercisePrice>

<refr:WarrantsWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2012_StatementEquityComponentsAxis_WarrantMember" unitRef="USD_per_Share" decimals="2">5.56</refr:WarrantsWeightedAverageExercisePrice>

<refr:WarrantsExercisedWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_WarrantMember" unitRef="USD_per_Share" decimals="0">0</refr:WarrantsExercisedWeightedAverageExercisePrice>

<refr:WarrantsExercisedWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_WarrantMember" unitRef="USD_per_Share" decimals="2">5.64</refr:WarrantsExercisedWeightedAverageExercisePrice>

<refr:WarrantsExercisedWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_WarrantMember" unitRef="USD_per_Share" decimals="0">0</refr:WarrantsExercisedWeightedAverageExercisePrice>

<us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">192000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0">16000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>
<refr:WarrantsTerminatedWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_WarrantMember" unitRef="USD_per_Share" decimals="1">7.5</refr:WarrantsTerminatedWeightedAverageExercisePrice>

<refr:WarrantsTerminatedWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_WarrantMember" unitRef="USD_per_Share" decimals="0">0</refr:WarrantsTerminatedWeightedAverageExercisePrice>

<refr:WarrantsTerminatedWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_WarrantMember" unitRef="USD_per_Share" decimals="0">0</refr:WarrantsTerminatedWeightedAverageExercisePrice>

<refr:WarrantsIssuedWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2010_StatementEquityComponentsAxis_WarrantMember" unitRef="USD_per_Share" decimals="2">5.91</refr:WarrantsIssuedWeightedAverageExercisePrice>

<refr:WarrantsIssuedWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2011_StatementEquityComponentsAxis_WarrantMember" unitRef="USD_per_Share" decimals="0">0</refr:WarrantsIssuedWeightedAverageExercisePrice>

<refr:WarrantsIssuedWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_WarrantMember" unitRef="USD_per_Share" decimals="2">5.12</refr:WarrantsIssuedWeightedAverageExercisePrice>

<refr:WarrantsIssuedWeightedAverageExercisePrice contextRef="Context_FYE_31-Dec-2012_StatementEquityComponentsAxis_WarrantMember_ConsultantsAxis_TwoConsultantsMember" unitRef="USD_per_Share" decimals="2">3.95</refr:WarrantsIssuedWeightedAverageExercisePrice>

<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;At December 31, 2012, the approximate minimum annual future rental commitments under this lease for the next five years are as follows: &lt;/font&gt;&lt;/div&gt;
&lt;div&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;
&lt;table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2013:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;192,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="background-color: #ffffff;" width="95%" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2014:&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="1%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;16,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" width="95%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<refr:DescriptionOfRightsPlan contextRef="Context_FYE_31-Dec-2012">Subject to certain exceptions listed in the Rights Plan, if a person or group has acquired beneficial ownership of, or commences a tender or exchange offer for, 15% or more of the Company's common stock, unless redeemed by the Company's Board of Directors, each Right entitles the holder (other than the acquiring person) to purchase from the Company $80 worth of common stock for $40. If the Company is merged into, or 50% or more of its assets or earning power is sold to, the acquiring company, the Rights will also enable the holder (other than the acquiring person) to purchase $80 worth of common stock of the acquiring company for $40.</refr:DescriptionOfRightsPlan>

<refr:PricePerRight contextRef="Context_FYE_31-Dec-2012" unitRef="USD_per_Share" decimals="4">0.0001</refr:PricePerRight>

<refr:DirectorFees contextRef="Context_3ME_31-Mar-2011" unitRef="USD" decimals="0">175000</refr:DirectorFees>

<refr:DirectorFees contextRef="Context_3ME_31-Mar-2012" unitRef="USD" decimals="0">175000</refr:DirectorFees>

<us-gaap:StockOptionPlanExpense contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">406560</us-gaap:StockOptionPlanExpense>
<us-gaap:StockOptionPlanExpense contextRef="Context_3ME_31-Mar-2011" unitRef="USD" decimals="0">444000</us-gaap:StockOptionPlanExpense>
<us-gaap:StockOptionPlanExpense contextRef="Context_3ME_31-Mar-2012" unitRef="USD" decimals="0">424000</us-gaap:StockOptionPlanExpense>
<refr:WarrantsIssuedExercisePrice contextRef="Context_FYE_31-Dec-2012" unitRef="USD_per_Share" decimals="2">4.45</refr:WarrantsIssuedExercisePrice>

<refr:WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate contextRef="Context_FYE_31-Dec-2012" unitRef="USD_per_Share" decimals="2">6.73</refr:WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate>

<refr:PercentageOfOfferingPrice contextRef="Context_FYE_31-Dec-2012" unitRef="pure" decimals="2">1.50</refr:PercentageOfOfferingPrice>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="Context_As_Of_31-Dec-2012" unitRef="shares" decimals="0">750000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="Context_As_Of_31-Dec-2012" unitRef="shares" decimals="0">388508</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<refr:StockOptionsCashlessExercise contextRef="Context_FYE_31-Dec-2011" unitRef="shares" decimals="0">75000</refr:StockOptionsCashlessExercise>

<refr:StockOptionsCashlessExerciseForfeited contextRef="Context_FYE_31-Dec-2011" unitRef="shares" decimals="0">29270</refr:StockOptionsCashlessExerciseForfeited>

<refr:ExercisableFairMarketValueStockOptions contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">276896</refr:ExercisableFairMarketValueStockOptions>

<refr:WarrantsExercisable contextRef="Context_As_Of_31-Dec-2012" unitRef="shares" decimals="0">1218353</refr:WarrantsExercisable>

<refr:WarrantsExercisableWeightedAverageExercisePrice contextRef="Context_As_Of_31-Dec-2012" unitRef="shares" decimals="2">5.37</refr:WarrantsExercisableWeightedAverageExercisePrice>

<refr:RestrictedStockIssuedToEmployeesVestRatably contextRef="Context_FYE_31-Dec-2011_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis_EmployeesMember_AwardTypeAxis_RestrictedStockMember" unitRef="USD_per_Share" decimals="0">136000</refr:RestrictedStockIssuedToEmployeesVestRatably>

<refr:RestrictedStockIssuedToEmployeesVestRatably contextRef="Context_FYE_31-Dec-2012_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis_EmployeesMember_AwardTypeAxis_RestrictedStockMember" unitRef="USD_per_Share" decimals="0">261600</refr:RestrictedStockIssuedToEmployeesVestRatably>

<refr:RestrictedStockMarketValuePerShareOnDateOfGrant contextRef="Context_FYE_31-Dec-2010_AwardTypeAxis_RestrictedStockMember" unitRef="USD_per_Share" decimals="2">3.69</refr:RestrictedStockMarketValuePerShareOnDateOfGrant>

<refr:RestrictedStockMarketValuePerShareOnDateOfGrant contextRef="Context_FYE_31-Dec-2011_AwardTypeAxis_RestrictedStockMember" unitRef="USD_per_Share" decimals="2">5.20</refr:RestrictedStockMarketValuePerShareOnDateOfGrant>

<refr:RestrictedStockMarketValuePerShareOnDateOfGrant contextRef="Context_FYE_31-Dec-2012_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis_EmployeesMember_AwardTypeAxis_RestrictedStockMember" unitRef="USD_per_Share" decimals="2">3.38</refr:RestrictedStockMarketValuePerShareOnDateOfGrant>


<refr:ExercisePriceOfRights contextRef="Context_FYE_31-Dec-2012" unitRef="USD_per_Share" decimals="0">60</refr:ExercisePriceOfRights>

<refr:ExercisePriceOfRightsAmended contextRef="Context_FYE_31-Dec-2012" unitRef="USD_per_Share" decimals="0">40</refr:ExercisePriceOfRightsAmended>

<refr:PercentageOfAcquisitionThresholdInRightsAgreement contextRef="Context_FYE_31-Dec-2012" unitRef="pure" decimals="2">0.15</refr:PercentageOfAcquisitionThresholdInRightsAgreement>


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<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-1" xml:lang="en-US">The Company incurred higher costs in the first quarter of 2012 and 2011 relating primarily to: (i) $424,000 and $444,000 of stock and option compensation charges in the first quarter of 2012 and 2011 respectively relating to common stock and options granted to directors, employees and consultants, and (ii) $175,000 during the first quarter of 2012 and 2011 in directors&#8217; fees.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-2">Since per share information is computed independently for each quarter and the full year, based on the respective average number of common shares outstanding, the sum of the quarterly per share amounts does not necessarily equal the per share amounts for the year.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-3">Recovery of previously reserved receivables.</link:footnote>
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<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_2" xlink:to="loc_refr_ReservesOfRoyaltyReceivables_6" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
</presentationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>refr-20121231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
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<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negated" roleURI="http://xbrl.us/us-gaap/role/label/negated"/>
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel"/>
<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_DocumentAndEntityInformationAbstract" xlink:label="loc_refr_DocumentAndEntityInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document and Entity Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document and Entity Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document and Entity Information.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_DocumentAndEntityInformationAbstract" xlink:to="lab_refr_DocumentAndEntityInformationAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US">Entity Well-Known Seasoned Issuer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_dei_EntityVoluntaryFilers"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityVoluntaryFilers" xml:lang="en-US">Entity Voluntary Filers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityVoluntaryFilers" xml:lang="en-US">Entity Voluntary Filers</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityVoluntaryFilers" xlink:to="lab_dei_EntityVoluntaryFilers"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCurrentReportingStatus" xml:lang="en-US">Entity Current Reporting Status</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityCurrentReportingStatus" xml:lang="en-US">Entity Current Reporting Status</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_dei_EntityPublicFloat"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityPublicFloat" xml:lang="en-US">Entity Public Float</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityPublicFloat" xml:lang="en-US">Entity Public Float</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityPublicFloat" xlink:to="lab_dei_EntityPublicFloat"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement Of Financial Position [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">Assets [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, At Carrying Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents at end of period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents at beginning of year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents at end of year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MarketableSecuritiesCurrent" xlink:label="loc_us-gaap_MarketableSecuritiesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MarketableSecuritiesCurrent" xml:lang="en-US">Marketable Securities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_MarketableSecuritiesCurrent" xml:lang="en-US">Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_MarketableSecuritiesCurrent" xml:lang="en-US">Short-term investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:label="lab_us-gaap_MarketableSecuritiesCurrent" xml:lang="en-US">Value of Held to Maturity-Investments (based on cost)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesCurrent" xlink:to="lab_us-gaap_MarketableSecuritiesCurrent"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_RoyaltyReceivablesNetCurrent" xlink:label="loc_refr_RoyaltyReceivablesNetCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_RoyaltyReceivablesNetCurrent" xml:lang="en-US">Royalty Receivables, Net, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_RoyaltyReceivablesNetCurrent" xml:lang="en-US">Royalty receivables, net of reserves of $92,723 in 2012 and 2011</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_RoyaltyReceivablesNetCurrent" xml:lang="en-US">Amounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for royalty.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_RoyaltyReceivablesNetCurrent" xlink:to="lab_refr_RoyaltyReceivablesNetCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid Expense and Other Assets, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid expenses and other current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid expenses and other current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="lab_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NotesReceivableRelatedPartiesCurrent" xlink:label="loc_us-gaap_NotesReceivableRelatedPartiesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NotesReceivableRelatedPartiesCurrent" xml:lang="en-US">Notes Receivable, Related Parties, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NotesReceivableRelatedPartiesCurrent" xml:lang="en-US">Note receivable, SPD Control Systems</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NotesReceivableRelatedPartiesCurrent" xml:lang="en-US">Note receivable, SPD Control Systems</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableRelatedPartiesCurrent" xlink:to="lab_us-gaap_NotesReceivableRelatedPartiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Assets, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="lab_us-gaap_AssetsCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Fixed assets, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNet"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_DepositsAndOtherAssetsNonCurrent" xlink:label="loc_refr_DepositsAndOtherAssetsNonCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_DepositsAndOtherAssetsNonCurrent" xml:lang="en-US">Deposits and Other Assets, Non Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_DepositsAndOtherAssetsNonCurrent" xml:lang="en-US">Deposits and other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_refr_DepositsAndOtherAssetsNonCurrent" xml:lang="en-US">Deposits and other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_DepositsAndOtherAssetsNonCurrent" xml:lang="en-US">Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment after one year or beyond the operating cycle, if longer. Also includes aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_DepositsAndOtherAssetsNonCurrent" xlink:to="lab_refr_DepositsAndOtherAssetsNonCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Total assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Total assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Equity [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Shareholders' Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaap_AccountsPayableCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsPayableCurrent" xml:lang="en-US">Accounts Payable, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountsPayableCurrent" xml:lang="en-US">Accounts payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AccountsPayableCurrent" xml:lang="en-US">Accounts Payable, Current, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableCurrent" xlink:to="lab_us-gaap_AccountsPayableCurrent"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_AccruedExpensesAndOtherCurrentLiabilities" xlink:label="loc_refr_AccruedExpensesAndOtherCurrentLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_AccruedExpensesAndOtherCurrentLiabilities" xml:lang="en-US">Accrued Expenses and Other Current Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_AccruedExpensesAndOtherCurrentLiabilities" xml:lang="en-US">Accrued expenses and other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_refr_AccruedExpensesAndOtherCurrentLiabilities" xml:lang="en-US">Accrued expenses and other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_AccruedExpensesAndOtherCurrentLiabilities" xml:lang="en-US">Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Also includes aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_AccruedExpensesAndOtherCurrentLiabilities" xlink:to="lab_refr_AccruedExpensesAndOtherCurrentLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_us-gaap_DeferredRevenueCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredRevenueCurrent" xlink:to="lab_us-gaap_DeferredRevenueCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Liabilities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="lab_us-gaap_LiabilitiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and Contingencies</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments (note 9)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaap_StockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Stockholders Equity Attributable To Parent [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Shareholders' equity:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityAbstract" xlink:to="lab_us-gaap_StockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 22,646,782 and 18,544,355 shares for 2012 and 2011</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue" xlink:to="lab_us-gaap_CommonStockValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid In Capital, Common Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional paid-in capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_us-gaap_AdditionalPaidInCapitalCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Accumulated deficit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Accumulated deficit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Stockholders' Equity Attributable To Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Total shareholders' equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Total shareholders' equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and shareholders' equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and shareholders' equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_BalanceSheetParentheticalAbstract" xlink:label="loc_refr_BalanceSheetParentheticalAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_BalanceSheetParentheticalAbstract" xml:lang="en-US">Balance Sheet [Parenthetical] [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_BalanceSheetParentheticalAbstract" xml:lang="en-US">Balance Sheet [Parenthetical] [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_BalanceSheetParentheticalAbstract" xml:lang="en-US">Balance Sheet [Parenthetical]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_BalanceSheetParentheticalAbstract" xlink:to="lab_refr_BalanceSheetParentheticalAbstract"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ReservesOfRoyaltyReceivables" xlink:label="loc_refr_ReservesOfRoyaltyReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ReservesOfRoyaltyReceivables" xml:lang="en-US">Reserves Of Royalty Receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ReservesOfRoyaltyReceivables" xml:lang="en-US">Reserve of royalty receivables (in dollars)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_refr_ReservesOfRoyaltyReceivables" xml:lang="en-US">Balance at beginning of period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_refr_ReservesOfRoyaltyReceivables" xml:lang="en-US">Balance at end of period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ReservesOfRoyaltyReceivables" xml:lang="en-US">A valuation reserves for royalty receivables due to an entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ReservesOfRoyaltyReceivables" xlink:to="lab_refr_ReservesOfRoyaltyReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common Stock, Par Or Stated Value Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common stock, par value (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common Stock, Shares Authorized</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common stock, shares authorized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common stock, shares issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common stock, shares outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LicensesRevenue" xlink:label="loc_us-gaap_LicensesRevenue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LicensesRevenue" xml:lang="en-US">Licenses Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LicensesRevenue" xml:lang="en-US">Fee income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LicensesRevenue" xml:lang="en-US">Fee income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LicensesRevenue" xlink:to="lab_us-gaap_LicensesRevenue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and Administrative Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">Operating expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">Operating expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_GeneralAndAdministrativeExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpense" xml:lang="en-US">Research and Development Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpense" xml:lang="en-US">Research and development</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpense" xml:lang="en-US">Research and development</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResearchAndDevelopmentExpense" xlink:to="lab_us-gaap_ResearchAndDevelopmentExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_us-gaap_OperatingExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingExpenses" xml:lang="en-US">Operating Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OperatingExpenses" xml:lang="en-US">Operating Expenses, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_OperatingExpenses" xml:lang="en-US">Total Expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="lab_us-gaap_OperatingExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating Income (Loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating loss</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="lab_us-gaap_OperatingIncomeLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_us-gaap_InvestmentIncomeInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Investment Income, Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Net investment income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Net investment income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Net investment income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeInterest" xlink:to="lab_us-gaap_InvestmentIncomeInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Income (Loss) From Continuing Operations Before Income Taxes, Extraordinary Items, Noncontrolling Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Loss before income tax benefit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/negativeLabel" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Loss before income tax benefit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Loss before income tax benefit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income tax benefit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/negativeLabel" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income tax benefit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income Tax Expense (Benefit)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Income (Loss) Attributable To Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net loss</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xml:lang="en-US">Net loss</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="lab_us-gaap_NetIncomeLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDiluted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDiluted" xml:lang="en-US">Earnings Per Share, Basic and Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDiluted" xml:lang="en-US">Basic and diluted net loss per common share (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="lab_us-gaap_EarningsPerShareBasicAndDiluted"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" xlink:label="loc_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" xml:lang="en-US">Weighted Average Number Of Common Shares Outstanding, Basic and Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" xml:lang="en-US">Weighted average number of common shares outstanding (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" xml:lang="en-US">The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted" xlink:to="lab_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Statement Of Stockholders' Equity [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xml:lang="en-US">Equity Components [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xml:lang="en-US">Equity Components [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockMember" xml:lang="en-US">Common Stock [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid-In Capital [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained Earnings [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="loc_us-gaap_SharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Shares, Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SharesOutstanding" xml:lang="en-US">Shares, Outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesOutstanding" xlink:to="lab_us-gaap_SharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Stock Issued During Period, Value, New Issues</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Issuances of common stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Stock Issued During Period, Shares, New Issues (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Issuances of common stock (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Shares issued (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationForfeited" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationForfeited"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationForfeited" xml:lang="en-US">Stock Issued During Period, Value, Share-Based Compensation, Forfeited</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationForfeited" xml:lang="en-US">Share-based compensation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationForfeited" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationForfeited"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" xml:lang="en-US">Stock Issued During Period, Shares, Share-Based Compensation, Forfeited</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" xml:lang="en-US">Share-based compensation (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement Of Cash Flows [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By (Used In) Operating Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Cash flows from operating activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net loss to net cash used in operating activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation and amortization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation and amortization</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Share-Based Compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Stock-based compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Stock-based compensation</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xml:lang="en-US">Stock based compensation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensation" xlink:to="lab_us-gaap_ShareBasedCompensation"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xlink:label="loc_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xml:lang="en-US">Increase Decrease In Uncollectible Royalty Receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xml:lang="en-US">Deductions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xml:lang="en-US">The total amount of change during the period to uncollectible royalty receivable.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xml:lang="en-US">Recovery of uncollectible receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable" xlink:to="lab_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Increase (Decrease) In Operating Capital [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Change in assets and liabilities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_IncreaseDecreaseInRoyaltyReceivables" xlink:label="loc_refr_IncreaseDecreaseInRoyaltyReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_IncreaseDecreaseInRoyaltyReceivables" xml:lang="en-US">Increase Decrease In Royalty Receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_IncreaseDecreaseInRoyaltyReceivables" xml:lang="en-US">Royalty receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_IncreaseDecreaseInRoyaltyReceivables" xml:lang="en-US">The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from Royalty.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_refr_IncreaseDecreaseInRoyaltyReceivables" xml:lang="en-US">Royalty receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_IncreaseDecreaseInRoyaltyReceivables" xlink:to="lab_refr_IncreaseDecreaseInRoyaltyReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Increase (Decrease) In Prepaid Expense and Other Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Increase (Decrease) In Accounts Payable and Accrued Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Accounts payable and accrued expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Accounts payable and accrued expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Accounts payable and accrued expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>





<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Increase (Decrease) In Deferred Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Deferred revenue</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="lab_us-gaap_IncreaseDecreaseInDeferredRevenue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net Cash Provided By (Used In) Operating Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash used in operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash used in operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By (Used In) Investing Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Cash flows from investing activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Payments To Acquire Property, Plant, and Equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchase of fixed assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchase of fixed assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchases of fixed assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchase of fixed assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireInvestments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xml:lang="en-US">Payments To Acquire Investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xml:lang="en-US">Purchase of investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xml:lang="en-US">Purchase of investments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireInvestments" xlink:to="lab_us-gaap_PaymentsToAcquireInvestments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:label="loc_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xml:lang="en-US">Proceeds From Sale, Maturity and Collection Of Investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xml:lang="en-US">Proceeds from sale of investment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:to="lab_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireShortTermInvestments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquireShortTermInvestments" xml:lang="en-US">Payments To Acquire Short-Term Investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PaymentsToAcquireShortTermInvestments" xml:lang="en-US">Change in short term investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquireShortTermInvestments" xml:lang="en-US">Change in short term investments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireShortTermInvestments" xlink:to="lab_us-gaap_PaymentsToAcquireShortTermInvestments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RepaymentOfNotesReceivableFromRelatedParties" xlink:label="loc_us-gaap_RepaymentOfNotesReceivableFromRelatedParties"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RepaymentOfNotesReceivableFromRelatedParties" xml:lang="en-US">Repayment Of Notes Receivable From Related Parties</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RepaymentOfNotesReceivableFromRelatedParties" xml:lang="en-US">Note and interest receivable on SPD Control Systems</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentOfNotesReceivableFromRelatedParties" xlink:to="lab_us-gaap_RepaymentOfNotesReceivableFromRelatedParties"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net Cash Provided By (Used In) Investing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash provided by (used in) investing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash used in investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By (Used In) Financing Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Cash flows from financing activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants" xlink:label="loc_refr_Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants" xml:lang="en-US">Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants" xml:lang="en-US">Net proceeds from issuances of common stock and exercise of options and warrants</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants" xml:lang="en-US">The cash inflow from the additional capital contribution to the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants" xlink:to="lab_refr_Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net Cash Provided By (Used In) Financing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash provided by financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash provided by financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash provided by financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:label="loc_us-gaap_NoncashInvestingAndFinancingItemsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xml:lang="en-US">Noncash Investing and Financing Items [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xml:lang="en-US">Non Cash Financing and Investing Activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:to="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract"/>





<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_NatureOfOperationsAbstract" xlink:label="loc_refr_NatureOfOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_NatureOfOperationsAbstract" xml:lang="en-US">Nature Of Operations [Abstract]</label>

<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_NatureOfOperationsAbstract" xlink:to="lab_refr_NatureOfOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="loc_us-gaap_NatureOfOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NatureOfOperations" xml:lang="en-US">Nature Of Operations [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NatureOfOperations" xml:lang="en-US">Nature of Operations [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NatureOfOperations" xlink:to="lab_us-gaap_NatureOfOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">Accounting Policies [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">Accounting Policies [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock" xml:lang="en-US">Basis Of Presentation and Significant Accounting Policies [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock" xml:lang="en-US">Basis of Presentation and Significant Accounting Policies [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="loc_us-gaap_ReceivablesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ReceivablesAbstract" xml:lang="en-US">Receivables [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ReceivablesAbstract" xml:lang="en-US">Receivables [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesAbstract" xlink:to="lab_us-gaap_ReceivablesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:label="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xml:lang="en-US">Loans, Notes, Trade and Other Receivables Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xml:lang="en-US">Loans, Notes, Trade and Other Receivables Disclosure [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:to="lab_us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentAbstract" xml:lang="en-US">Property, Plant and Equipment [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentAbstract" xml:lang="en-US">Property, Plant and Equipment [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentAbstract" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xml:lang="en-US">Property, Plant and Equipment Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xml:lang="en-US">Property, Plant and Equipment Disclosure [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PayablesAndAccrualsAbstract" xlink:label="loc_us-gaap_PayablesAndAccrualsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PayablesAndAccrualsAbstract" xml:lang="en-US">Payables and Accruals [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PayablesAndAccrualsAbstract" xml:lang="en-US">Payables and Accruals [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PayablesAndAccrualsAbstract" xlink:to="lab_us-gaap_PayablesAndAccrualsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xml:lang="en-US">Accounts Payable and Accrued Liabilities Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xml:lang="en-US">Accounts Payable and Accrued Liabilities Disclosure [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:to="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xml:lang="en-US">Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xml:lang="en-US">Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="loc_us-gaap_StockholdersEquityNoteAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquityNoteAbstract" xml:lang="en-US">Stockholders' Equity Note [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockholdersEquityNoteAbstract" xml:lang="en-US">Stockholders' Equity Note [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityNoteAbstract" xlink:to="lab_us-gaap_StockholdersEquityNoteAbstract"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_StockholdersEquityNoteTextBlock" xlink:label="loc_refr_StockholdersEquityNoteTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_StockholdersEquityNoteTextBlock" xml:lang="en-US">Stockholders Equity Note [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_StockholdersEquityNoteTextBlock" xml:lang="en-US">Stockholders Equity Note [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_StockholdersEquityNoteTextBlock" xml:lang="en-US">The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest excluding treasury stock.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockholdersEquityNoteTextBlock" xlink:to="lab_refr_StockholdersEquityNoteTextBlock"/>









<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsDisclosureTextBlock" xlink:label="loc_us-gaap_CommitmentsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsDisclosureTextBlock" xml:lang="en-US">Commitments Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommitmentsDisclosureTextBlock" xml:lang="en-US">Commitments Disclosure [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsDisclosureTextBlock" xlink:to="lab_us-gaap_CommitmentsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:label="loc_us-gaap_CompensationAndRetirementDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xml:lang="en-US">Compensation and Retirement Disclosure [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xml:lang="en-US">Compensation and Retirement Disclosure [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="lab_us-gaap_CompensationAndRetirementDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:label="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xml:lang="en-US">Pension and Other Postretirement Benefits Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xml:lang="en-US">Pension and Other Postretirement Benefits Disclosure [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:label="loc_us-gaap_QuarterlyFinancialInformationDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xml:lang="en-US">Quarterly Financial Information Disclosure [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xml:lang="en-US">Quarterly Financial Information Disclosure [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:to="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="loc_us-gaap_QuarterlyFinancialInformationTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xml:lang="en-US">Quarterly Financial Information [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xml:lang="en-US">Quarterly Financial Information [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:to="lab_us-gaap_QuarterlyFinancialInformationTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ValuationAndQualifyingAccountsAbstract" xlink:label="loc_us-gaap_ValuationAndQualifyingAccountsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ValuationAndQualifyingAccountsAbstract" xml:lang="en-US">Valuation and Qualifying Accounts [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ValuationAndQualifyingAccountsAbstract" xml:lang="en-US">Valuation and Qualifying Accounts [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationAndQualifyingAccountsAbstract" xlink:to="lab_us-gaap_ValuationAndQualifyingAccountsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:label="loc_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xml:lang="en-US">Schedule Of Valuation and Qualifying Accounts Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xml:lang="en-US">Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:to="lab_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MarketableSecuritiesPolicy" xlink:label="loc_us-gaap_MarketableSecuritiesPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MarketableSecuritiesPolicy" xml:lang="en-US">Marketable Securities, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_MarketableSecuritiesPolicy" xml:lang="en-US">Marketable Securities, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesPolicy" xlink:to="lab_us-gaap_MarketableSecuritiesPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ReceivablesPolicyTextBlock" xlink:label="loc_us-gaap_ReceivablesPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ReceivablesPolicyTextBlock" xml:lang="en-US">Receivables, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ReceivablesPolicyTextBlock" xml:lang="en-US">Receivables, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesPolicyTextBlock" xlink:to="lab_us-gaap_ReceivablesPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xml:lang="en-US">Property, Plant and Equipment, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xml:lang="en-US">Property, Plant and Equipment, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="loc_us-gaap_RevenueRecognitionPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xml:lang="en-US">Revenue Recognition, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xml:lang="en-US">Revenue Recognition, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="lab_us-gaap_RevenueRecognitionPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_us-gaap_EarningsPerSharePolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:label="loc_us-gaap_ResearchAndDevelopmentExpensePolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpensePolicy" xml:lang="en-US">Research and Development Expense, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ResearchAndDevelopmentExpensePolicy" xml:lang="en-US">Research and Development Expense, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:to="lab_us-gaap_ResearchAndDevelopmentExpensePolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:label="loc_us-gaap_IntangibleAssetsFiniteLivedPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IntangibleAssetsFiniteLivedPolicy" xml:lang="en-US">Intangible Assets, Finite-Lived, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IntangibleAssetsFiniteLivedPolicy" xml:lang="en-US">Intangible Assets, Finite-Lived, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:to="lab_us-gaap_IntangibleAssetsFiniteLivedPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_us-gaap_UseOfEstimates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UseOfEstimates" xml:lang="en-US">Use Of Estimates, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_UseOfEstimates" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UseOfEstimates" xlink:to="lab_us-gaap_UseOfEstimates"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xml:lang="en-US">Fair Value Of Financial Instruments, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xml:lang="en-US">Fair Value of Financial Instruments, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xml:lang="en-US">Share-Based Compensation, Option and Incentive Plans Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xml:lang="en-US">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_RestrictedStockPolicyTextBlock" xlink:label="loc_refr_RestrictedStockPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_RestrictedStockPolicyTextBlock" xml:lang="en-US">Restricted Stock [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_RestrictedStockPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for restricted stock.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_RestrictedStockPolicyTextBlock" xml:lang="en-US">Restricted Stock [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_RestrictedStockPolicyTextBlock" xlink:to="lab_refr_RestrictedStockPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:label="loc_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xml:lang="en-US">Impairment Or Disposal Of Long-Lived Assets, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xml:lang="en-US">Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:to="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xml:lang="en-US">Fair Value Measurement, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xml:lang="en-US">Fair Value Measurement, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_HeldToMaturitySecuritiesTextBlock" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesTextBlock" xml:lang="en-US">Held-To-Maturity Securities [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesTextBlock" xml:lang="en-US">Held-to-maturity Securities [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesTextBlock" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xml:lang="en-US">Property, Plant and Equipment [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xml:lang="en-US">Property, Plant and Equipment [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xml:lang="en-US">Schedule Of Accrued Liabilities [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xml:lang="en-US">Schedule of Accrued Liabilities [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ScheduleOfDeferredTaxAssetsTableTextBlock" xlink:label="loc_refr_ScheduleOfDeferredTaxAssetsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ScheduleOfDeferredTaxAssetsTableTextBlock" xml:lang="en-US">Schedule Of Deferred Tax Assets [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ScheduleOfDeferredTaxAssetsTableTextBlock" xml:lang="en-US">Tabular disclosure of the components of net deferred tax asset recognized in an entity's statement of financial position.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ScheduleOfDeferredTaxAssetsTableTextBlock" xml:lang="en-US">Schedule Of Deferred Tax Assets [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ScheduleOfDeferredTaxAssetsTableTextBlock" xlink:to="lab_refr_ScheduleOfDeferredTaxAssetsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfStockholdersEquityTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xml:lang="en-US">Schedule Of Stockholders Equity [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xml:lang="en-US">Schedule of Stockholders Equity [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfStockholdersEquityTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xml:lang="en-US">Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xml:lang="en-US">Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xml:lang="en-US">Schedule Of Share-Based Compensation, Stock Options, Activity [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xml:lang="en-US">Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ScheduleOfWarrantsTableTextBlock" xlink:label="loc_refr_ScheduleOfWarrantsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ScheduleOfWarrantsTableTextBlock" xml:lang="en-US">Schedule Of Warrants [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ScheduleOfWarrantsTableTextBlock" xml:lang="en-US">Tabular disclosure of the warrants.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ScheduleOfWarrantsTableTextBlock" xml:lang="en-US">Schedule Of Warrants [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ScheduleOfWarrantsTableTextBlock" xlink:to="lab_refr_ScheduleOfWarrantsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xml:lang="en-US">Schedule Of Future Minimum Rental Payments For Operating Leases [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xml:lang="en-US">Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xml:lang="en-US">Schedule Of Quarterly Financial Information [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xml:lang="en-US">Schedule of Quarterly Financial Information [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InformationByCategoryOfDebtSecurityAxis" xlink:label="loc_us-gaap_InformationByCategoryOfDebtSecurityAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InformationByCategoryOfDebtSecurityAxis" xml:lang="en-US">Debt Security Category [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InformationByCategoryOfDebtSecurityAxis" xml:lang="en-US">Debt Security Category [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InformationByCategoryOfDebtSecurityAxis" xlink:to="lab_us-gaap_InformationByCategoryOfDebtSecurityAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain" xlink:label="loc_us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain" xml:lang="en-US">Other Than Temporary Impairment, Credit Losses Recognized In Earnings, Categories Of Investments [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain" xml:lang="en-US">Other than Temporary Impairment, Credit Losses Recognized in Earnings, Categories of Investments [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain" xlink:to="lab_us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCategoriesOfInvestmentsDomain"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_HeldToMaturitySecuritiesOneMember" xlink:label="loc_refr_HeldToMaturitySecuritiesOneMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_HeldToMaturitySecuritiesOneMember" xml:lang="en-US">Held To Maturity Securities One [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_HeldToMaturitySecuritiesOneMember" xlink:to="lab_refr_HeldToMaturitySecuritiesOneMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_HeldToMaturitySecuritiesTwoMember" xlink:label="loc_refr_HeldToMaturitySecuritiesTwoMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_HeldToMaturitySecuritiesTwoMember" xml:lang="en-US">Held To Maturity Securities Two [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_HeldToMaturitySecuritiesTwoMember" xlink:to="lab_refr_HeldToMaturitySecuritiesTwoMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_HeldToMaturitySecuritiesThreeMember" xlink:label="loc_refr_HeldToMaturitySecuritiesThreeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_HeldToMaturitySecuritiesThreeMember" xml:lang="en-US">Held To Maturity Securities Three [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_HeldToMaturitySecuritiesThreeMember" xlink:to="lab_refr_HeldToMaturitySecuritiesThreeMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_HeldToMaturitySecuritiesFourMember" xlink:label="loc_refr_HeldToMaturitySecuritiesFourMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_HeldToMaturitySecuritiesFourMember" xml:lang="en-US">Held To Maturity Securities Four [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_HeldToMaturitySecuritiesFourMember" xlink:to="lab_refr_HeldToMaturitySecuritiesFourMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_HeldToMaturitySecuritiesFiveMember" xlink:label="loc_refr_HeldToMaturitySecuritiesFiveMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_HeldToMaturitySecuritiesFiveMember" xml:lang="en-US">Held To Maturity Securities Five [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_HeldToMaturitySecuritiesFiveMember" xlink:to="lab_refr_HeldToMaturitySecuritiesFiveMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CertificatesOfDepositAtCarryingValue" xlink:label="loc_us-gaap_CertificatesOfDepositAtCarryingValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CertificatesOfDepositAtCarryingValue" xml:lang="en-US">Certificates Of Deposit, At Carrying Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CertificatesOfDepositAtCarryingValue" xml:lang="en-US">Certificates of Deposit Investment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CertificatesOfDepositAtCarryingValue" xlink:to="lab_us-gaap_CertificatesOfDepositAtCarryingValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_HeldtomaturitySecuritiesDebtMaturitiesDate" xlink:label="loc_us-gaap_HeldtomaturitySecuritiesDebtMaturitiesDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_HeldtomaturitySecuritiesDebtMaturitiesDate" xml:lang="en-US">Held-To-Maturity Securities, Debt Maturities, Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_HeldtomaturitySecuritiesDebtMaturitiesDate" xml:lang="en-US">Maturity Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldtomaturitySecuritiesDebtMaturitiesDate" xlink:to="lab_us-gaap_HeldtomaturitySecuritiesDebtMaturitiesDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_HeldToMaturitySecuritiesCurrent" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesCurrent" xml:lang="en-US">Held-To-Maturity Securities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesCurrent" xml:lang="en-US">Value of Held to Maturity-Investments (based on cost)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesCurrent" xml:lang="en-US">Value of Held to Maturity Investments (based on cost)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesCurrent" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesCurrent"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_LicenseFeeIncomeAxis" xlink:label="loc_refr_LicenseFeeIncomeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_LicenseFeeIncomeAxis" xml:lang="en-US">License Fee Income [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_LicenseFeeIncomeAxis" xml:lang="en-US">License Fee Income [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseFeeIncomeAxis" xlink:to="lab_refr_LicenseFeeIncomeAxis"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_LicenseFeeIncomeDomain" xlink:label="loc_refr_LicenseFeeIncomeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_LicenseFeeIncomeDomain" xml:lang="en-US">License Fee Income [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_LicenseFeeIncomeDomain" xml:lang="en-US">License Fee Income [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseFeeIncomeDomain" xlink:to="lab_refr_LicenseFeeIncomeDomain"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_LicenseeOneMember" xlink:label="loc_refr_LicenseeOneMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_LicenseeOneMember" xml:lang="en-US">Licensee One [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseeOneMember" xlink:to="lab_refr_LicenseeOneMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_LicenseeTwoMember" xlink:label="loc_refr_LicenseeTwoMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_LicenseeTwoMember" xml:lang="en-US">Licensee Two [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseeTwoMember" xlink:to="lab_refr_LicenseeTwoMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_LicenseeThreeMember" xlink:label="loc_refr_LicenseeThreeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_LicenseeThreeMember" xml:lang="en-US">Licensee Three [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseeThreeMember" xlink:to="lab_refr_LicenseeThreeMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_LicenseeFourMember" xlink:label="loc_refr_LicenseeFourMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_LicenseeFourMember" xml:lang="en-US">Licensee Four [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseeFourMember" xlink:to="lab_refr_LicenseeFourMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_LicenseeFiveMember" xlink:label="loc_refr_LicenseeFiveMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_LicenseeFiveMember" xml:lang="en-US">Licensee Five [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseeFiveMember" xlink:to="lab_refr_LicenseeFiveMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WarrantMember" xlink:label="loc_us-gaap_WarrantMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_WarrantMember" xml:lang="en-US">Warrant [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WarrantMember" xlink:to="lab_us-gaap_WarrantMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_InsuranceCoveragePerDepositorInNextFiscalYear" xlink:label="loc_refr_InsuranceCoveragePerDepositorInNextFiscalYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_InsuranceCoveragePerDepositorInNextFiscalYear" xml:lang="en-US">Insurance Coverage Per Depositor In Next Fiscal Year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_InsuranceCoveragePerDepositorInNextFiscalYear" xml:lang="en-US">Insurance coverage per depositor in next fiscal year.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_InsuranceCoveragePerDepositorInNextFiscalYear" xml:lang="en-US">Insurance Coverage Per Depositor In Next Fiscal Year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_InsuranceCoveragePerDepositorInNextFiscalYear" xlink:to="lab_refr_InsuranceCoveragePerDepositorInNextFiscalYear"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashFDICInsuredAmount" xlink:label="loc_us-gaap_CashFDICInsuredAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashFDICInsuredAmount" xml:lang="en-US">Cash, Fdic Insured Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashFDICInsuredAmount" xml:lang="en-US">Cash, FDIC Insured Amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFDICInsuredAmount" xlink:to="lab_us-gaap_CashFDICInsuredAmount"/>





<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xml:lang="en-US">Antidilutive Securities Excluded From Computation Of Earnings Per Share, Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xml:lang="en-US">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_UnrecognizedTaxBenefitsPercentage" xlink:label="loc_refr_UnrecognizedTaxBenefitsPercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_UnrecognizedTaxBenefitsPercentage" xml:lang="en-US">Unrecognized Tax Benefits Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_UnrecognizedTaxBenefitsPercentage" xml:lang="en-US">Tabular disclosure of Unrecognized tax benefits percentage.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_UnrecognizedTaxBenefitsPercentage" xml:lang="en-US">Unrecognized Tax Benefits Percentage</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_UnrecognizedTaxBenefitsPercentage" xlink:to="lab_refr_UnrecognizedTaxBenefitsPercentage"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:label="loc_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xml:lang="en-US">Allocated Share-Based Compensation Expense, Net Of Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xml:lang="en-US">Allocated Share-based Compensation Expense, Net of Tax</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xml:lang="en-US">Allocated Share-based Compensation Expense, Net of Tax (in dollars)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:to="lab_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Number of Shares Underlying Warrants and Non-Employee Options Granted, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:label="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US">Cash and Cash Equivalents, Fair Value Disclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US">Cash and Cash Equivalents, Fair Value Disclosure</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:to="lab_us-gaap_CashAndCashEquivalentsFairValueDisclosure"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValue" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValue" xml:lang="en-US">Held-To-Maturity Securities, Debt Maturities, Fair Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValue" xml:lang="en-US">Held-to-maturity Securities, Debt Maturities, Fair Value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValue" xlink:to="lab_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtInstrumentInterestRateDuringPeriod" xlink:label="loc_us-gaap_DebtInstrumentInterestRateDuringPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentInterestRateDuringPeriod" xml:lang="en-US">Debt Instrument, Interest Rate During Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DebtInstrumentInterestRateDuringPeriod" xml:lang="en-US">Debt Instrument, Interest Rate During Period (in dollars Per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateDuringPeriod" xlink:to="lab_us-gaap_DebtInstrumentInterestRateDuringPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtInstrumentConvertibleConversionPrice1" xlink:label="loc_us-gaap_DebtInstrumentConvertibleConversionPrice1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentConvertibleConversionPrice1" xml:lang="en-US">Debt Instrument, Convertible, Conversion Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DebtInstrumentConvertibleConversionPrice1" xml:lang="en-US">Debt Instrument, Convertible, Conversion Price (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentConvertibleConversionPrice1" xlink:to="lab_us-gaap_DebtInstrumentConvertibleConversionPrice1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="loc_us-gaap_DebtInstrumentMaturityDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentMaturityDate" xml:lang="en-US">Debt Instrument, Maturity Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DebtInstrumentMaturityDate" xml:lang="en-US">Debt Instrument, Maturity Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentMaturityDate" xlink:to="lab_us-gaap_DebtInstrumentMaturityDate"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ConditionalPaymentsOnNotes" xlink:label="loc_refr_ConditionalPaymentsOnNotes"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ConditionalPaymentsOnNotes" xml:lang="en-US">Conditional Payments On Notes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ConditionalPaymentsOnNotes" xml:lang="en-US">Conditional Payments On Notes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ConditionalPaymentsOnNotes" xml:lang="en-US">Amount funded by notes upon achievement of certain development milestones by the entity during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ConditionalPaymentsOnNotes" xlink:to="lab_refr_ConditionalPaymentsOnNotes"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_PrincipalAndInterestPortionOutstandingOnNotes" xlink:label="loc_refr_PrincipalAndInterestPortionOutstandingOnNotes"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_PrincipalAndInterestPortionOutstandingOnNotes" xml:lang="en-US">Principal and Interest Portion Outstanding On Notes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_PrincipalAndInterestPortionOutstandingOnNotes" xml:lang="en-US">Principal And Interest Portion Outstanding On Notes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_PrincipalAndInterestPortionOutstandingOnNotes" xml:lang="en-US">Amount funded by notes upon achievement of certain development milestones by the entity during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_PrincipalAndInterestPortionOutstandingOnNotes" xlink:to="lab_refr_PrincipalAndInterestPortionOutstandingOnNotes"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_DebtInstrumentInitialConversionPricePerShare" xlink:label="loc_refr_DebtInstrumentInitialConversionPricePerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_DebtInstrumentInitialConversionPricePerShare" xml:lang="en-US">Debt Instrument Initial Conversion Price Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_DebtInstrumentInitialConversionPricePerShare" xml:lang="en-US">It represents Debt Instrument Initial Conversion Price per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_DebtInstrumentInitialConversionPricePerShare" xml:lang="en-US">Debt Instrument Initial Conversion Price Per Share (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_DebtInstrumentInitialConversionPricePerShare" xlink:to="lab_refr_DebtInstrumentInitialConversionPricePerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xml:lang="en-US">Property, Plant and Equipment, Type [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xml:lang="en-US">Property, Plant and Equipment, Type [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_EquipmentAndFurnitureMember" xlink:label="loc_refr_EquipmentAndFurnitureMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_EquipmentAndFurnitureMember" xml:lang="en-US">Equipment and Furniture [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_EquipmentAndFurnitureMember" xlink:to="lab_refr_EquipmentAndFurnitureMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LeaseholdImprovementsMember" xlink:label="loc_us-gaap_LeaseholdImprovementsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LeaseholdImprovementsMember" xml:lang="en-US">Leasehold Improvements [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseholdImprovementsMember" xlink:to="lab_us-gaap_LeaseholdImprovementsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FurnitureAndFixturesGross" xlink:label="loc_us-gaap_FurnitureAndFixturesGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FurnitureAndFixturesGross" xml:lang="en-US">Furniture and Fixtures, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FurnitureAndFixturesGross" xml:lang="en-US">Equipment and furniture</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FurnitureAndFixturesGross" xlink:to="lab_us-gaap_FurnitureAndFixturesGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LeaseholdImprovementsGross" xlink:label="loc_us-gaap_LeaseholdImprovementsGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LeaseholdImprovementsGross" xml:lang="en-US">Leasehold Improvements, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LeaseholdImprovementsGross" xml:lang="en-US">Leasehold Improvements</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseholdImprovementsGross" xlink:to="lab_us-gaap_LeaseholdImprovementsGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US">Property, Plant and Equipment, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US">Property, Plant and Equipment, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US">Property, Plant and Equipment, Gross</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentGross" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Less accumulated depreciation and amortization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Less accumulated depreciation and amortization</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xml:lang="en-US">Property, Plant and Equipment, Estimated Useful Lives</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xml:lang="en-US">Estimated useful life</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:label="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent" xml:lang="en-US">Employee-Related Liabilities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent" xml:lang="en-US">Payroll, bonuses and related benefits</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:to="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccruedProfessionalFeesCurrent" xlink:label="loc_us-gaap_AccruedProfessionalFeesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccruedProfessionalFeesCurrent" xml:lang="en-US">Accrued Professional Fees, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccruedProfessionalFeesCurrent" xml:lang="en-US">Professional services</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedProfessionalFeesCurrent" xlink:to="lab_us-gaap_AccruedProfessionalFeesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredRentCreditCurrent" xlink:label="loc_us-gaap_DeferredRentCreditCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredRentCreditCurrent" xml:lang="en-US">Deferred Rent Credit, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredRentCreditCurrent" xml:lang="en-US">Deferred rent</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredRentCreditCurrent" xlink:to="lab_us-gaap_DeferredRentCreditCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="loc_us-gaap_OtherAccruedLiabilitiesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherAccruedLiabilitiesCurrent" xml:lang="en-US">Other Accrued Liabilities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherAccruedLiabilitiesCurrent" xml:lang="en-US">Other</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAccruedLiabilitiesCurrent" xlink:to="lab_us-gaap_OtherAccruedLiabilitiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsNetAbstract" xlink:label="loc_us-gaap_DeferredTaxAssetsNetAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsNetAbstract" xml:lang="en-US">Deferred Tax Assets, Net [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsNetAbstract" xml:lang="en-US">Deferred tax assets:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNetAbstract" xlink:to="lab_us-gaap_DeferredTaxAssetsNetAbstract"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_DeferredTaxAssetsDepreciation" xlink:label="loc_refr_DeferredTaxAssetsDepreciation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_DeferredTaxAssetsDepreciation" xml:lang="en-US">Deferred Tax Assets Depreciation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_DeferredTaxAssetsDepreciation" xml:lang="en-US">Depreciation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_DeferredTaxAssetsDepreciation" xml:lang="en-US">Amount before allocation of valuation allowances of deferred tax asset attributable to depreciation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_DeferredTaxAssetsDepreciation" xlink:to="lab_refr_DeferredTaxAssetsDepreciation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts" xml:lang="en-US">Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance For Doubtful Accounts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts" xml:lang="en-US">Allowance for bad debts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xml:lang="en-US">Deferred Tax Assets, Operating Loss Carryforwards</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xml:lang="en-US">Net operating loss carryforwards</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:to="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xml:lang="en-US">Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-Based Compensation Cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xml:lang="en-US">Stock option expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xml:lang="en-US">Deferred Tax Assets, Tax Credit Carryforwards</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xml:lang="en-US">Research and other credits</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsOther" xlink:label="loc_us-gaap_DeferredTaxAssetsOther"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xml:lang="en-US">Deferred Tax Assets, Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xml:lang="en-US">Other temporary differences</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOther" xlink:to="lab_us-gaap_DeferredTaxAssetsOther"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsGross" xlink:label="loc_us-gaap_DeferredTaxAssetsGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xml:lang="en-US">Deferred Tax Assets, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xml:lang="en-US">Total gross deferred tax assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xml:lang="en-US">Total gross deferred tax assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsGross" xlink:to="lab_us-gaap_DeferredTaxAssetsGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xml:lang="en-US">Deferred Tax Assets, Valuation Allowance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xml:lang="en-US">Less valuation allowance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xml:lang="en-US">Less valuation allowance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="lab_us-gaap_DeferredTaxAssetsValuationAllowance"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsNet" xlink:label="loc_us-gaap_DeferredTaxAssetsNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xml:lang="en-US">Deferred Tax Assets, Net Of Valuation Allowance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xml:lang="en-US">Deferred Tax Assets, Net of Valuation Allowance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xml:lang="en-US">Deferred Tax Assets, Net of Valuation Allowance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNet" xlink:to="lab_us-gaap_DeferredTaxAssetsNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxAuthorityAxis" xlink:label="loc_us-gaap_IncomeTaxAuthorityAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxAuthorityAxis" xml:lang="en-US">Income Tax Authority [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeTaxAuthorityAxis" xml:lang="en-US">Income Tax Authority [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxAuthorityAxis" xlink:to="lab_us-gaap_IncomeTaxAuthorityAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxAuthorityDomain" xlink:label="loc_us-gaap_IncomeTaxAuthorityDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxAuthorityDomain" xml:lang="en-US">Income Tax Authority [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeTaxAuthorityDomain" xml:lang="en-US">Income Tax Authority [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxAuthorityDomain" xlink:to="lab_us-gaap_IncomeTaxAuthorityDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DomesticCountryMember" xlink:label="loc_us-gaap_DomesticCountryMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DomesticCountryMember" xml:lang="en-US">Domestic Tax Authority [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DomesticCountryMember" xlink:to="lab_us-gaap_DomesticCountryMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_us-gaap_ProfessionalFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProfessionalFees" xml:lang="en-US">Professional Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProfessionalFees" xml:lang="en-US">Professional Fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfessionalFees" xlink:to="lab_us-gaap_ProfessionalFees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="loc_us-gaap_OperatingLossCarryforwards"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLossCarryforwards" xml:lang="en-US">Operating Loss Carryforwards</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OperatingLossCarryforwards" xml:lang="en-US">Operating Loss Carryforwards</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLossCarryforwards" xlink:to="lab_us-gaap_OperatingLossCarryforwards"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_NetOperatingLossCarryforwardsToExpireInNextFiscalYear" xlink:label="loc_refr_NetOperatingLossCarryforwardsToExpireInNextFiscalYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_NetOperatingLossCarryforwardsToExpireInNextFiscalYear" xml:lang="en-US">Net Operating Loss Carryforwards To Expire In Next Fiscal Year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_NetOperatingLossCarryforwardsToExpireInNextFiscalYear" xml:lang="en-US">Amount of net operating loss carryforwards to expire in next fiscal year.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_NetOperatingLossCarryforwardsToExpireInNextFiscalYear" xml:lang="en-US">Net Operating Loss Carryforwards To Expire In Next Fiscal Year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_NetOperatingLossCarryforwardsToExpireInNextFiscalYear" xlink:to="lab_refr_NetOperatingLossCarryforwardsToExpireInNextFiscalYear"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ResearchAndOtherCreditCarryfowardsToExpireInNextFiscalYear" xlink:label="loc_refr_ResearchAndOtherCreditCarryfowardsToExpireInNextFiscalYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ResearchAndOtherCreditCarryfowardsToExpireInNextFiscalYear" xml:lang="en-US">Research and Other Credit Carryfowards To Expire In Next Fiscal Year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ResearchAndOtherCreditCarryfowardsToExpireInNextFiscalYear" xml:lang="en-US">Research and other credit carryfowards to expire in next fiscal year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ResearchAndOtherCreditCarryfowardsToExpireInNextFiscalYear" xml:lang="en-US">Research and Other Credit Carryfowards To Expire In Next Fiscal Year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ResearchAndOtherCreditCarryfowardsToExpireInNextFiscalYear" xlink:to="lab_refr_ResearchAndOtherCreditCarryfowardsToExpireInNextFiscalYear"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_PeriodAxis" xlink:label="loc_refr_PeriodAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_PeriodAxis" xml:lang="en-US">Period [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_PeriodAxis" xml:lang="en-US">Period [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_PeriodAxis" xml:lang="en-US">Period [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_PeriodAxis" xlink:to="lab_refr_PeriodAxis"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_PeriodDomain" xlink:label="loc_refr_PeriodDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_PeriodDomain" xml:lang="en-US">Period [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_PeriodDomain" xml:lang="en-US">Period [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_PeriodDomain" xlink:to="lab_refr_PeriodDomain"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_July302012Member" xlink:label="loc_refr_July302012Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_July302012Member" xml:lang="en-US">July302012 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_refr_July302012Member" xml:lang="en-US">July 30, 2012 [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_July302012Member" xlink:to="lab_refr_July302012Member"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_August282012Member" xlink:label="loc_refr_August282012Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_August282012Member" xml:lang="en-US">August282012 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_refr_August282012Member" xml:lang="en-US">August 28, 2012 [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_August282012Member" xlink:to="lab_refr_August282012Member"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_October32012Member" xlink:label="loc_refr_October32012Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_October32012Member" xml:lang="en-US">October 3 2012 [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_October32012Member" xlink:to="lab_refr_October32012Member"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_March32010Member" xlink:label="loc_refr_March32010Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_March32010Member" xml:lang="en-US">March 3 2010 [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_March32010Member" xlink:to="lab_refr_March32010Member"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_September172010Member" xlink:label="loc_refr_September172010Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_September172010Member" xml:lang="en-US">September 17 2010 [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_September172010Member" xlink:to="lab_refr_September172010Member"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_September272010Member" xlink:label="loc_refr_September272010Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_September272010Member" xml:lang="en-US">September 27 2010 [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_September272010Member" xlink:to="lab_refr_September272010Member"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_December12010Member" xlink:label="loc_refr_December12010Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_December12010Member" xml:lang="en-US">December 1 2010 [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_December12010Member" xlink:to="lab_refr_December12010Member"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_WarrantsIssuedToInvestorsDuringPeriod" xlink:label="loc_refr_WarrantsIssuedToInvestorsDuringPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WarrantsIssuedToInvestorsDuringPeriod" xml:lang="en-US">Warrants Issued To Investors During Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_refr_WarrantsIssuedToInvestorsDuringPeriod" xml:lang="en-US">Warrants issued (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WarrantsIssuedToInvestorsDuringPeriod" xml:lang="en-US">Warrants issued (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WarrantsIssuedToInvestorsDuringPeriod" xml:lang="en-US">Warrants issued to investors during period.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_refr_WarrantsIssuedToInvestorsDuringPeriod" xml:lang="en-US">Warrants Issued To Investors During Period (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WarrantsIssuedToInvestorsDuringPeriod" xlink:to="lab_refr_WarrantsIssuedToInvestorsDuringPeriod"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_StockIssuedDuringPeriodPricePerShare" xlink:label="loc_refr_StockIssuedDuringPeriodPricePerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_StockIssuedDuringPeriodPricePerShare" xml:lang="en-US">Stock Issued During Period Price Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_StockIssuedDuringPeriodPricePerShare" xml:lang="en-US">Unit price (in dollars per share)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_StockIssuedDuringPeriodPricePerShare" xml:lang="en-US">Price per share of stock issued to investors during period.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_refr_StockIssuedDuringPeriodPricePerShare" xml:lang="en-US">Unit price (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockIssuedDuringPeriodPricePerShare" xlink:to="lab_refr_StockIssuedDuringPeriodPricePerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xml:lang="en-US">Net Proceeds From Sale Of Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xml:lang="en-US">Proceeds</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xml:lang="en-US">Net proceeds from the sale of stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xml:lang="en-US">Proceeds From Issuance Of Common Stock (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfCommonStock"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate" xlink:label="loc_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate" xml:lang="en-US">Share Based Compensation Arrangement By Share Based Payment Award, Fair Value Assumptions, Fair Value On Grant Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate" xml:lang="en-US">Fair value on grant date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate" xml:lang="en-US">Share based compensation arrangement by share based payment award fair value assumptions fair value on grant date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate" xlink:to="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xml:lang="en-US">Expected dividend yield</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xml:lang="en-US">Expected volatility</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xml:lang="en-US">Risk free interest rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xml:lang="en-US">Expected term of the option</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Number of Shares Subject to Option, Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Number of Shares Subject to Option, Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xml:lang="en-US">Number of Shares Subject to Option, Granted</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Expirations In Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xml:lang="en-US">Number of Shares Subject to Option, Cancelled</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Number of Shares Subject to Option, Exercised</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Granted</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Expirations In Period, Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Cancelled</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Exercises In Period, Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Exercised</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:label="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xml:lang="en-US">Weighted Average Remaining Contractual Term (Years)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:to="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Intrinsic Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xml:lang="en-US">Aggregate Intrinsic Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RangeAxis" xml:lang="en-US">Range [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RangeAxis" xml:lang="en-US">Range [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RangeAxis" xlink:to="lab_us-gaap_RangeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeDomain" xlink:label="loc_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeDomain" xml:lang="en-US">Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeDomain" xml:lang="en-US">Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeDomain" xlink:to="lab_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MaximumMember" xml:lang="en-US">Maximum [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaximumMember" xlink:to="lab_us-gaap_MaximumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MinimumMember" xml:lang="en-US">Minimum [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinimumMember" xlink:to="lab_us-gaap_MinimumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Number</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Number of Shares Underlying Warrants and Non-Employee Options Granted, Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Number of Shares Underlying Warrants and Non-Employee Options Granted, Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised" xlink:label="loc_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised" xml:lang="en-US">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised" xml:lang="en-US">Number of Shares Underlying Warrants and Non-Employee Options Granted, Exercised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised" xml:lang="en-US">The number of exercised during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised" xml:lang="en-US">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised" xlink:to="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated" xlink:label="loc_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated" xml:lang="en-US">Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Terminated</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated" xml:lang="en-US">Number of Shares Underlying Warrants and Non-Employee Options Granted, Terminated</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated" xml:lang="en-US">The number of terminated during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated" xlink:to="lab_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_WarrantsWeightedAverageExercisePrice" xlink:label="loc_refr_WarrantsWeightedAverageExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WarrantsWeightedAverageExercisePrice" xml:lang="en-US">Warrants Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_refr_WarrantsWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_refr_WarrantsWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WarrantsWeightedAverageExercisePrice" xml:lang="en-US">Weighted average exercise price per share of warrants outstanding.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WarrantsWeightedAverageExercisePrice" xml:lang="en-US">Warrants Weighted Average Exercise Price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WarrantsWeightedAverageExercisePrice" xlink:to="lab_refr_WarrantsWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_WarrantsExercisedWeightedAverageExercisePrice" xlink:label="loc_refr_WarrantsExercisedWeightedAverageExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WarrantsExercisedWeightedAverageExercisePrice" xml:lang="en-US">Warrants Exercised Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WarrantsExercisedWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Exercised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WarrantsExercisedWeightedAverageExercisePrice" xml:lang="en-US">Weighted average exercise price per share of warrants exercised.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WarrantsExercisedWeightedAverageExercisePrice" xlink:to="lab_refr_WarrantsExercisedWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_WarrantsTerminatedWeightedAverageExercisePrice" xlink:label="loc_refr_WarrantsTerminatedWeightedAverageExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WarrantsTerminatedWeightedAverageExercisePrice" xml:lang="en-US">Warrants Terminated Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WarrantsTerminatedWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Terminated</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WarrantsTerminatedWeightedAverageExercisePrice" xml:lang="en-US">Weighted average exercise price per share of warrants terminated.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WarrantsTerminatedWeightedAverageExercisePrice" xlink:to="lab_refr_WarrantsTerminatedWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_WarrantsIssuedWeightedAverageExercisePrice" xlink:label="loc_refr_WarrantsIssuedWeightedAverageExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WarrantsIssuedWeightedAverageExercisePrice" xml:lang="en-US">Warrants Issued Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_refr_WarrantsIssuedWeightedAverageExercisePrice" xml:lang="en-US">Weighted Average Exercise Price, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WarrantsIssuedWeightedAverageExercisePrice" xml:lang="en-US">Weighted average exercise price per share of warrants issued.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WarrantsIssuedWeightedAverageExercisePrice" xml:lang="en-US">Warrants Issued Weighted Average Exercise Price (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WarrantsIssuedWeightedAverageExercisePrice" xlink:to="lab_refr_WarrantsIssuedWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ConsultantsAxis" xlink:label="loc_refr_ConsultantsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ConsultantsAxis" xml:lang="en-US">Consultants [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ConsultantsAxis" xml:lang="en-US">Consultants [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ConsultantsAxis" xlink:to="lab_refr_ConsultantsAxis"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ConsultantsDomain" xlink:label="loc_refr_ConsultantsDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ConsultantsDomain" xml:lang="en-US">Consultants [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ConsultantsDomain" xml:lang="en-US">Consultants [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ConsultantsDomain" xlink:to="lab_refr_ConsultantsDomain"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_TwoConsultantsMember" xlink:label="loc_refr_TwoConsultantsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_TwoConsultantsMember" xml:lang="en-US">Two Consultants [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_TwoConsultantsMember" xlink:to="lab_refr_TwoConsultantsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis" xlink:label="loc_us-gaap_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis" xml:lang="en-US">Deferred Bonus and Profit Sharing Plan By Title Of Individual [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis" xml:lang="en-US">Deferred Bonus and Profit Sharing Plan by Title of Individual [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis" xlink:to="lab_us-gaap_DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xml:lang="en-US">Title Of Individual With Relationship To Entity [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xml:lang="en-US">Title of Individual with Relationship to Entity [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="lab_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_DirectorsMember" xlink:label="loc_refr_DirectorsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_DirectorsMember" xml:lang="en-US">Directors [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_DirectorsMember" xlink:to="lab_refr_DirectorsMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_EmployeesMember" xlink:label="loc_refr_EmployeesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_EmployeesMember" xml:lang="en-US">Employees [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_EmployeesMember" xlink:to="lab_refr_EmployeesMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_CertainEmployeesMember" xlink:label="loc_refr_CertainEmployeesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_CertainEmployeesMember" xml:lang="en-US">Certain Employees [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_CertainEmployeesMember" xlink:to="lab_refr_CertainEmployeesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AwardTypeAxis" xml:lang="en-US">Award Type [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AwardTypeAxis" xml:lang="en-US">Award Type [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AwardTypeAxis" xlink:to="lab_us-gaap_AwardTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xml:lang="en-US">Award Type [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xml:lang="en-US">Award Type [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RestrictedStockMember" xml:lang="en-US">Restricted Stock [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockMember" xlink:to="lab_us-gaap_RestrictedStockMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FinancingAxis" xlink:label="loc_us-gaap_FinancingAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancingAxis" xml:lang="en-US">Financing [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FinancingAxis" xml:lang="en-US">Financing [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingAxis" xlink:to="lab_us-gaap_FinancingAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FinancingDomain" xlink:label="loc_us-gaap_FinancingDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancingDomain" xml:lang="en-US">Financing [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FinancingDomain" xml:lang="en-US">Financing [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingDomain" xlink:to="lab_us-gaap_FinancingDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IssuanceOfEquityMember" xlink:label="loc_us-gaap_IssuanceOfEquityMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IssuanceOfEquityMember" xml:lang="en-US">Issuance Of Equity [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IssuanceOfEquityMember" xlink:to="lab_us-gaap_IssuanceOfEquityMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForFees" xlink:label="loc_us-gaap_PaymentsForFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsForFees" xml:lang="en-US">Payments For Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PaymentsForFees" xml:lang="en-US">Payments for Fees (in dollars)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForFees" xlink:to="lab_us-gaap_PaymentsForFees"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_WarrantsIssuedExercisePrice" xlink:label="loc_refr_WarrantsIssuedExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WarrantsIssuedExercisePrice" xml:lang="en-US">Warrants Issued Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WarrantsIssuedExercisePrice" xml:lang="en-US">Warrants issued exercise price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WarrantsIssuedExercisePrice" xml:lang="en-US">Warrants Issued Exercise Price (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WarrantsIssuedExercisePrice" xlink:to="lab_refr_WarrantsIssuedExercisePrice"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate" xlink:label="loc_refr_WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate" xml:lang="en-US">Warrants Issued Exercise Price On Six Month Anniversary Of Closing Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate" xml:lang="en-US">Warrants issued exercise price On Six month anniversary of closing date.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate" xml:lang="en-US">Warrants Issued Exercise Price On Six Month Anniversary Of Closing Date (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate" xlink:to="lab_refr_WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_PercentageOfOfferingPrice" xlink:label="loc_refr_PercentageOfOfferingPrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_PercentageOfOfferingPrice" xml:lang="en-US">Percentage Of Offering Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_PercentageOfOfferingPrice" xml:lang="en-US">Percentage of offering price.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_PercentageOfOfferingPrice" xml:lang="en-US">Percentage Of Offering Price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_PercentageOfOfferingPrice" xlink:to="lab_refr_PercentageOfOfferingPrice"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Number Of Shares Authorized</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Number Of Shares Available For Grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockOptionPlanExpense" xlink:label="loc_us-gaap_StockOptionPlanExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockOptionPlanExpense" xml:lang="en-US">Stock Or Unit Option Plan Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StockOptionPlanExpense" xml:lang="en-US">Stock or Unit Option Plan Expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockOptionPlanExpense" xlink:to="lab_us-gaap_StockOptionPlanExpense"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_StockOptionsCashlessExercise" xlink:label="loc_refr_StockOptionsCashlessExercise"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_StockOptionsCashlessExercise" xml:lang="en-US">Stock Options Cashless Exercise</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_StockOptionsCashlessExercise" xml:lang="en-US">Number of cashless exercise of stock options.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_StockOptionsCashlessExercise" xml:lang="en-US">Stock Options Cashless Exercise</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockOptionsCashlessExercise" xlink:to="lab_refr_StockOptionsCashlessExercise"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_StockOptionsCashlessExerciseForfeited" xlink:label="loc_refr_StockOptionsCashlessExerciseForfeited"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_StockOptionsCashlessExerciseForfeited" xml:lang="en-US">Stock Options Cashless Exercise Forfeited</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_StockOptionsCashlessExerciseForfeited" xml:lang="en-US">Number of cashless exercise of stock options forfeited.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_StockOptionsCashlessExerciseForfeited" xml:lang="en-US">Stock Options Cashless Exercise Forfeited</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockOptionsCashlessExerciseForfeited" xlink:to="lab_refr_StockOptionsCashlessExerciseForfeited"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ExercisableFairMarketValueStockOptions" xlink:label="loc_refr_ExercisableFairMarketValueStockOptions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ExercisableFairMarketValueStockOptions" xml:lang="en-US">Exercisable Fair Market Value Stock Options</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ExercisableFairMarketValueStockOptions" xml:lang="en-US">Fair market value of exercisable stock options.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ExercisableFairMarketValueStockOptions" xml:lang="en-US">Exercisable Fair Market Value Stock Options</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ExercisableFairMarketValueStockOptions" xlink:to="lab_refr_ExercisableFairMarketValueStockOptions"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromStockOptionsExercised" xml:lang="en-US">Proceeds From Stock Options Exercised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromStockOptionsExercised" xml:lang="en-US">Proceeds From Stock Options Exercised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromStockOptionsExercised" xml:lang="en-US">Net proceeds from the exercise of options or warrants (in dollars)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromStockOptionsExercised" xlink:to="lab_us-gaap_ProceedsFromStockOptionsExercised"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_WarrantsExercisable" xlink:label="loc_refr_WarrantsExercisable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WarrantsExercisable" xml:lang="en-US">Warrants Exercisable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WarrantsExercisable" xml:lang="en-US">Number of warrants exercisable.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WarrantsExercisable" xml:lang="en-US">Warrants Exercisable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WarrantsExercisable" xlink:to="lab_refr_WarrantsExercisable"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_WarrantsExercisableWeightedAverageExercisePrice" xlink:label="loc_refr_WarrantsExercisableWeightedAverageExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_WarrantsExercisableWeightedAverageExercisePrice" xml:lang="en-US">Warrants Exercisable Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_WarrantsExercisableWeightedAverageExercisePrice" xml:lang="en-US">Weighted average exercise price per share of warrants exercisable.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_WarrantsExercisableWeightedAverageExercisePrice" xml:lang="en-US">Warrants Exercisable Weighted Average Exercise Price (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_WarrantsExercisableWeightedAverageExercisePrice" xlink:to="lab_refr_WarrantsExercisableWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_RestrictedStockIssuedToEmployeesVestRatably" xlink:label="loc_refr_RestrictedStockIssuedToEmployeesVestRatably"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_RestrictedStockIssuedToEmployeesVestRatably" xml:lang="en-US">Restricted Stock Issued To Employees Vest Ratably</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_RestrictedStockIssuedToEmployeesVestRatably" xml:lang="en-US">It represents Restricted Stock Issued to employees vest ratably</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_RestrictedStockIssuedToEmployeesVestRatably" xml:lang="en-US">Restricted Stock Issued To Employees Vest Ratably</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_RestrictedStockIssuedToEmployeesVestRatably" xlink:to="lab_refr_RestrictedStockIssuedToEmployeesVestRatably"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_RestrictedStockMarketValuePerShareOnDateOfGrant" xlink:label="loc_refr_RestrictedStockMarketValuePerShareOnDateOfGrant"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_RestrictedStockMarketValuePerShareOnDateOfGrant" xml:lang="en-US">Restricted Stock Market Value Per Share On Date Of Grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_RestrictedStockMarketValuePerShareOnDateOfGrant" xml:lang="en-US">It represents Restricted Stock Market Value per share on date of grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_RestrictedStockMarketValuePerShareOnDateOfGrant" xml:lang="en-US">Restricted Stock Market Value Per Share On Date Of Grant (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_RestrictedStockMarketValuePerShareOnDateOfGrant" xlink:to="lab_refr_RestrictedStockMarketValuePerShareOnDateOfGrant"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredCompensationLiabilityCurrent" xlink:label="loc_us-gaap_DeferredCompensationLiabilityCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredCompensationLiabilityCurrent" xml:lang="en-US">Deferred Compensation Liability, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredCompensationLiabilityCurrent" xml:lang="en-US">Deferred Compensation Liability, Current (in dollars)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCompensationLiabilityCurrent" xlink:to="lab_us-gaap_DeferredCompensationLiabilityCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RangeMember" xlink:to="lab_us-gaap_RangeMember"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_PercentageOfRoyaltyRevenueOnNetSales" xlink:label="loc_refr_PercentageOfRoyaltyRevenueOnNetSales"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_PercentageOfRoyaltyRevenueOnNetSales" xml:lang="en-US">Percentage Of Royalty Revenue On Net Sales</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_PercentageOfRoyaltyRevenueOnNetSales" xml:lang="en-US">Percentage of royalty revenue on net sales.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_PercentageOfRoyaltyRevenueOnNetSales" xml:lang="en-US">Percentage Of Royalty Revenue On Net Sales</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_PercentageOfRoyaltyRevenueOnNetSales" xlink:to="lab_refr_PercentageOfRoyaltyRevenueOnNetSales"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xml:lang="en-US">Operating Leases, Future Minimum Payments Due, Next Twelve Months</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xml:lang="en-US">2013:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due In Two Years</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xml:lang="en-US">2014:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_AnnualBaseSalaryToOfficers" xlink:label="loc_refr_AnnualBaseSalaryToOfficers"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_AnnualBaseSalaryToOfficers" xml:lang="en-US">Annual Base Salary To Officers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_AnnualBaseSalaryToOfficers" xml:lang="en-US">Amount of annual base salary to officers.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_AnnualBaseSalaryToOfficers" xml:lang="en-US">Annual Base Salary To Officers</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_AnnualBaseSalaryToOfficers" xlink:to="lab_refr_AnnualBaseSalaryToOfficers"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_AnnualBaseSalaryToOfficer2" xlink:label="loc_refr_AnnualBaseSalaryToOfficer2"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_AnnualBaseSalaryToOfficer2" xml:lang="en-US">Annual Base Salary To Officer 2</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_AnnualBaseSalaryToOfficer2" xml:lang="en-US">Amount of annual base salary to officer 2.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_AnnualBaseSalaryToOfficer2" xml:lang="en-US">Annual Base Salary To Officer 2</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_AnnualBaseSalaryToOfficer2" xlink:to="lab_refr_AnnualBaseSalaryToOfficer2"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:label="loc_us-gaap_LeaseAndRentalExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LeaseAndRentalExpense" xml:lang="en-US">Operating Leases, Rent Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LeaseAndRentalExpense" xml:lang="en-US">Operating Leases, Rent Expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseAndRentalExpense" xlink:to="lab_us-gaap_LeaseAndRentalExpense"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_DescriptionOfRightsPlan" xlink:label="loc_refr_DescriptionOfRightsPlan"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_DescriptionOfRightsPlan" xml:lang="en-US">Description Of Rights Plan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_DescriptionOfRightsPlan" xml:lang="en-US">Description of rights plan.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_DescriptionOfRightsPlan" xml:lang="en-US">Description Of Rights Plan</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_DescriptionOfRightsPlan" xlink:to="lab_refr_DescriptionOfRightsPlan"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_PricePerRight" xlink:label="loc_refr_PricePerRight"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_PricePerRight" xml:lang="en-US">Price Per Right</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_PricePerRight" xml:lang="en-US">Price per right.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_PricePerRight" xml:lang="en-US">Price Per Right</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_PricePerRight" xlink:to="lab_refr_PricePerRight"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ExercisePriceOfRights" xlink:label="loc_refr_ExercisePriceOfRights"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ExercisePriceOfRights" xml:lang="en-US">Exercise Price Of Rights</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ExercisePriceOfRights" xml:lang="en-US">Exercise price of rights.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ExercisePriceOfRights" xml:lang="en-US">Exercise Price Of Rights</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ExercisePriceOfRights" xlink:to="lab_refr_ExercisePriceOfRights"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ExercisePriceOfRightsAmended" xlink:label="loc_refr_ExercisePriceOfRightsAmended"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_ExercisePriceOfRightsAmended" xml:lang="en-US">Exercise Price Of Rights Amended</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ExercisePriceOfRightsAmended" xml:lang="en-US">Exercise price of rights amended.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_ExercisePriceOfRightsAmended" xml:lang="en-US">Exercise Price Of Rights Amended</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ExercisePriceOfRightsAmended" xlink:to="lab_refr_ExercisePriceOfRightsAmended"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_PercentageOfAcquisitionThresholdInRightsAgreement" xlink:label="loc_refr_PercentageOfAcquisitionThresholdInRightsAgreement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_PercentageOfAcquisitionThresholdInRightsAgreement" xml:lang="en-US">Percentage Of Acquisition Threshold In Rights Agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_PercentageOfAcquisitionThresholdInRightsAgreement" xml:lang="en-US">Percentage of acquisition threshold in rights agreement.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_PercentageOfAcquisitionThresholdInRightsAgreement" xml:lang="en-US">Percentage Of Acquisition Threshold In Rights Agreement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_PercentageOfAcquisitionThresholdInRightsAgreement" xlink:to="lab_refr_PercentageOfAcquisitionThresholdInRightsAgreement"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_DirectorFees" xlink:label="loc_refr_DirectorFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_refr_DirectorFees" xml:lang="en-US">Director Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_DirectorFees" xml:lang="en-US">It represents the value of director fee.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_refr_DirectorFees" xml:lang="en-US">Director Fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_DirectorFees" xlink:to="lab_refr_DirectorFees"/>





<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife"/>
<label xlink:type="resource" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Property, Plant and Equipment, Useful Life</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xml:lang="en-US">Estimated useful life</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife"/>




<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_IncreaseDecreaseDepositsAndOtherAssets" xlink:label="loc_refr_IncreaseDecreaseDepositsAndOtherAssets"/>
<label xlink:type="resource" xlink:label="lab_refr_IncreaseDecreaseDepositsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Increase Decrease Deposits And Other Assets</label>
<label xlink:type="resource" xlink:label="lab_refr_IncreaseDecreaseDepositsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Change in deposits and other assets during the reporting period.</label>
<label xlink:type="resource" xlink:label="lab_refr_IncreaseDecreaseDepositsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Deposits and other assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_IncreaseDecreaseDepositsAndOtherAssets" xlink:to="lab_refr_IncreaseDecreaseDepositsAndOtherAssets"/>




<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_CashlessExerciseOfStockOption" xlink:label="loc_refr_CashlessExerciseOfStockOption"/>
<label xlink:type="resource" xlink:label="lab_refr_CashlessExerciseOfStockOption" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cashless Exercise Of Stock Option</label>
<label xlink:type="resource" xlink:label="lab_refr_CashlessExerciseOfStockOption" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Value of exercised stock options in noncash activities.</label>
<label xlink:type="resource" xlink:label="lab_refr_CashlessExerciseOfStockOption" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Cashless Exercise of Stock Options</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_CashlessExerciseOfStockOption" xlink:to="lab_refr_CashlessExerciseOfStockOption"/>



<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_LicenseAndOtherAgreementAbstract" xlink:label="loc_refr_LicenseAndOtherAgreementAbstract"/>
<label xlink:type="resource" xlink:label="lab_refr_LicenseAndOtherAgreementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">License And Other Agreement [Abstract]</label>
<label xlink:type="resource" xlink:label="lab_refr_LicenseAndOtherAgreementAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Licenseandotheragreements [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseAndOtherAgreementAbstract" xlink:to="lab_refr_LicenseAndOtherAgreementAbstract"/>



<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_LicenseAndOtherAgreementTextBlock" xlink:label="loc_refr_LicenseAndOtherAgreementTextBlock"/>
<label xlink:type="resource" xlink:label="lab_refr_LicenseAndOtherAgreementTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">License And Other Agreement [Text Block]</label>
<label xlink:type="resource" xlink:label="lab_refr_LicenseAndOtherAgreementTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">License And Other Agreement [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_LicenseAndOtherAgreementTextBlock" xlink:to="lab_refr_LicenseAndOtherAgreementTextBlock"/>



<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_PercentageOfFeeIncomeRecognizedLicensee" xlink:label="loc_refr_PercentageOfFeeIncomeRecognizedLicensee"/>
<label xlink:type="resource" xlink:label="lab_refr_PercentageOfFeeIncomeRecognizedLicensee" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Percentage Of Fee Income Recognized Licensee</label>
<label xlink:type="resource" xlink:label="lab_refr_PercentageOfFeeIncomeRecognizedLicensee" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Percentage Of Fee Income Recognized Licensee</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_PercentageOfFeeIncomeRecognizedLicensee" xlink:to="lab_refr_PercentageOfFeeIncomeRecognizedLicensee"/>




<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ReservesOfRoyaltyChargedToCostAndExpenses" xlink:label="loc_refr_ReservesOfRoyaltyChargedToCostAndExpenses"/>
<label xlink:type="resource" xlink:label="lab_refr_ReservesOfRoyaltyChargedToCostAndExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Reserves Of Royalty Charged To Cost And Expenses</label>
<label xlink:type="resource" xlink:label="lab_refr_ReservesOfRoyaltyChargedToCostAndExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">it represents the reserves of royalty charged to cost and expenses.</label>
<label xlink:type="resource" xlink:label="lab_refr_ReservesOfRoyaltyChargedToCostAndExpenses" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Charged to costs and expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ReservesOfRoyaltyChargedToCostAndExpenses" xlink:to="lab_refr_ReservesOfRoyaltyChargedToCostAndExpenses"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised" xlink:label="loc_refr_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised_1"/>
<label xlink:type="resource" xlink:label="lab_refr_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Stock Issued During Period Value Stock Options And Warrants Exercised</label>
<label xlink:type="resource" xlink:label="lab_refr_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Exercise of options and warrants</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised_1" xlink:to="lab_refr_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised" xml:lang="en-US">Value of stock issued as a result of the exercise of stock options.</label>









<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised" xlink:label="loc_refr_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised"/>
<label xlink:type="resource" xlink:label="lab_refr_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Stock Issued During Period Shares Stock Options And Warrants Exercised</label>
<label xlink:type="resource" xlink:label="lab_refr_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Number of share options and warrants (or share units) exercised during the current period.</label>
<label xlink:type="resource" xlink:label="lab_refr_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Exercise of options and warrants (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised" xlink:to="lab_refr_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_ProceedsFromStockWarrantsExercised" xlink:label="loc_refr_ProceedsFromStockWarrantsExercised_1_1"/>
<label xlink:type="resource" xlink:label="lab_refr_ProceedsFromStockWarrantsExercised" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Proceeds From Stock Warrants Exercised</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_refr_ProceedsFromStockWarrantsExercised_1_1" xlink:to="lab_refr_ProceedsFromStockWarrantsExercised"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_refr_ProceedsFromStockWarrantsExercised" xml:lang="en-US">The cash inflow associated with the amount received from holders exercising their stock warrants.</label>


<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent" xlink:label="loc_us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent"/>
<label xlink:type="resource" xlink:label="lab_us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Deferred Compensation Liability, Classified, Noncurrent</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent" xlink:to="lab_us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent"/>
</labelLink></linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>10
<FILENAME>refr-20121231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
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<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="refr-20121231.xsd#StatementOfFinancialPositionClassified" roleURI="http://www.SmartGlass.com/role/StatementOfFinancialPositionClassified"/>
<calculationLink xlink:type="extended" xlink:role="http://www.SmartGlass.com/role/StatementOfFinancialPositionClassified">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" order="10" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MarketableSecuritiesCurrent" xlink:label="loc_us-gaap_MarketableSecuritiesCurrent"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_MarketableSecuritiesCurrent" order="20" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="refr-20121231.xsd#refr_RoyaltyReceivablesNetCurrent" xlink:label="loc_refr_RoyaltyReceivablesNetCurrent"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_refr_RoyaltyReceivablesNetCurrent" order="30" use="optional" weight="1"/>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>11
<FILENAME>refr-20121231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E5LAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes (Details Textual) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
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        <td class="nump">$ 613,397<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalFees', window );">Professional Fees</a></td>
        <td class="nump">61,340<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Operating Loss Carryforwards</a></td>
        <td class="nump">55,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards', window );">Deferred Tax Assets, Tax Credit Carryforwards</a></td>
        <td class="nump">977,000<span></span></td>
        <td class="nump">1,008,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">2,654,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ResearchAndOtherCreditCarryfowardsToExpireInNextFiscalYear', window );">Research and Other Credit Carryfowards To Expire In Next Fiscal Year</a></td>
        <td class="nump">$ 65,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of net operating loss carryforwards to expire in next fiscal year.</p>
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                <p>No definition available.</p>
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                <p>Research and other credit carryfowards to expire in next fiscal year</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>The tax effect as of the balance sheet date of the amount of future tax deductions arising from all unused tax credit carryforwards which have been reduced by a valuation allowance.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Carryforwards<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506874<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br></p>
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                <p>The sum of domestic, foreign and state and local operating loss carryforwards, before tax effects, available to reduce future taxable income under enacted tax laws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 48<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.</p>
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock', window );">Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">At December 31, 2012, the approximate minimum annual future rental commitments under this lease for the next five years are as follows: </font></div>
<div><font size="2" style="font-family:times new roman,times"></font>&#160;</div>
<table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="background-color: silver;">
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times"></font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2013:</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">192,000</font></td>
<td align="right" style="background-color: #ffffff;" width="95%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2014:</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">16,000</font></td>
<td align="right" width="95%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
</table><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingenciesDisclosureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R42.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EXBAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Rights Plan (Details Textual) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_DescriptionOfRightsPlan', window );">Description Of Rights Plan</a></td>
        <td class="text">Subject to certain exceptions listed in the Rights Plan, if a person or group has acquired beneficial ownership of, or commences a tender or exchange offer for, 15% or more of the Company's common stock, unless redeemed by the Company's Board of Directors, each Right entitles the holder (other than the acquiring person) to purchase from the Company $80 worth of common stock for $40. If the Company is merged into, or 50% or more of its assets or earning power is sold to, the acquiring company, the Rights will also enable the holder (other than the acquiring person) to purchase $80 worth of common stock of the acquiring company for $40.<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_PricePerRight', window );">Price Per Right</a></td>
        <td class="nump">$ 0.0001<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ExercisePriceOfRights', window );">Exercise Price Of Rights</a></td>
        <td class="nump">$ 60<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ExercisePriceOfRightsAmended', window );">Exercise Price Of Rights Amended</a></td>
        <td class="nump">$ 40<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_PercentageOfAcquisitionThresholdInRightsAgreement', window );">Percentage Of Acquisition Threshold In Rights Agreement</a></td>
        <td class="nump">15.00%<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_DescriptionOfRightsPlan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Description of rights plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_DescriptionOfRightsPlan</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_ExercisePriceOfRights">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Exercise price of rights.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_ExercisePriceOfRights</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_ExercisePriceOfRightsAmended">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Exercise price of rights amended.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_ExercisePriceOfRightsAmended</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_PercentageOfAcquisitionThresholdInRightsAgreement">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of acquisition threshold in rights agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_PercentageOfAcquisitionThresholdInRightsAgreement</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_PricePerRight">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Price per right.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_PricePerRight</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELXAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Shareholders' Equity (Details 3) (Warrant [Member], USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Maximum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Maximum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009

</div>
          <div>Maximum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Minimum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Minimum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009

</div>
          <div>Minimum [Member]</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Number of Shares Underlying Warrants and Non-Employee Options Granted, Balance</a></td>
        <td class="nump">704,257<span></span></td>
        <td class="nump">708,909<span></span></td>
        <td class="nump">500,161<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercised', window );">Number of Shares Underlying Warrants and Non-Employee Options Granted, Exercised</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(4,652)<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTerminated', window );">Number of Shares Underlying Warrants and Non-Employee Options Granted, Terminated</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="num">(135,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Number of Shares Underlying Warrants and Non-Employee Options Granted, Issued</a></td>
        <td class="nump">807,846<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">343,748<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Number of Shares Underlying Warrants and Non-Employee Options Granted, Balance</a></td>
        <td class="nump">1,512,103<span></span></td>
        <td class="nump">704,257<span></span></td>
        <td class="nump">708,909<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Balance</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 9.00<span></span></td>
        <td class="nump">$ 9.00<span></span></td>
        <td class="nump">$ 9.00<span></span></td>
        <td class="nump">$ 5.00<span></span></td>
        <td class="nump">$ 5.00<span></span></td>
        <td class="nump">$ 6.00<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsExercisedWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Exercised</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 5.64<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsTerminatedWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Terminated</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 7.5<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Issued</a></td>
        <td class="nump">$ 5.12<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 5.91<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Balance</a></td>
        <td class="nump">$ 5.56<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 9.00<span></span></td>
        <td class="nump">$ 9.00<span></span></td>
        <td class="nump">$ 9.00<span></span></td>
        <td class="nump">$ 5.00<span></span></td>
        <td class="nump">$ 5.00<span></span></td>
        <td class="nump">$ 6.00<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of exercised during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of terminated during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average exercise price per share of warrants exercised.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average exercise price per share of warrants issued.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average exercise price per share of warrants terminated.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_WarrantsTerminatedWeightedAverageExercisePrice</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average exercise price per share of warrants outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Note Receivable from SPD Control Systems<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>Receivables [Abstract]</strong></a></td>
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        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman">3) </font><u><font size="2" style="font-family:times new roman">Note Receivable from SPD Control Systems</font></u></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>On May 9, 2007, the Company began participating in the funding of the ongoing development of automotive controllers by SPD Control Systems Corp., a licensee of the Company (&#8220;SPD Control Systems&#8221;). This development work is to produce the electronic controllers to operate SPD-Smart automotive windows and glass roof systems for one or more of the top five automotive makers in the world. The Company&#8217;s funding of this project was reflected in the form of a senior secured convertible promissory note (the &#8220;Note&#8221;) of SPD Control Systems held by Research Frontiers&#8217; wholly-owned subsidiary, SPD Enterprises Inc. (&#8220;SPD Enterprises&#8221;). The Note bore interest at 10% per annum, was secured by all of the assets (including intellectual property) of SPD Control Systems, and was convertible at the option of SPD Enterprises into common stock of SPD Control Systems at an initial conversion price of $0.50 per share. This conversion price was adjustable downward to result in the issuance to SPD Enterprises of additional shares of SPD Control Systems common stock under certain conditions. The Note provided funding of up to $150,000 by SPD Enterprises based upon the achievement of certain development milestones by SPD Control Systems. As part of a broader agreement between SPD Control Systems and the Company, effective May 9, 2010, the maturity date of this Note was extended to May 9, 2012 and the applicable conversion price for the Note was specified as $0.25 per share of SPD Control Systems stock through May 9, 2012 and $0.10 per share thereafter. On March 30, 2012 SPD Control Systems paid Research Frontiers $224,903 in full payment of the principal and accrued interest on the note.</font></p><span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3, 4<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5074-111524<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5162-111524<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.3,4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Article 4<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 13<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5066-111524<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Article 9<br><br><br><br></p>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EDZAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Selected Quarterly Financial Data (Unaudited) (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="16">3 Months Ended</th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th" colspan="2">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Jun. 30, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th" colspan="2">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th" colspan="2">
          <div>Jun. 30, 2011</div>
        </th>
        <th class="th" colspan="2">
          <div>Mar. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LicensesRevenue', window );">Fee income</a></td>
        <td class="nump">$ 552,044<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 471,886<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 450,828<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 482,578<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 353,934<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 207,200<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 140,407<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 144,441<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 1,957,336<span></span></td>
        <td class="nump">$ 845,982<span></span></td>
        <td class="nump">$ 767,522<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating loss</a></td>
        <td class="num">(612,787)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">(869,788)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">(793,041)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">(1,434,553)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">(834,328)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">(812,400)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">(923,394)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">(1,593,220)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">(3,710,169)<span></span></td>
        <td class="num">(4,163,342)<span></span></td>
        <td class="num">(3,890,382)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
        <td class="num">$ (604,247)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (866,464)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (789,551)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (803,339)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (825,825)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (801,840)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (919,122)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (1,589,281)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (3,063,601)<span></span></td>
        <td class="num">$ (4,134,068)<span></span></td>
        <td class="num">$ (3,874,865)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share (in dollars per share)</a></td>
        <td class="num">$ (0.03)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="num">$ (0.04)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="num">$ (0.04)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="num">$ (0.04)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="num">$ (0.04)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="num">$ (0.04)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="num">$ (0.05)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="num">$ (0.09)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="num">$ (0.15)<span></span></td>
        <td class="num">$ (0.22)<span></span></td>
        <td class="num">$ (0.22)<span></span></td>
      </tr>
      <tr>
        <td colspan="20"></td>
      </tr>
      <tr>
        <td colspan="20">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">The Company incurred higher costs in the first quarter of 2012 and 2011 relating primarily to: (i) $424,000 and $444,000 of stock and option compensation charges in the first quarter of 2012 and 2011 respectively relating to common stock and options granted to directors, employees and consultants, and (ii) $175,000 during the first quarter of 2012 and 2011 in directors&#x2019; fees.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">Since per share information is computed independently for each quarter and the full year, based on the respective average number of common shares outstanding, the sum of the quarterly per share amounts does not necessarily equal the per share amounts for the year.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LicensesRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenue earned during the period relating to consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LicensesRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EGIAC">
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          <div style="width: 200px;"><strong>Note Receivable from SPD Control Systems (Details Textual) (USD $)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>May 09, 2012</div>
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        <td class="text">May
        09,
         2012<span></span></td>
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        <td class="nump">$ 150,000<span></span></td>
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        <td class="nump">$ 224,903<span></span></td>
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                <p>Amount funded by notes upon achievement of certain development milestones by the entity during the period.</p>
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                <p>No definition available.</p>
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                <p>It represents Debt Instrument Initial Conversion Price per share</p>
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                <p>No definition available.</p>
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                <p>Amount funded by notes upon achievement of certain development milestones by the entity during the period.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The price per share of the conversion feature embedded in the debt instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 5<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928298&amp;loc=SL6031898-161870<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number APB14-1<br><br> -Paragraph 32<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average effective interest rate during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td>us-gaap_</td>
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                <p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(2))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E4RAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Details Textual) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_InsuranceCoveragePerDepositorInNextFiscalYear', window );">Insurance Coverage Per Depositor In Next Fiscal Year</a></td>
        <td class="nump">$ 250,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFDICInsuredAmount', window );">Cash, FDIC Insured Amount</a></td>
        <td class="nump">8,900,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)</a></td>
        <td class="nump">2,630,002<span></span></td>
        <td class="nump">1,973,906<span></span></td>
        <td class="nump">2,443,108<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_UnrecognizedTaxBenefitsPercentage', window );">Unrecognized Tax Benefits Percentage</a></td>
        <td class="text">greater than 50 percent<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax', window );">Allocated Share-based Compensation Expense, Net of Tax</a></td>
        <td class="nump">873,888<span></span></td>
        <td class="nump">719,811<span></span></td>
        <td class="nump">696,888<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash and Cash Equivalents, Fair Value Disclosure</a></td>
        <td class="nump">8,400,000<span></span></td>
        <td class="nump">2,400,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValue', window );">Held-to-maturity Securities, Debt Maturities, Fair Value</a></td>
        <td class="nump">5,100,000<span></span></td>
        <td class="nump">1,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrant [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax', window );">Allocated Share-based Compensation Expense, Net of Tax</a></td>
        <td class="nump">$ 4,690<span></span></td>
        <td class="num">$ (16,974)<span></span></td>
        <td class="nump">$ 75,716<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Licensee One [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_PercentageOfFeeIncomeRecognizedLicensee', window );">Percentage Of Fee Income Recognized Licensee</a></td>
        <td class="nump">62.00%<span></span></td>
        <td class="nump">32.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Licensee Two [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_PercentageOfFeeIncomeRecognizedLicensee', window );">Percentage Of Fee Income Recognized Licensee</a></td>
        <td class="nump">6.00%<span></span></td>
        <td class="nump">15.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Licensee Three [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_PercentageOfFeeIncomeRecognizedLicensee', window );">Percentage Of Fee Income Recognized Licensee</a></td>
        <td class="nump">5.00%<span></span></td>
        <td class="nump">12.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Licensee Four [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_PercentageOfFeeIncomeRecognizedLicensee', window );">Percentage Of Fee Income Recognized Licensee</a></td>
        <td class="nump">5.00%<span></span></td>
        <td class="nump">11.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Licensee Five [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_PercentageOfFeeIncomeRecognizedLicensee', window );">Percentage Of Fee Income Recognized Licensee</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_InsuranceCoveragePerDepositorInNextFiscalYear">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Insurance coverage per depositor in next fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_InsuranceCoveragePerDepositorInNextFiscalYear</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_PercentageOfFeeIncomeRecognizedLicensee">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_PercentageOfFeeIncomeRecognizedLicensee</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_UnrecognizedTaxBenefitsPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of Unrecognized tax benefits percentage.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_UnrecognizedTaxBenefitsPercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense, net of income tax, recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Diluted Earnings Per Share<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Contingent Stock Agreement<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Antidilution<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 171<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8<br><br> -Footnote 2<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 8, 9, 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsFairValueDisclosure</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFDICInsuredAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash deposited in financial institutions as of the balance sheet date that is insured by the Federal Deposit Insurance Corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashFDICInsuredAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the total of all debt securities grouped by maturity dates, at fair value, which are categorized as held-to-maturity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27232-111563<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_HeldToMaturitySecuritiesDebtMaturitiesFairValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>24
<FILENAME>R44.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E1BAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Selected Quarterly Financial Data (Unaudited) (Details Textual) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockOptionPlanExpense', window );">Stock or Unit Option Plan Expense</a></td>
        <td class="nump">$ 424,000<span></span></td>
        <td class="nump">$ 444,000<span></span></td>
        <td class="nump">$ 406,560<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_DirectorFees', window );">Director Fees</a></td>
        <td class="nump">$ 175,000<span></span></td>
        <td class="nump">$ 175,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_DirectorFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>It represents the value of director fee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_DirectorFees</nobr></td>
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                    <td>refr_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockOptionPlanExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockOptionPlanExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R30.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E2DAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fixed Assets (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Equipment and Furniture [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Leasehold Improvements [Member]</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FurnitureAndFixturesGross', window );">Equipment and furniture</a></td>
        <td class="nump">$ 1,301,341<span></span></td>
        <td class="nump">$ 1,290,083<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseholdImprovementsGross', window );">Leasehold Improvements</a></td>
        <td class="nump">437,745<span></span></td>
        <td class="nump">437,427<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property, Plant and Equipment, Gross</a></td>
        <td class="nump">1,739,086<span></span></td>
        <td class="nump">1,727,510<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less accumulated depreciation and amortization</a></td>
        <td class="num">(1,680,045)<span></span></td>
        <td class="num">(1,645,082)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property, Plant and Equipment, Net</a></td>
        <td class="nump">$ 59,041<span></span></td>
        <td class="nump">$ 82,428<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives', window );">Estimated useful life</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Life of lease or estimated life of asset if shorter<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">5 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 14<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FurnitureAndFixturesGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount, at the balance sheet date, of long-lived, depreciable assets commonly used in offices and stores. Examples include desks, chairs, and store fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FurnitureAndFixturesGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseholdImprovementsGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount, at the balance sheet date, of long-lived, depreciable assets that are an addition or improvement to assets held under lease arrangement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6812-107765<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LeaseholdImprovementsGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Describes the periods of time over which an entity anticipates to receive utility from its property, plant and equipment (that is, the periods of time over which an entity allocates the initial cost of its property, plant and equipment).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2155824<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -Subparagraph b, c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentUsefulLife</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ECFAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Accrued Expenses and Other (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeRelatedLiabilitiesCurrent', window );">Payroll, bonuses and related benefits</a></td>
        <td class="nump">$ 110,621<span></span></td>
        <td class="nump">$ 134,384<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedProfessionalFeesCurrent', window );">Professional services</a></td>
        <td class="nump">23,450<span></span></td>
        <td class="nump">35,040<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentCreditCurrent', window );">Deferred rent</a></td>
        <td class="nump">10,691<span></span></td>
        <td class="nump">19,006<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">Other</a></td>
        <td class="nump">361<span></span></td>
        <td class="nump">363<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_AccruedExpensesAndOtherCurrentLiabilities', window );">Accrued expenses and other</a></td>
        <td class="nump">$ 145,123<span></span></td>
        <td class="nump">$ 188,793<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_AccruedExpensesAndOtherCurrentLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Also includes aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_AccruedExpensesAndOtherCurrentLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedProfessionalFeesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 7<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6911-107765<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Liabilities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 8<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>For a classified balance sheet, the cumulative difference as of the balance sheet date between the payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense, by the lessor or lessee, respectively, within one year of the balance sheet date.</p>
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                <p>Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 7<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6911-107765<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Liabilities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e7018-107765<br><br><br><br></p>
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          <div style="width: 200px;"><strong>Summary of Significant Accounting Policies<br></strong></div>
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        <td class="text"><p align="justify"><font style="font-family: times new roman;" size="2">(2) </font><u><font style="font-family: times new roman;" size="2">Summary of Significant Accounting Policies</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(a)</font><font style="font-family: times new roman;" size="2"> </font><u><font style="font-family: times new roman;" size="2">Cash and Cash Equivalents</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company considers securities purchased with original maturities of three months or less to be cash equivalents. Cash equivalents consist of short-term investments in money market accounts at December 31, 2012 and 2011. </font></p>
<p align="left"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. All of our non-interest bearing cash balances were fully insured at December 31, 2012 and 2011 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible non-interest bearing accounts. Beginning 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our non-interest bearing cash balances may again exceed federally insured limits. Amounts on deposit in excess of federally insured limits at December 31, 2012 is approximately $8.9 million. </font></p>
<p align="left">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2">(b)</font><font style="font-family: times new roman;" size="2"> </font><u><font style="font-family: times new roman;" size="2">Short-term Investments</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company classifies investments in marketable securities as trading, available-for-sale or held-to-maturity at the time of purchase and periodically re-evaluates such classifications. Trading securities are carried at fair value, with unrealized holding gains and losses included in earnings. Held-to-maturity securities are recorded at cost and are adjusted for the amortization or accretion of premiums or discounts over the life of the related security. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized. In determining realized gains and losses, the cost of securities sold is based on the specific identification method. Interest and dividends on the investments are accrued at the balance sheet date. At December 31, 2012 all investments were classified as held to maturity and consisted of the following: </font></p>
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<td style="text-align: center;" width="14%" colspan="4" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Value of Held to Maturity</font></td>
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<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Date</font></td>
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<td align="right" width="3%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160; 2,000,000</font></td>
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<td style="text-align: center;" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">04-18-13</font></td>
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<td align="left" width="5%" nowrap="nowrap">&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160; 2,000,000</font></td>
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<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2,000,000</font></td>
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<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2,000,000</font></td>
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<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
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<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
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<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
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<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
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<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
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<td style="text-align: center;" width="4%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">06-29-13</font></td>
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<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" nowrap="nowrap"><font size="+0"><font style="font-family: times new roman;" size="2">251,417</font></font></td>
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<td align="right" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="3%" nowrap="nowrap"><font size="+0"><font style="font-family: times new roman;" size="2">5,052,921</font></font></td>
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<div>&#160;</div>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(c) </font><u><font style="font-family: times new roman;" size="2">Royalties Receivable</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>Royalties receivable are recorded at the amounts specified within the license agreements when the collectability of the receivable is reasonably assured. The receivables do not bear interest. The allowance for doubtful accounts is the Company&#8217;s best estimate of the amount of probable credit losses in the Company&#8217;s existing royalties receivable. The Company determines the allowance based on historical write off experience. The Company reviews its allowance for doubtful accounts periodically. Past due accounts are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(d) </font><u><font style="font-family: times new roman;" size="2">Fixed Assets</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>Fixed assets are carried at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(e) </font><u><font style="font-family: times new roman;" size="2">Revenue Recognition/Fee Income</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company has entered into a number of license agreements covering its light control technology. The Company receives minimum annual royalties under certain license agreements and records fee income on a ratable basis each quarter. In instances when sales of licensed products by its licensees exceed minimum annual royalties, the Company recognizes fee income as the amounts have been earned. Certain of the fees are accrued by, or paid to, the Company in advance of the period in which they are earned resulting in deferred revenue. Such excess amounts are recorded as deferred revenue and recognized into income in future periods as earned. </font></p>
<p align="left">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2">Fee income represents amounts earned by the Company under various license and other agreements (note 8) relating to technology developed by the Company. During 2012, four licensees accounted for 62%, 6%, 5% and 5% respectively of fee income recognized during the year. During 2011 five licensees accounted for 32%, 15%, 12%, 11% and 6%, respectively of fee income recognized for the year.</font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(f) </font><u><font style="font-family: times new roman;" size="2">Basic and Diluted Loss Per Common Share</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>Basic earnings (loss) per share excludes any dilution. It is based upon the weighted average number of common shares outstanding during the period. Dilutive earnings (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company&#8217;s dilutive loss per share equals basic loss per share for each of the years in the three-year period ended December 31, 2012 because all common stock equivalents (</font><i><font style="font-family: times new roman;" size="2">i.e.,</font></i><font style="font-family: times new roman;" size="2"> options and warrants) were antidilutive in those periods. The number of options and warrants that were not included because their effect is antidilutive was 2,630,002, 1,973,906, and 2,443,108, for 2012, 2011, and 2010, respectively. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(g) </font><u><font style="font-family: times new roman;" size="2">Research and Development Costs</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>Research and development costs are charged to expense as incurred. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(h) </font><u><font style="font-family: times new roman;" size="2">Patent Costs</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(i) </font><u><font style="font-family: times new roman;" size="2">Use of Estimates</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The preparation of the Company&#8217;s consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during this period. Actual results could differ from those estimates. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(j) </font><u><font style="font-family: times new roman;" size="2">Income Taxes</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>In accordance with ASC Topic 740 (FIN 48), we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in tax returns that do not meet these recognition and measurement standards. We classify accrued interest and penalties related to any unrecognized tax benefits in our income tax provision. At December 31, 2012 and 2011, we do not have accrued interest and penalties related to any unrecognized tax benefits. We do not believe we have any uncertain tax positions as of December 31, 2012 and 2011. </font></p>
<p align="left">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2">The tax years subject to examination by major tax jurisdictions include the years 2008 and forward by the U.S. Internal Revenue Service and certain states. The Company is not currently being audited by any tax jurisdiction. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(k) </font><u><font style="font-family: times new roman;" size="2">Fair Value of Financial Instruments</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying amounts of all financial instruments classified as a current asset or current liability are deemed to approximate fair value because of the short maturity of those instruments.</font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(l) </font><u><font style="font-family: times new roman;" size="2">Equity-Based Compensation</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>We recognize all stock-based compensation as an expense in the financial statements and such costs are measured at the fair value of the award at the date of grant. In addition to reflecting compensation expense for new share-based payment awards, expense is also recognized to reflect the remaining vesting period of awards that had been granted in prior periods. Tax benefits related to stock option exercises are reflected as financing cash inflows instead of operating cash inflows. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The exercise price for stock options granted are generally set at the average for the high and low trading prices of the Company&#8217;s common stock on the trading date immediately prior to the date of grant, and the related number of shares granted are fixed at the date of grant. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>In order to determine the fair value of stock options on the date of grant, the Company uses the Black-Scholes option-pricing model. Inherent in this model are assumptions related to expected stock-price volatility, option term, risk-free interest rate and dividend yield. While the risk-free interest rate and dividend yield are less subjective assumptions that are based on factual data derived from public sources, the expected stock-price volatility and option term assumptions require a greater level of judgment.</font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>In connection with the employee stock options and restricted stock grants, the Company charged $873,888, $719,811 and $696,888 to operations during the years ended December 31, 2012, 2011, and 2010, respectively. In lieu of higher cash compensation, the Company has granted warrants and non-employee options to consultants. These warrants and non-employee options vest ratably over various terms ranging from 24 to 59 months. Non-employee options covering 60,000 shares were granted to consultants during 2012. These non-employee options are valued at fair value at the time that the related services are provided using the Black Scholes method and marked to market quarterly using the Black Scholes method. The Company incurred a charge (benefit) to operations of $4,690, ($16,974) and $75,716 for 2012, 2011, and 2010, respectively in connection with these warrants and non-employee options. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(m) Restricted Stock</font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>Compensation cost for restricted stock is measured using the quoted market price of the Company's common stock at the date the common stock is granted. The compensation cost is recognized over the period between the issue date and the date any restrictions lapse. Restricted stock is included in total common shares outstanding upon the lapse of any restrictions. </font></p>
<p align="left">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2">(n) </font><u><font style="font-family: times new roman;" size="2">Impairment of Long-Lived Assets</font></u></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company reviews long-lived assets to determine whether an event or change in circumstances indicates the carrying value of the asset may not be recoverable. The Company bases its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flows analysis at the lowest level for which identifiable cash flows exist. If impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset. Fair value is the amount at which the asset could be bought or sold in a current transaction between a willing buyer and seller other than in a forced or liquidation sale and can be measured as the asset's quoted market price in an active market or, where an active market for the asset does not exist, the Company&#8217;s best estimate of fair value based on discounted cash flow analysis. Assets to be disposed of by sale are measured at the lower of carrying amount or fair value less estimated costs to sell.</font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(o) </font><u><font style="font-family: times new roman;" size="2">Fair Value Measurements</font></u><font style="font-family: times new roman;" size="2"> </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>Accounting Standards Codification (&#8220;ASC&#8221;) Topic 820 &#8220;Fair Value Measurements and Disclosures&#8221; (&#8220;ASC Topic 820&#8221;) establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. ASC Topic 820 applies under other previously issued accounting pronouncements that require or permit fair value measurements but does not require any new fair value measurements. </font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2">ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity&#8217;s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>We value financial instruments using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices for similar assets or liabilities in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>Financial assets accounted for at fair value on a recurring basis at December 31, 2012 and 2011, include cash and cash equivalents of approximately $8.4 million and $2.4 million, respectively, as well as short term investments of $5.1 million and $1.3 million in 2012 and 2011, respectively. The carrying value of these assets approximates fair value due to the short-term maturity of these instruments.</font></p>
<p align="justify"><i><font style="font-family: times new roman;" size="2">New Accounting Standards </font></i></p>
<p align="justify"><font style="font-family: times new roman;" size="2">In July 2012, the FASB issued ASU 2012-02, &#8220;Testing Indefinite-Lived Intangible Assets for impairment (the revised standard)&#8221;, which allows companies the option to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. Under this guidance, an entity is required to perform a quantitative impairment test if qualitative factors indicate that it is more likely than not the indefinite-lived intangible assets are impaired. The qualitative factors are consistent with the guidance established for goodwill impairment testing and include identifying and assessing events and circumstances that would most significantly impact, individually or in the aggregate, the carrying value of the indefinite-lived intangible assets. The revised standard is effective for the Company in fiscal 2014 and early adoption is permitted. The adoption of ASU 2012-02 is not expected to have a material impact on the Company&#8217;s consolidated financial statements. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2">In October 2012, the FASB issued ASU 2012-04, &#8220;Technical Corrections and Improvements.&#8221; ASU 2012-04 contains certain technical corrections and conforming fair value amendments to the FASB Accounting Standards Codification. The amendments that do not have transition guidance were effective upon issuance. The amendments that are subject to the transition guidance will be effective for fiscal beginning after December 15, 2012. The adoption of ASU 2012-04 will not have a material impact on the Company&#8217;s consolidated financial statements. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>(p) </font><u><font style="font-family: times new roman;" size="2">Recent Accounting Pronouncements</font></u></p><span></span></td>
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        <td class="nump">$ 95,000<span></span></td>
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        <td class="nump">37,000<span></span></td>
        <td class="nump">37,000<span></span></td>
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        <td class="nump">22,525,000<span></span></td>
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        <td class="nump">1,051,000<span></span></td>
        <td class="nump">1,051,000<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards', window );">Research and other credits</a></td>
        <td class="nump">977,000<span></span></td>
        <td class="nump">1,008,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOther', window );">Other temporary differences</a></td>
        <td class="nump">15,000<span></span></td>
        <td class="nump">15,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsGross', window );">Total gross deferred tax assets</a></td>
        <td class="nump">24,700,000<span></span></td>
        <td class="nump">24,718,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowance', window );">Less valuation allowance</a></td>
        <td class="num">(24,700,000)<span></span></td>
        <td class="num">(24,718,000)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNet', window );">Deferred Tax Assets, Net of Valuation Allowance</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_DeferredTaxAssetsDepreciation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to depreciation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_DeferredTaxAssetsDepreciation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Asset<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510090<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsNetAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsOperatingLossCarryforwards</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsOther</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The tax effect as of the balance sheet date of the amount of future tax deductions arising from all unused tax credit carryforwards which have been reduced by a valuation allowance.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Carryforwards<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506874<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsTaxCreditCarryforwards</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from share-based compensation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 11<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from the allowance for doubtful accounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 11<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsValuationAllowance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43-49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 17<br><br> -Subparagraph e<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsValuationAllowance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EVE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Commitments (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent', window );">2013:</a></td>
        <td class="nump">$ 192,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears', window );">2014:</a></td>
        <td class="nump">$ 16,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 16<br><br> -Subparagraph b(i)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 122<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 16<br><br> -Subparagraph b(i)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 122<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EPYAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 8,390,233<span></span></td>
        <td class="nump">$ 2,403,364<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesCurrent', window );">Short-term investments</a></td>
        <td class="nump">5,052,921<span></span></td>
        <td class="nump">1,255,056<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_RoyaltyReceivablesNetCurrent', window );">Royalty receivables, net of reserves of $92,723 in 2012 and 2011</a></td>
        <td class="nump">688,318<span></span></td>
        <td class="nump">334,050<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
        <td class="nump">201,949<span></span></td>
        <td class="nump">169,634<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableRelatedPartiesCurrent', window );">Note receivable, SPD Control Systems</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">150,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">14,333,421<span></span></td>
        <td class="nump">4,312,104<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Fixed assets, net</a></td>
        <td class="nump">59,041<span></span></td>
        <td class="nump">82,428<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_DepositsAndOtherAssetsNonCurrent', window );">Deposits and other assets</a></td>
        <td class="nump">22,605<span></span></td>
        <td class="nump">22,605<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">14,415,067<span></span></td>
        <td class="nump">4,417,137<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>Liabilities and Shareholders' Equity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
        <td class="nump">72,269<span></span></td>
        <td class="nump">96,146<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_AccruedExpensesAndOtherCurrentLiabilities', window );">Accrued expenses and other</a></td>
        <td class="nump">145,123<span></span></td>
        <td class="nump">188,793<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
        <td class="nump">25,000<span></span></td>
        <td class="nump">25,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">242,392<span></span></td>
        <td class="nump">309,939<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments (note 9)</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 22,646,782 and 18,544,355 shares for 2012 and 2011</a></td>
        <td class="nump">2,265<span></span></td>
        <td class="nump">1,854<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
        <td class="nump">101,642,297<span></span></td>
        <td class="nump">88,513,630<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(87,471,887)<span></span></td>
        <td class="num">(84,408,286)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
        <td class="nump">14,172,675<span></span></td>
        <td class="nump">4,107,198<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
        <td class="nump">$ 14,415,067<span></span></td>
        <td class="nump">$ 4,417,137<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_AccruedExpensesAndOtherCurrentLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Also includes aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_AccruedExpensesAndOtherCurrentLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_DepositsAndOtherAssetsNonCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment after one year or beyond the operating cycle, if longer. Also includes aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_DepositsAndOtherAssetsNonCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_RoyaltyReceivablesNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for royalty.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_RoyaltyReceivablesNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapitalCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7, 8<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueCurrent</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
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          </td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquityAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale which are intended to be held for less than one year or the normal operating cycle, whichever is longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26626-111562<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 2<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MarketableSecuritiesCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesReceivableRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due from parties associated with the reporting entity as evidenced by a written promise to pay, due within 1 year (or 1 business cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3(a)(2))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Related Parties<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=16382449<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesReceivableRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseAndOtherAssetsCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R45.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E6GAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="5">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ReservesOfRoyaltyReceivables', window );">Balance at beginning of period</a></td>
        <td class="nump">$ 92,723<span></span></td>
        <td class="nump">$ 162,723<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 186,568<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ReservesOfRoyaltyChargedToCostAndExpenses', window );">Charged to costs and expenses</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable', window );">Deductions</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">70,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">23,845<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ReservesOfRoyaltyReceivables', window );">Balance at end of period</a></td>
        <td class="nump">$ 92,723<span></span></td>
        <td class="nump">$ 92,723<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 162,723<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr>
        <td colspan="6"></td>
      </tr>
      <tr>
        <td colspan="6">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Recovery of previously reserved receivables.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of change during the period to uncollectible royalty receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_ReservesOfRoyaltyChargedToCostAndExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>it represents the reserves of royalty charged to cost and expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_ReservesOfRoyaltyChargedToCostAndExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_ReservesOfRoyaltyReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A valuation reserves for royalty receivables due to an entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_ReservesOfRoyaltyReceivables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELOAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="5">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (3,063,601)<span></span></td>
        <td class="num">$ (4,134,068)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">$ (3,874,865)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used in operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">34,963<span></span></td>
        <td class="nump">39,857<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">44,315<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock based compensation</a></td>
        <td class="nump">878,578<span></span></td>
        <td class="nump">702,837<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">772,604<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable', window );">Recovery of uncollectible receivables</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(70,000)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">(23,845)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Change in assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_IncreaseDecreaseInRoyaltyReceivables', window );">Royalty receivables</a></td>
        <td class="num">(354,268)<span></span></td>
        <td class="nump">116,127<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(129,841)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other current assets</a></td>
        <td class="num">(107,218)<span></span></td>
        <td class="num">(5,037)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">20,861<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
        <td class="num">(67,547)<span></span></td>
        <td class="num">(2,300)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,716<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_IncreaseDecreaseDepositsAndOtherAssets', window );">Deposits and other assets</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(14,998)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num">(2,679,093)<span></span></td>
        <td class="num">(3,352,584)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(3,202,053)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchases of fixed assets</a></td>
        <td class="num">(11,576)<span></span></td>
        <td class="num">(12,517)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(10,313)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInvestments', window );">Purchase of investments</a></td>
        <td class="num">(3,797,865)<span></span></td>
        <td class="num">(2,255,056)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments', window );">Proceeds from sale of investment</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">1,000,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentOfNotesReceivableFromRelatedParties', window );">Note and interest receivable on SPD Control Systems</a></td>
        <td class="nump">224,903<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
        <td class="num">(3,584,538)<span></span></td>
        <td class="num">(1,267,573)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(10,313)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants', window );">Net proceeds from issuances of common stock and exercise of options and warrants</a></td>
        <td class="nump">12,250,500<span></span></td>
        <td class="nump">65,977<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,409,376<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
        <td class="nump">12,250,500<span></span></td>
        <td class="nump">65,977<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,409,376<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase (decrease) in cash and cash equivalents</a></td>
        <td class="nump">5,986,869<span></span></td>
        <td class="num">(4,554,180)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,197,010<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of year</a></td>
        <td class="nump">2,403,364<span></span></td>
        <td class="nump">6,957,544<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,760,534<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of year</a></td>
        <td class="nump">8,390,233<span></span></td>
        <td class="nump">2,403,364<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,957,544<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract', window );"><strong>Non Cash Financing and Investing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_CashlessExerciseOfStockOption', window );">Cashless Exercise of Stock Options</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 276,750<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr>
        <td colspan="6"></td>
      </tr>
      <tr>
        <td colspan="6">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Recovery of previously reserved receivables.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_CashlessExerciseOfStockOption">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of exercised stock options in noncash activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_CashlessExerciseOfStockOption</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_IncreaseDecreaseDepositsAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Change in deposits and other assets during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_IncreaseDecreaseDepositsAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_IncreaseDecreaseInRoyaltyReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from Royalty.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_IncreaseDecreaseInRoyaltyReceivables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of change during the period to uncollectible royalty receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_IncreaseDecreaseInUncollectibleRoyaltyReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_Netproceedsfromissuancesofcommonstockandexerciseofoptionsandwarrants</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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                    <td>xbrli:monetaryItemType</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>na</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NoncashInvestingAndFinancingItemsAbstract</nobr></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the purchase of all investments (debt, security, other) during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireInvestments</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the sale, maturity and collection of all investments such as debt, security and so forth during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 31<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a loan, supported by a promissory note, granted to related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentOfNotesReceivableFromRelatedParties</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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  <head>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EXBAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Shareholders' Equity (Details 1) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate', window );">Fair value on grant date</a></td>
        <td class="nump">$ 2.31<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate', window );">Expected dividend yield</a></td>
        <td class="nump">0.00%<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Expected volatility</a></td>
        <td class="nump">76.00%<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">2.57%<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1', window );">Expected term of the option</a></td>
        <td class="text">5 years<span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Share based compensation arrangement by share based payment award fair value assumptions fair value on grant date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOnGrantDate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (f)(2)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph e(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 14.D.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6793087&amp;loc=d3e301413-122809<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (f)(2)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br> -Section D<br><br> -Subsection 2<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (f)(2)(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph e(2)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
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                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The risk-free interest rate assumption that is used in valuing an option on its own shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (f)(2)(iv)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph e(2)(d)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate</nobr></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Accrued Expenses and Other (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PayablesAndAccrualsAbstract', window );"><strong>Payables and Accruals [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock', window );">Schedule of Accrued Liabilities [Table Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">Accrued expenses consist of the following at December 31, 2012 and 2011: </font></div>
<table style="line-height: 14pt; width: 80%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times"></font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times"></font></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2011</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Payroll, bonuses and related benefits</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; 110,621</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; 134,384</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Professional services</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">23,450</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">35,040</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Deferred rent</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">10,691</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">19,006</font></td>
</tr>
<tr>
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Other</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">361</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">363</font></td>
</tr>
<tr style="background-color: silver; vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">145,123</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">188,793</font></td>
</tr>
</table><span></span></td>
      </tr>
    </table>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PayablesAndAccrualsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the components of accrued liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                    <td>na</td>
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          </td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EHWAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Shareholders' Equity (Details 2) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="4">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Shares Subject to Option, Balance</a></td>
        <td class="nump">1,269,649<span></span></td>
        <td class="nump">1,734,199<span></span></td>
        <td class="nump">2,011,180<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Number of Shares Subject to Option, Granted</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">176,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod', window );">Number of Shares Subject to Option, Cancelled</a></td>
        <td class="num">(151,750)<span></span></td>
        <td class="num">(379,550)<span></span></td>
        <td class="num">(452,981)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Number of Shares Subject to Option, Exercised</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(85,000)<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Shares Subject to Option, Balance</a></td>
        <td class="nump">1,117,899<span></span></td>
        <td class="nump">1,269,649<span></span></td>
        <td class="nump">1,734,199<span></span></td>
        <td class="nump">2,011,180<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Balance</a></td>
        <td class="nump">$ 9.48<span></span></td>
        <td class="nump">$ 11.64<span></span></td>
        <td class="nump">$ 13.82<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Granted</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 3.69<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Cancelled</a></td>
        <td class="nump">$ 12.76<span></span></td>
        <td class="nump">$ 20.43<span></span></td>
        <td class="nump">$ 18.9<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Exercised</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 3.72<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Balance</a></td>
        <td class="nump">$ 9.03<span></span></td>
        <td class="nump">$ 9.48<span></span></td>
        <td class="nump">$ 11.64<span></span></td>
        <td class="nump">$ 13.82<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Term (Years)</a></td>
        <td class="text">3 years 8 months 12 days<span></span></td>
        <td class="text">4 years 2 months 12 days<span></span></td>
        <td class="text">4 years 3 months 18 days<span></span></td>
        <td class="text">3 years 10 months 24 days<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue', window );">Aggregate Intrinsic Value</a></td>
        <td class="nump">$ 4,250<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 281,600<span></span></td>
        <td class="nump">$ 0<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of options or other stock instruments for which the right to exercise has lapsed under the terms of the plan agreements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(1)(g)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross number of share options (or share units) granted during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of options outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph d(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(1)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(1)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(1)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees could have acquired the underlying shares with respect to stock options of the plan that expired.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees can acquire the shares reserved for issuance on stock options awarded.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of share options (or share units) exercised during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E1AAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Shareholders' Equity (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>Stockholders' Equity Note [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfStockholdersEquityTableTextBlock', window );">Schedule of Stockholders Equity [Table Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">During 2012 the Company sold, pursuant to the Company&#8217;s effective registration statement filed with the SEC, equity in the Company as follows: </font></div>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Date</font></td>
<td align="right" width="89%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Shares issued</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Warrants issued</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Unit price</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Proceeds</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">July 30, 2012</font></td>
<td align="right" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">589,227</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">117,846</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2.97</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,745,549</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">*</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">August 28, 2012</font></td>
<td align="right" width="89%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,900,000</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">380,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2.97</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">5,229,201</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">**</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">October 3, 2012</font></td>
<td align="right" width="89%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,250,000</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">250,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">4.49</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">5,275,750</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">***</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Total</font></td>
<td align="right" width="89%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">3,739,227</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">747,846</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; 12,250,500</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
</table>
<div><font size="2" style="font-family:times new roman,times">____________________</font><br  /><font size="2" style="font-family:times new roman,times">&#160;</font></div>
<table style="text-align: justify;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">(*)</font></td>
<td valign="top" nowrap="nowrap"></td>
<td width="100%"><font size="2" style="font-family:times new roman,times">Net of fees of $4,455</font></td>
</tr>
<tr>
<td valign="top" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">(**)</font></td>
<td valign="top" nowrap="nowrap"></td>
<td width="100%"><font size="2" style="font-family:times new roman,times">Net of fees of $413,719</font></td>
</tr>
<tr>
<td valign="top" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">(***)</font></td>
<td valign="top" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
<td width="100%"><font size="2" style="font-family:times new roman,times">Net of fees of $336,750</font></td>
</tr>
</table>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;During 2010 the Company sold, pursuant to the Company&#8217;s effective registration statement filed with the SEC, equity in the Company as follows: </font></p>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" style="border-bottom: #000000 1pt solid;" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Date</font></td>
<td style="text-align: center;" width="75%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Shares issued</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Warrants issued</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Unit price</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Proceeds</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">March 3, 2010</font></td>
<td align="right" width="75%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; </font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">588,602</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; </font></td>
<td align="right" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">117,719</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$&#160;&#160;&#160;&#160; </font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2.75</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$&#160;&#160;&#160;&#160; </font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,618,653</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">September 17, 2010</font></td>
<td align="right" width="75%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">641,026</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">128,205</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">3.90</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2,490,723</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">*</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">September 27, 2010</font></td>
<td align="right" width="75%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">194,118</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">38,824</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">4.25</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">825,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">December 1, 2010</font></td>
<td align="right" width="75%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">295,000</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">59,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">5.00</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,475,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total</font></td>
<td align="right" width="75%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,718,746</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">343,748</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">6,409,376</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
</table>
<div><font size="2" style="font-family:times new roman,times">____________________</font></div>
<p align="justify"><font size="2" style="font-family:times new roman">*&#160;&#160;&#160;&#160;&#160;&#160; Net of fees of $9,277</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock', window );">Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">The Company valued these 2010 grants using the Black-Scholes option pricing model with the following assumptions:</font></div>
<div><font size="2" style="font-family:times new roman,times"></font>&#160;</div>
<table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="background-color: silver;">
<td align="left" width="98%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Fair value on grant date</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2.31</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="98%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Expected dividend yield</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="98%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Expected volatility</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">76%</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="98%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Risk free interest rate</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2.57%</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="98%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Expected term of the option</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">5 years</font></td>
</tr>
</table><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock', window );">Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]</a></td>
        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman,times">Activity in stock options is summarized below: </font></p>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Weighted</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Average</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Number</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Weighted</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Remaining</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">of Shares</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Average</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Contractual</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Aggregate</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Subject to</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Exercise</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Term</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Intrinsic</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Option</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Price</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">(Years)</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Value</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Balance at December 31, 2009</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2,011,180</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">13.82</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">3.9</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">176,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">3.69</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">(452,981</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">18.90</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Balance at December 31, 2010</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,734,199</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">11.64</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">4.3</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">281,600</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">(379,550</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">20.43</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">(85,000</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">3.72</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Balance at December 31, 2011</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,269,649</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">9.48</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">4.2</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">(151,750</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">12.76</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Balance of December 31, 2012</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,117,899</font></td>
<td style="border-bottom: black 2pt double; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">9.03</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 2pt double; text-align: right;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">3.7</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">4,250</font></td>
</tr>
</table><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ScheduleOfWarrantsTableTextBlock', window );">Schedule Of Warrants [Table Text Block]</a></td>
        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman">Activity in warrants is summarized below: </font></p>
<table style="width: 90%; line-height: 14pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Number of Shares</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Underlying Warrants</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"></td>
</tr>
<tr>
<td align="left" width="93%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="center" width="2%" colspan="2" nowrap="nowrap"><font size="2">and Non-Employee</font></td>
<td width="1%" nowrap="nowrap"></td>
<td style="width: 2%; text-align: center;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Weighted Average</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="2%" colspan="2" nowrap="nowrap"><font size="2">Options&#160;Granted</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Exercise Price</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2009</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">500,161</font></td>
<td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">6.00-9.00</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; (135,000</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">7.50</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">343,748</font></td>
<td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.91</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2010</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">708,909</font></td>
<td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.00-9.00</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(4,652</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.64</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2011</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td style="width: 1%; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font size="2" style="font-family:times new roman">704,257</font></td>
<td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td style="width: 1%; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.00-9.00</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">807,846</font></td>
<td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.12</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2012</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,512,103</font></td>
<td style="width: 1%; text-align: left; border-bottom-color: black; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.56</font></td>
</tr>
</table><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the warrants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (f)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><nobr>us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
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                <table border="0" cellpadding="0" cellspacing="0">
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        <th class="tl" colspan="1" rowspan="2">
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<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">Research Frontiers Incorporated (&#8220;Research Frontiers&#8221; or the &#8220;Company&#8221;) operates in a single business segment which is engaged in the development and marketing of technology and devices to control the flow of light. Such devices, often referred to as &#8220;light valves&#8221; or suspended particle devices (SPDs), use colloidal particles that are either incorporated within a liquid suspension or a film, which is usually enclosed between two sheets of glass or plastic having transparent, electrically conductive coatings on the facing surfaces thereof. At least one of the two sheets is transparent. SPD technology, made possible by a flexible light-control film invented by Research Frontiers, allows the user to instantly and precisely control the shading of glass/plastic manually or automatically. SPD technology has numerous product applications, including: SPD-Smart&#8482; windows, sunshades, skylights and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels and navigation systems; aircraft windows; eyewear products; and flat panel displays for electronic products. SPD-Smart light control film is now being developed for, or used in, architectural, automotive, marine, aerospace and appliance applications.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The Company has historically utilized its cash, cash equivalents, short-term investments, and the proceeds from the sale of its investments to fund its research and development of SPD light valves, for marketing initiatives, and for other working capital purposes. The Company&#8217;s working capital and capital requirements depend upon numerous factors, including the results of research and development activities, competitive and technological developments, the timing and cost of patent filings, and the development of new licensees and changes in the Company&#8217;s relationships with its existing licensees. The degree of dependence of the Company&#8217;s working capital requirements on each of the foregoing factors cannot be quantified; increased research and development activities and related costs would increase such requirements; the addition of new licensees may provide additional working capital or working capital requirements, and changes in relationships with existing licensees would have a favorable or negative impact depending upon the nature of such changes. There can be no assurance that expenditures will not exceed the anticipated amounts or that additional financing, if required, will be available when needed or, if available, that its terms will be favorable or acceptable to the Company. Eventual success of the Company and generation of positive cash flow will be dependent upon the commercialization of products using the Company&#8217;s technology by the Company&#8217;s licensees and payments of continuing royalties on account thereof. To date, the Company has not generated sufficient revenue from its licensees to fund its operations. </font></p><span></span></td>
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                <p>The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).</p>
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                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 4<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Selected Quarterly Financial Data (Unaudited)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationDisclosureAbstract', window );"><strong>Quarterly Financial Information Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationTextBlock', window );">Quarterly Financial Information [Text Block]</a></td>
        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman">(11) </font><u><font size="2" style="font-family:times new roman">Selected Quarterly Financial Data (Unaudited)</font></u><font size="2" style="font-family:times new roman"> </font></p>
<table style="width: 100%; line-height: 14pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" width="100%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" colspan="15" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Quarter</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2012</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">First</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Second</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Third</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Fourth</font></font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Fee income</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">482,578</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">450,828</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">471,886</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">552,044</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Operating loss (2)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(1,434,553</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(793,041</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(869,788</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(612,787</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Net loss (2)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(803,339</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(789,551</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(866,464</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(604,247</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Basic and diluted net loss</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; per common share (1)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.03</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
<tr>
<td width="100%" colspan="17">&#160;</td>
</tr>
<tr>
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2011</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">First</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Second</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Third</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Fourth</font></font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Fee income</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">144,441</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">140,407</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">207,200</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">353,934</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr>
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Operating loss (2)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (1,593,220</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (923,394</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (812,400</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (834,328</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Net loss (2)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(1,589,281</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(919,122</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(801,840</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(825,825</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
<tr>
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Basic and diluted net loss</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr>
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; per common share (1)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.09</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.05</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
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<div>&#160;</div>
<p align="justify">____________________</p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(1) Since per share information is computed independently for each quarter and the full year, based on the respective average number of common shares outstanding, the sum of the quarterly per share amounts does not necessarily equal the per share amounts for the year. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(2) The Company incurred higher costs in the first quarter of 2012 and 2011 relating primarily to: (i) $424,000 and $444,000 of stock and option compensation charges in the first quarter of 2012 and 2011 respectively relating to common stock and options granted to directors, employees and consultants, and (ii) $175,000 during the first quarter of 2012 and 2011 in directors&#8217; fees. </font></p><span></span></td>
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                <p>The entire disclosure for the quarterly financial data in the annual financial statements.  The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EXRAE">
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityPublicFloat</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Trading symbol of an instrument as listed on an exchange.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_TradingSymbol</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ValuationAndQualifyingAccountsAbstract', window );"><strong>Valuation and Qualifying Accounts [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock', window );">Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]</a></td>
        <td class="text"><p align="center"><font style="font-family: times new roman;" size="2">SCHEDULE II </font></p>
<p align="center"><font style="font-family: times new roman;" size="2">RESEARCH FRONTIERS INCORPORATED<br />VALUATION AND QUALIFYING ACCOUNTS<br />Years ended December 31, 2012, 2011, and 2010 </font></p>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" width="84%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="3%" colspan="2" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Balance at</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Charged to</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Balance</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="84%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="3%" colspan="2" nowrap="nowrap"><font style="font-family: times new roman;" size="2">beginning</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font style="font-family: times new roman;" size="2">costs and</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font style="font-family: times new roman;" size="2">at end</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="84%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="2" nowrap="nowrap"><font size="+0"><font style="font-family: times new roman;" size="2">of period</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="+0"><font style="font-family: times new roman;" size="2">expenses</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="2"><font size="+0"><font style="font-family: times new roman;" size="2">Deductions</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="+0"><font style="font-family: times new roman;" size="2">of period</font></font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Description</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="2%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="2%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Allowance for uncollectible</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="2%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="2%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;royalty receivables:</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="2%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="2%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr>
<td width="99%" colspan="14">&#160;</td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">December </font><font style="font-family: times new roman;" size="2">31, </font><font style="font-family: times new roman;" size="2">2012</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="2%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">92,723</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right"
 width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">0</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="2%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">0</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">92,723</font></td>
</tr>
<tr>
<td width="99%" colspan="14">&#160;</td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">December </font><font style="font-family: times new roman;" size="2">31, </font><font style="font-family: times new roman;" size="2">2011</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="2%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">162,723</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">0</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="2%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">70,000</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">*</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">92,723</font></td>
</tr>
<tr>
<td width="99%" colspan="14">&#160;</td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="84%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">December </font><font style="font-family: times new roman;" size="2">31, </font><font style="font-family: times new roman;" size="2">2010</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" width="2%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">186,568</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">0</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" width="2%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">23,845</font></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">*</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">$&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="right" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">162,723</font></td>
</tr>
</table>
<p align="justify"><font style="font-family: times new roman;" size="2">*&#160;&#160;&#160;&#160;&#160;&#160; Recovery of previously reserved receivables.</font></p><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 09<br><br> -Article 12<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e24092-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ValuationAndQualifyingAccountsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ValuationAndQualifyingAccountsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ERRAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Operations (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LicensesRevenue', window );">Fee income</a></td>
        <td class="nump">$ 1,957,336<span></span></td>
        <td class="nump">$ 845,982<span></span></td>
        <td class="nump">$ 767,522<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Operating expenses</a></td>
        <td class="nump">3,995,633<span></span></td>
        <td class="nump">3,618,635<span></span></td>
        <td class="nump">3,253,250<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development</a></td>
        <td class="nump">1,671,872<span></span></td>
        <td class="nump">1,390,689<span></span></td>
        <td class="nump">1,404,654<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total Expenses</a></td>
        <td class="nump">5,667,505<span></span></td>
        <td class="nump">5,009,324<span></span></td>
        <td class="nump">4,657,904<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating loss</a></td>
        <td class="num">(3,710,169)<span></span></td>
        <td class="num">(4,163,342)<span></span></td>
        <td class="num">(3,890,382)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Net investment income</a></td>
        <td class="nump">33,171<span></span></td>
        <td class="nump">29,274<span></span></td>
        <td class="nump">15,517<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Loss before income tax benefit</a></td>
        <td class="num">(3,676,998)<span></span></td>
        <td class="num">(4,134,068)<span></span></td>
        <td class="num">(3,874,865)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax benefit</a></td>
        <td class="nump">613,397<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (3,063,601)<span></span></td>
        <td class="num">$ (4,134,068)<span></span></td>
        <td class="num">$ (3,874,865)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share (in dollars per share)</a></td>
        <td class="num">$ (0.15)<span></span></td>
        <td class="num">$ (0.22)<span></span></td>
        <td class="num">$ (0.22)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted', window );">Weighted average number of common shares outstanding (in shares)</a></td>
        <td class="nump">20,125,309<span></span></td>
        <td class="nump">18,538,041<span></span></td>
        <td class="nump">17,321,360<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 109<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph a, b<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph h<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 115<br><br><br><br> -Paragraph 14<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 7<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.7(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LicensesRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenue earned during the period relating to consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LicensesRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 130<br><br><br><br> -Paragraph 10, 15<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 87-21<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 28, 29, 30<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br><br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A7<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -Subparagraph a<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141<br><br><br><br> -Paragraph 51<br><br><br><br> -Subparagraph g<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 86<br><br><br><br> -Paragraph 11, 12<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 985<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 730<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 2<br><br><br><br> -Paragraph 12, 13<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
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        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
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        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman">(6) </font><u><font size="2" style="font-family:times new roman">Income Taxes</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">Since inception, the Company has incurred losses from operations and as a result has not recorded income tax expense. Benefits related to net operating loss carryforwards and deferred items have been fully reserved since it was not more likely than not that the Company would achieve profitable operations. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The Company applied for state research and development refundable credits for the years ended December 31, 2006 through 2009. In April 2012, the Company received $613,397 relating to these credits for the years 2006 through 2009, which is reflected as an income tax benefit in the accompanying statement of operations. The Company currently does not expect to collect additional credits for years subsequent to 2009. In addition, $61,340 is included in operating expenses on the accompanying statement of operations for the year ended December 31, 2012 relating to professional fees paid in connection with securing these refundable credits. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2012 and 2011 are presented below. </font></p>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"><font size="2" style="font-family:times new roman">2012</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"><font size="2" style="font-family:times new roman">2011</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Deferred tax assets:</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Depreciation</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">95,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">91,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Allowance for bad debts</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">37,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">37,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Net operating loss carryforwards</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">22,525,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">22,516,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Stock option expense</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,051,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,051,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Research and other credits</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">977,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,008,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%"
 nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Other temporary differences</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">15,000</font></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">15,000</font></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total gross deferred tax assets</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">24,700,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">24,718,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Less valuation allowance</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (24,700,000</font></td>
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<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (24,718,000</font></td>
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</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"></td>
</tr>
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<div>&#160;&#160;&#160; <font size="2" style="font-family:times new roman">In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon future taxable income during the period in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon its historical operating losses, utilization of deferred tax assets cannot currently be determined. Accordingly, the Company has recorded a full valuation allowance against the deferred tax assets, as they will not be realized until the Company achieves profitable operations in the future. </font></div>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>At December 31, 2012, the Company had a net operating loss carryforward for federal income tax purposes of approximately $55,000,000, varying amounts of which will expire in each year from 2013 through 2032. Research and other credit carryforwards of approximately $977,000</font><b><font size="2" style="font-family:times new roman"> </font></b><font size="2" style="font-family:times new roman">are available to the Company to reduce income taxes payable in future years principally through 2032. Net operating loss carryforwards of approximately $2,654,000 and research and other credit carryforwards of approximately $65,000 are scheduled to expire during fiscal 2013, if not utilized.</font></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 136, 172<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 44, 45, 46, 47, 48, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Accrued Expenses and Other<br></strong></div>
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          <div>Dec. 31, 2012</div>
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        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman">(5) </font><u><font size="2" style="font-family:times new roman">Accrued Expenses and Other</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">Accrued expenses consist of the following at December 31, 2012 and 2011: </font></p>
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<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">2012</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">2011</font></td>
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<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Payroll, bonuses and related benefits</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; 110,621</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; 134,384</font></td>
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<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Professional services</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">23,450</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">35,040</font></td>
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<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Deferred rent</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">10,691</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">19,006</font></td>
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<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Other</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">361</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">363</font></td>
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<tr style="vertical-align: bottom; background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">145,123</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">188,793</font></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(a),20,24)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 24<br><br> -Article 5<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes (Tables)<br></strong></div>
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        <td class="text"><div><font size="2" style="font-family:times new roman,times">The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2012 and 2011 are presented below. </font></div>
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<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
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<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2011</font></td>
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<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Deferred tax assets:</font></td>
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<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Depreciation</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">95,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">91,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Allowance for bad debts</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">37,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">37,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Net operating loss carryforwards</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">22,525,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">22,516,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Stock option expense</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,051,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,051,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Research and other credits</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">977,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,008,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Other temporary differences</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">15,000</font></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">15,000</font></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total gross deferred tax assets</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">24,700,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">24,718,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160; Less valuation allowance</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; (24,700,000</font></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; (24,718,000</font></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">--</font></td>
</tr>
</table><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the components of net deferred tax asset recognized in an entity's statement of financial position.</p>
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                <p>No definition available.</p>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>47
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EPCAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Policies)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">(a) <u>Cash and Cash Equivalents</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; The Company considers securities purchased with original maturities of three months or less to be cash equivalents. Cash equivalents consist of short-term investments in money market accounts at December 31, 2012 and 2011. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. All of our non-interest bearing cash balances were fully insured at December 31, 2012 and 2011 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible non-interest bearing accounts. Beginning 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our non-interest bearing cash balances may again exceed federally insured limits. Amounts on deposit in excess of federally insured limits at December 31, 2012 is approximately $8.9 million.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesPolicy', window );">Marketable Securities, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">(b) <u>Short-term Investments</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; The Company classifies investments in marketable securities as trading, available-for-sale or held-to-maturity at the time of purchase and periodically re-evaluates such classifications. Trading securities are carried at fair value, with unrealized holding gains and losses included in earnings. Held-to-maturity securities are recorded at cost and are adjusted for the amortization or accretion of premiums or discounts over the life of the related security. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized. In determining realized gains and losses, the cost of securities sold is based on the specific identification method. Interest and dividends on the investments are accrued at the balance sheet date. At December 31, 2012 all investments were classified as held to maturity and consisted of the following: </font></p>
<div align="center">
<table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;" width="12%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Certificates of Deposit</font></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Maturity</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="14%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Value of Held to Maturity</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="12%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Investment</font></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160; </font></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Date</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160; </font></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="14%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Investments (based on cost)</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; 2,000,000</font></td>
<td style="text-align: center;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">04-18-13</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160; </font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; 2,000,000</font></td>
<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2,000,000</font></td>
<td style="text-align: center;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">10-17-13</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2,000,000</font></td>
<td align="right" width="5%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">500,940</font></td>
<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">06-29-13</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">500,940</font></td>
<td align="right" width="5%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">300,564</font></td>
<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">04-06-13</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">300,564</font></td>
<td align="right" width="5%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">251,417</font></td>
<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">06-29-13</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">251,417</font></td>
<td align="right" width="5%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" width="68%" nowrap="nowrap"></td>
<td align="left" width="4%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">5,052,921</font></td>
</tr>
</table>
</div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesPolicyTextBlock', window );">Receivables, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">(c) <u>Royalties Receivable</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; Royalties receivable are recorded at the amounts specified within the license agreements when the collectability of the receivable is reasonably assured. The receivables do not bear interest. The allowance for doubtful accounts is the Company&#8217;s best estimate of the amount of probable credit losses in the Company&#8217;s existing royalties receivable. The Company determines the allowance based on historical write off experience. The Company reviews its allowance for doubtful accounts periodically. Past due accounts are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Property, Plant and Equipment, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">(d) <u>Fixed Assets</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; Fixed assets are carried at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">(e) <u>Revenue Recognition/Fee Income</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; The Company has entered into a number of license agreements covering its light control technology. The Company receives minimum annual royalties under certain license agreements and records fee income on a ratable basis each quarter. In instances when sales of licensed products by its licensees exceed minimum annual royalties, the Company recognizes fee income as the amounts have been earned. Certain of the fees are accrued by, or paid to, the Company in advance of the period in which they are earned resulting in deferred revenue. Such excess amounts are recorded as deferred revenue and recognized into income in future periods as earned. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; Fee income represents amounts earned by the Company under various license and other agreements (note 8) relating to technology developed by the Company. During 2012, four licensees accounted for 62%, 6%, 5% and 5% respectively of fee income recognized during the year. During 2011 five licensees accounted for 32%, 15%, 12%, 11% and 6%, respectively of fee income recognized for the year.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings Per Share, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">(f) <u>Basic and Diluted Loss Per Common Share</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; Basic earnings (loss) per share excludes any dilution. It is based upon the weighted average number of common shares outstanding during the period. Dilutive earnings (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company&#8217;s dilutive loss per share equals basic loss per share for each of the years in the three-year period ended December 31, 2012 because all common stock equivalents (<i>i.e.,</i> options and warrants) were antidilutive in those periods. The number of options and warrants that were not included because their effect is antidilutive was 2,630,002, 1,973,906, and 2,443,108, for 2012, 2011, and 2010, respectively.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpensePolicy', window );">Research and Development Expense, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">&#160;(g) <u>Research and Development Costs</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; Research and development costs are charged to expense as incurred.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsFiniteLivedPolicy', window );">Intangible Assets, Finite-Lived, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">(h) <u>Patent Costs</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; The Company expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">(i) <u>Use of Estimates</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; The preparation of the Company&#8217;s consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during this period. Actual results could differ from those estimates.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Tax, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">&#160;(j) <u>Income Taxes</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; In accordance with ASC Topic 740 (FIN 48), we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in tax returns that do not meet these recognition and measurement standards. We classify accrued interest and penalties related to any unrecognized tax benefits in our income tax provision. At December 31, 2012 and 2011, we do not have accrued interest and penalties related to any unrecognized tax benefits. We do not believe we have any uncertain tax positions as of December 31, 2012 and 2011.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; The tax years subject to examination by major tax jurisdictions include the years 2008 and forward by the U.S. Internal Revenue Service and certain states. The Company is not currently being audited by any tax jurisdiction.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Fair Value of Financial Instruments, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">(k) <u>Fair Value of Financial Instruments</u> </font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying amounts of all financial instruments classified as a current asset or current liability are deemed to approximate fair value because of the short maturity of those instruments.</font></p><span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</a></td>
        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman"> </font>(l) </font><u><font size="2" style="font-family:times new roman">Equity-Based Compensation</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>We recognize all stock-based compensation as an expense in the financial statements and such costs are measured at the fair value of the award at the date of grant. In addition to reflecting compensation expense for new share-based payment awards, expense is also recognized to reflect the remaining vesting period of awards that had been granted in prior periods. Tax benefits related to stock option exercises are reflected as financing cash inflows instead of operating cash inflows. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The exercise price for stock options granted are generally set at the average for the high and low trading prices of the Company&#8217;s common stock on the trading date immediately prior to the date of grant, and the related number of shares granted are fixed at the date of grant. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>In order to determine the fair value of stock options on the date of grant, the Company uses the Black-Scholes option-pricing model. Inherent in this model are assumptions related to expected stock-price volatility, option term, risk-free interest rate and dividend yield. While the risk-free interest rate and dividend yield are less subjective assumptions that are based on factual data derived from public sources, the expected stock-price volatility and option term assumptions require a greater level of judgment.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>In connection with the employee stock options and restricted stock grants, the Company charged $873,888, $719,811 and $696,888 to operations during the years ended December 31, 2012, 2011, and 2010, respectively. In lieu of higher cash compensation, the Company has granted warrants and non-employee options to consultants. These warrants and non-employee options vest ratably over various terms ranging from 24 to 59 months. Non-employee options covering 60,000 shares were granted to consultants during 2012. These non-employee options are valued at fair value at the time that the related services are provided using the Black Scholes method and marked to market quarterly using the Black Scholes method. The Company incurred a charge (benefit) to operations of $4,690, ($16,974) and $75,716 for 2012, 2011, and 2010, respectively in connection with these warrants and non-employee options. </font></p><span></span></td>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_RestrictedStockPolicyTextBlock', window );">Restricted Stock [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">&#160;(m) Restricted Stock</font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; Compensation cost for restricted stock is measured using the quoted market price of the Company's common stock at the date the common stock is granted. The compensation cost is recognized over the period between the issue date and the date any restrictions lapse. Restricted stock is included in total common shares outstanding upon the lapse of any restrictions.</font></p><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock', window );">Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">&#160;(n) <u>Impairment of Long-Lived Assets</u></font></div>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; The Company reviews long-lived assets to determine whether an event or change in circumstances indicates the carrying value of the asset may not be recoverable. The Company bases its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flows analysis at the lowest level for which identifiable cash flows exist. If impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset. Fair value is the amount at which the asset could be bought or sold in a current transaction between a willing buyer and seller other than in a forced or liquidation sale and can be measured as the asset's quoted market price in an active market or, where an active market for the asset does not exist, the Company&#8217;s best estimate of fair value based on discounted cash flow analysis. Assets to be disposed of by sale are measured at the lower of carrying amount or fair value less estimated costs to sell.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurement, Policy [Policy Text Block]</a></td>
        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman"> </font>(o) </font><u><font size="2" style="font-family:times new roman">Fair Value Measurements</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Accounting Standards Codification (&#8220;ASC&#8221;) Topic 820 &#8220;Fair Value Measurements and Disclosures&#8221; (&#8220;ASC Topic 820&#8221;) establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. ASC Topic 820 applies under other previously issued accounting pronouncements that require or permit fair value measurements but does not require any new fair value measurements. </font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity&#8217;s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>We value financial instruments using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices for similar assets or liabilities in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Financial assets accounted for at fair value on a recurring basis at December 31, 2012 and 2011, include cash and cash equivalents of approximately $8.4 million and $2.4 million, respectively, as well as short term investments of $5.1 million and $1.3 million in 2012 and 2011, respectively. The carrying value of these assets approximates fair value due to the short-term maturity of these instruments.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">New Accounting Pronouncements, Policy [Policy Text Block]</a></td>
        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman,times"><i>New Accounting Standards </i></font></p>
<p align="justify"><font size="2" style="font-family:times new roman,times">In July 2012, the FASB issued ASU 2012-02, &#8220;Testing Indefinite-Lived Intangible Assets for impairment (the revised standard)&#8221;, which allows companies the option to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. Under this guidance, an entity is required to perform a quantitative impairment test if qualitative factors indicate that it is more likely than not the indefinite-lived intangible assets are impaired. The qualitative factors are consistent with the guidance established for goodwill impairment testing and include identifying and assessing events and circumstances that would most significantly impact, individually or in the aggregate, the carrying value of the indefinite-lived intangible assets. The revised standard is effective for the Company in fiscal 2014 and early adoption is permitted. The adoption of ASU 2012-02 is not expected to have a material impact on the Company&#8217;s consolidated financial statements. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman,times">In October 2012, the FASB issued ASU 2012-04, &#8220;Technical Corrections and Improvements.&#8221; ASU 2012-04 contains certain technical corrections and conforming fair value amendments to the FASB Accounting Standards Codification. The amendments that do not have transition guidance were effective upon issuance. The amendments that are subject to the transition guidance will be effective for fiscal beginning after December 15, 2012. The adoption of ASU 2012-04 will not have a material impact on the Company&#8217;s consolidated financial statements. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; (p) <u>Recent Accounting Pronouncements</u></font></p><span></span></td>
      </tr>
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                <p>Disclosure of accounting policy for restricted stock.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 6, 8-16, 60<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144384<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerSharePolicyTextBlock</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for fair value measurements, which may include, but is not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 18G<br><br> -URI http://asc.fasb.org/extlink&amp;oid=15229074&amp;loc=SL7494712-110257<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueMeasurementPolicyPolicyTextBlock</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for determining the fair value of financial instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2155942<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 8, 10, 12, 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueOfFinancialInstrumentsPolicy</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 7-15, 26, 30-37<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section CC<br><br> -Subsection 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2155824<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock</nobr></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 17<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 48<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e32247-109318<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 4<br><br> -Paragraph 11<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 6-34, 43, 47, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e32280-109318<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 954<br><br> -SubTopic 740<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 30<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144749<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144681<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxPolicyTextBlock</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsFiniteLivedPolicy">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for finite-lived intangible assets. This accounting policy also might address: (1) the amortization method used; (2) the useful lives of such assets; and (3) how the entity assesses and measures impairment of such assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 11-15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144471<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 7-18, 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IntangibleAssetsFiniteLivedPolicy</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for investments in debt and equity securities that have readily determinable fair values (marketable securities). At a minimum, the disclosure might address accounting policies for investments classified as trading, available for sale, or held to maturity and may include how the entity determines whether impairments of available for sale or held to maturity investments are other than temporary, how the fair values of the entity's securities are determined, and the entity's accounting treatment for transfers between investment categories.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 7, 8, 9, 13, 14, 15, 16, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2196929<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section M<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 320<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62652-112803<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 7-16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 2, 12<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 10, 11<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MarketableSecuritiesPolicy</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of the adoption of new accounting pronouncements that may impact the entity's financial reporting.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                  <tr>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for property, plant and equipment which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2155824<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 12, 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section C<br><br> -Paragraph 5<br><br> -Chapter 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 7<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2196772<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3-5<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 114<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 92-5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 20<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2196816<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ReceivablesPolicyTextBlock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 2<br><br> -Paragraph 8, 12, 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 6<br><br> -Paragraph 5, 6, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 42<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 730<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2127266<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Research and Development<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6523717<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ResearchAndDevelopmentExpensePolicy</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 13.B.Q1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8, 12, 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18823-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 13<br><br> -Section B<br><br> -Paragraph Question 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenueRecognitionPolicyTextBlock</nobr></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2228939<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 06-11<br><br> -Paragraph 7<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b),(f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                <p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 11, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6143-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6132-108592<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6061-108592<br><br><br><br></p>
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          <div style="width: 200px;"><strong>Commitments<br></strong></div>
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<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company has an employment agreement with one of its officers which provides for an annual base salary of $425,000 and with another officer which provides for an annual base salary of $300,000, both for calendar year 2012. Each of these employment agreements have evergreen provision that extend the term by one year on the anniversary date unless the Company or the employee has given notice that they will not renew the agreement upon the expiration of its term. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company has a defined contribution profit sharing (401K) plan covering employees who have completed one year of service. Contributions are made at the discretion of the Company. The Company did not make any contributions to this plan for 2012, 2011, or 2010. </font></p>
<p align="justify"><font style="font-family: times new roman;" size="2"><font style="font-family: times new roman;" size="3">&#160;&#160;&#160;&#160; </font>The Company occupies premises under an operating lease agreement which expires on January 31, 2014. At December 31, 2012, the approximate minimum annual future rental commitments under this lease for the next five years are as follows: </font></p>
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<td align="right" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">2014:</font></td>
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<p align="justify">&#160;&#160;&#160;&#160; <font style="font-family: times new roman;" size="2">Rent expense, including other occupancy related expenses, amounted to approximately $200,000, $172,000, and $198,000, for 2012, 2011, and 2010, respectively.</font></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.(a)(19))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 25<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 7<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Shareholders' Equity<br></strong></div>
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        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman">(7) </font><u><font size="2" style="font-family:times new roman">Shareholders&#8217; Equity</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(a)</font><font size="2" style="font-family:times new roman"> </font><font size="2" style="font-family:times new roman">Common Stock and Warrants</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>During 2012 the Company sold, pursuant to the Company&#8217;s effective registration statement filed with the SEC, equity in the Company as follows: </font></p>
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<tr style="vertical-align: bottom;">
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Date</font></td>
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<td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Shares issued</font></td>
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<td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Warrants issued</font></td>
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<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Unit price</font></td>
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<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Proceeds</font></td>
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<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">July 30, 2012</font></td>
<td align="right" width="89%" nowrap="nowrap">&#160;</td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">589,227</font></td>
<td align="right" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">117,846</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2.97</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,745,549</font></td>
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<tr style="vertical-align: bottom;">
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">August 28, 2012</font></td>
<td align="right" width="89%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,900,000</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">380,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2.97</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5,229,201</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">**</font></td>
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<tr style="background-color: silver;">
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">October 3, 2012</font></td>
<td align="right" width="89%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,250,000</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">250,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">4.49</font></td>
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<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5,275,750</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">***</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Total</font></td>
<td align="right" width="89%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="+0"><font size="2" style="font-family:times new roman">3,739,227</font></font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="+0"><font size="2" style="font-family:times new roman">747,846</font></font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="+0"><font size="2" style="font-family:times new roman">$</font></font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="+0"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; 12,250,500</font></font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
</table>
<div>____________________<br  />&#160;</div>
<table style="text-align: justify;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" nowrap="nowrap"><font size="2" style="font-family:times new roman">(*)</font></td>
<td valign="top" nowrap="nowrap"></td>
<td width="100%"><font size="2" style="font-family:times new roman">Net of fees of $4,455</font></td>
</tr>
<tr>
<td valign="top" nowrap="nowrap"><font size="2" style="font-family:times new roman">(**)</font></td>
<td valign="top" nowrap="nowrap"></td>
<td width="100%"><font size="2" style="font-family:times new roman">Net of fees of $413,719</font></td>
</tr>
<tr>
<td valign="top" nowrap="nowrap"><font size="2" style="font-family:times new roman">(***)</font></td>
<td valign="top" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
<td width="100%"><font size="2" style="font-family:times new roman">Net of fees of $336,750</font></td>
</tr>
</table>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Shares and warrants issued in the July 30, 2012 and August 28, 2012 sales were sold pursuant to the Company&#8217;s currently effective shelf registration. Warrants issued in the July 30, 2012 and August 28, 2012 sales&#8217; are exercisable for a period of five years beginning on the closing date of the offering at an exercise price of $4.45 per share (150% of the aggregate offering price for a share of common stock and corresponding warrant). </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The warrants issued in connection with the October 3, 2012 sale are exercisable for a period of five years beginning on the six-month anniversary of the closing date at an exercise price of $6.73 per share (approximately 150% of the aggregate offering price). The securities issued in the October 3, 2012 sale were not registered under the Securities Act of 1933, as amended, or any state securities laws, and were issued and sold in a private placement pursuant to Regulation D of the Securities Act. The Company subsequently filed a Form S-3 registration with the US Securities and Exchange Commission which was declared effective on December 26, 2012 that covers the resale of the shares by the purchaser and the shares issuable upon exercise of the warrants.</font></p>
<p align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style="font-family:times new roman">During 2010 the Company sold, pursuant to the Company&#8217;s effective registration statement filed with the SEC, equity in the Company as follows: </font></p>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" style="border-bottom: #000000 1pt solid;" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Date</font></td>
<td style="text-align: center;" width="75%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Shares issued</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Warrants issued</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Unit price</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Proceeds</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman">March 3, 2010</font></td>
<td align="right" width="75%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;</td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">588,602</font></td>
<td align="right" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="right" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;</td>
<td align="right" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">117,719</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$&#160;&#160;&#160;&#160; </font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2.75</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$&#160;&#160;&#160;&#160; </font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,618,653</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman">September 17, 2010</font></td>
<td align="right" width="75%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">641,026</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">128,205</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">3.90</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2,490,723</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">*</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman">September 27, 2010</font></td>
<td align="right" width="75%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">194,118</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">38,824</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">4.25</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">825,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman">December 1, 2010</font></td>
<td align="right" width="75%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">295,000</font></td>
<td align="right" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">59,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.00</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;</td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,475,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="7%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total</font></td>
<td align="right" width="75%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,718,746</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap">&#160;</td>
<td align="right" style="border-bottom: #000000 2pt double;" width="2%" nowrap="nowrap"><font size="2" style="font-family:times new roman">343,748</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman">6,409,376</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
</table>
<div>____________________</div>
<p align="justify"><font size="2" style="font-family:times new roman">*&#160;&#160;&#160;&#160;&#160;&#160; Net of fees of $9,277 </font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">(b) </font><u><font size="2" style="font-family:times new roman">Options and Warrants</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(i) </font><u><font size="2" style="font-family:times new roman">Employee Options</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>In 2008, the shareholders approved the Company&#8217;s 2008 Equity Incentive Plan which provides for the granting of both incentive stock options at the fair market value at the date of grant and nonqualified stock options at the fair market value at the date of grant to employees or non-employees who, in the determination of the Board of Directors, have made or may make significant contributions to the Company in the future. The Company may also award stock appreciation rights, restricted stock, or restricted stock units under this plan. The Company initially reserved 750,000 shares of its common stock for issuance under this plan, and 388,508 options and other awards were available for issuance under this plan as of December 31, 2012. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>At the discretion of the Board of Directors, options expire in ten years or less from the date of grant and are generally fully exercisable upon grant but in some cases may be subject to vesting in the future. Full payment of the exercise price may be made in cash or in shares of common stock valued at the fair market value thereof on the date of exercise, or by agreeing with the Company to cancel a portion of the exercised options.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The Company granted no Employee options during 2012 and 2011. The Company granted 176,000 fully vested options during 2010 and recorded share-based compensation of $406,560. There was no share-based compensation recorded in 2012 and 2011. The Company valued these 2010 grants using the Black-Scholes option pricing model with the following assumptions:</font></p>
<table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="background-color: silver;">
<td align="left" width="98%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Fair value on grant date</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2.31</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="98%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Expected dividend yield</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="98%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Expected volatility</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">76%</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="98%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Risk free interest rate</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2.57%</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="98%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Expected term of the option</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5 yeas</font></td>
</tr>
</table>
<div><font size="2" style="font-family:times new roman"></font>&#160;</div>
<div><font size="2" style="font-family:times new roman">Activity in stock options is summarized below: </font></div>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Weighted</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Average</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Number</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Weighted</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Remaining</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">of Shares</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Average</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Contractual</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Aggregate</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Subject to</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Exercise</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Term</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Intrinsic</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap">&#160;</td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Option</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Price</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(Years)</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Value</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2009</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2,011,180</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">13.82</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">3.9</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">176,000</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">3.69</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(452,981</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">18.90</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2010</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,734,199</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">11.64</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">4.3</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">281,600</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(379,550</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">20.43</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(85,000</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">3.72</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2011</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,269,649</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">9.48</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: right;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">4.2</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(151,750</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">12.76</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="89%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance of December 31, 2012</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,117,899</font></td>
<td style="border-bottom: black 2pt double; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">9.03</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 2pt double; text-align: right;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">3.7</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">4,250</font></td>
</tr>
</table>
<div>&#160;</div>
<p align="justify"><font size="2" style="font-family:times new roman">All options are exercisable at December 31, 2012.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman">During 2011 an employee was to make a payment of $276,750 for exercising 75,000 options but instead he forfeited 29,270 options which would have been exercisable at a fair market value of $276,896 and delivered the difference in cash.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman">During 2011, the Company received $39,744 in proceeds from the exercise of options. </font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">(ii) </font><u><font size="2" style="font-family:times new roman">Warrants/Non-Employee Options</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Activity in warrants is summarized below: </font></p>
<table style="line-height: 14pt; width: 90%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Number of Shares</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Underlying Warrants</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="2%" colspan="2" nowrap="nowrap"></td>
</tr>
<tr>
<td align="left" width="93%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="center" width="2%" colspan="2" nowrap="nowrap"><font size="2">and Non-Employee</font></td>
<td width="1%" nowrap="nowrap"></td>
<td style="text-align: center; width: 2%;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Weighted Average</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2">Options&#160;Granted</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="2%" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman">Exercise Price</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2009</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">500,161</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">6.00-9.00</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; (135,000</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">7.50</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">343,748</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.91</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2010</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">708,909</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.00-9.00</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(4,652</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.64</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2011</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"><font size="2" style="font-family:times new roman">704,257</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.00-9.00</font></td>
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<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
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<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">--</font></td>
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<tr style="vertical-align: bottom;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">807,846</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.12</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="93%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Balance at December 31, 2012</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,512,103</font></td>
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<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5.56</font></td>
</tr>
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<div><font size="2" style="font-family:times new roman"></font>&#160;</div>
<div><font size="2" style="font-family:times new roman">Warrants and non-employee options generally expire from five to ten years from the date of issuance. At December 31, 2012, the number of warrants and non-employee options exercisable was 1,218,353 at a weighted average exercise price of $5.37 per share.</font></div>
<p align="justify"><font size="2" style="font-family:times new roman">The Company granted a total of 60,000 non-employee options to two consultant&#8217;s during 2012 at a weighted average exercise price of $3.95. These grants vest ratably over 24 months from the date of grant. These non-employee options are valued at fair value at the time that the related services are provided using the Black-Scholes method and marked to market quarterly using the Black Scholes method. The Company incurred a charge (benefit) of $4,690 ($16,974), and $75,716 for 2012, 2011, and 2010, respectively in connection with these non-employee options.</font></p>
<p align="justify"><font size="2" style="font-family:times new roman">During 2011, the Company received $26,233 in proceeds from the exercise of warrants.</font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">(c) </font><u><font size="2" style="font-family:times new roman">Restricted Stock Grant</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>During, 2012 the Company granted 363,200 shares of common stock to its directors and employees. All of the 96,500 shares granted to the directors, as well as 5,100 shares granted to employees, vested immediately upon grant. The remaining 261,600 shares issued to employees vest ratably over 36 months following grant. The market value per share on the date of grant was $3.38. In connection with these grants, as well as prior grants that are not yet fully vested, the Company charged $873,888, $719,811 and $696,888 to operations during 2012, 2011 and 2010, respectively. In addition, at December 31, 2012, $589,000 remains to be charged to operations over the next 24 months relating to these grants. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>During 2011, the Company granted 63,000 and 139,000 shares of common stock to directors and employees respectively. The market price of each share on the date of grant was $5.20. All of the shares granted to the directors, as well as 3,000 shares granted to certain employees, vested immediately upon grant. The remaining 136,000 shares issued vest ratably over the next 36 months. During 2010, the Company granted a total of 40,500 shares of restricted common stock to three directors. The market price of each share on the date of grant was $3.69. These shares were fully vested on the date of grant. At December 31, 2012, 2011, and 2010, 218,733, 90,667, 65,768 respectively, of these grants remain unvested. In addition, at December 31, 2012, $236,000 remains to be charged to operations over the next 12 months relating to these grants.</font></p><span></span></td>
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                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest excluding treasury stock.</p>
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<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>The Company has entered into a number of license agreements covering various products using the Company&#8217;s SPD technology. Some of these license agreements are limited to specific countries and/or markets. Licensees of Research Frontiers who incorporate SPD technology into end products pay Research Frontiers an earned royalty of 5-15% of net sales of licensed products under license agreements currently in effect, and may also be required to pay Research Frontiers fees and minimum annual royalties. Licensees who sell products or components to other licensees of Research Frontiers do not pay a royalty on such sale; Research Frontiers will collect such royalty from the licensee incorporating such products or components into its own end-products. Research Frontiers&#8217; license agreements typically allow the licensee to terminate the license after some period of time, and give Research Frontiers only limited rights to terminate before the license expires. Most licenses are non-exclusive and generally last as long as our patents remain in effect.</font></p><span></span></td>
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<p align="justify"><font size="2" style="font-family:times new roman">In February 2003, the Company&#8217;s Board of Directors adopted a Stockholders&#8217; Rights Plan (the &#8220;Rights Plan&#8221;) and declared a dividend distribution of one right (a &#8220;Right&#8221;) for each outstanding share of Company common stock to stockholders of record at the close of business on March 3, 2003. Pursuant to the 2003 Agreement, on February 11, 2013, the Board of Directors of the Company authorized the adoption of the Restated and Amended Stockholder Protection Rights Agreement, dated as of February 11, 2013 (the &#8220;Restated and Amended Rights Agreement&#8221;), between the Company and the Rights Agent, which restates and amends the 2003 Agreement to (a) extend the final expiration time of the Rights from February 18, 2013 to February 11, 2023, (b) decrease the Exercise Price of the Rights from $60 to $40, and (c) make certain other changes as set forth therein. The 15% acquisition threshold contained in the 2003 Rights Agreement was not changed. The Board of Directors authorized the adoption of the Restated and Amended Rights Agreement to promote fair and equal treatment of the Company&#8217;s stockholders in connection with any initiative to acquire control of the Company. The Restated and Amended Rights Agreement was not adopted in response to any specific proposal to acquire the Company.</font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family:times new roman">Subject to certain exceptions listed in the Rights Plan, if a person or group has acquired beneficial ownership of, or commences a tender or exchange offer for, 15% or more of the Company&#8217;s common stock, unless redeemed by the Company&#8217;s Board of Directors, each Right entitles the holder (other than the acquiring person) to purchase from the Company $80 worth of common stock for $40. If the Company is merged into, or 50% or more of its assets or earning power is sold to, the acquiring company, the Rights will also enable the holder (other than the acquiring person) to purchase $80 worth of common stock of the acquiring company for $40. The Rights will expire at the close of business on February 11, 2023, unless the Rights Plan is extended by the Company&#8217;s Board of Directors or unless the Rights are earlier redeemed by the Company at a price of $.0001 per Right. The Rights are not exercisable during the time when they are redeemable by the Company.</font></p><span></span></td>
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                <p>The entire disclosure for pension and other postretirement benefits.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 158<br><br> -Paragraph 7, 21, 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS106-2<br><br> -Paragraph 20, 21, 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 715<br><br> -URI http://asc.fasb.org/topic&amp;trid=2235017<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 8<br><br> -Subparagraph m<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 30<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock</nobr></td>
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                    <td>us-gaap_</td>
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                    <td>duration</td>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E46AI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Shareholders' Equity (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="4">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th" colspan="2">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2010</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedToInvestorsDuringPeriod', window );">Warrants issued (in shares)</a></td>
        <td class="nump">747,846<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">343,748<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds</a></td>
        <td class="nump">$ 12,250,500<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 6,409,376<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Common Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in shares)</a></td>
        <td class="nump">3,739,227<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,718,746<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">July 30, 2012 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedToInvestorsDuringPeriod', window );">Warrants issued (in shares)</a></td>
        <td class="nump">117,846<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodPricePerShare', window );">Unit price (in dollars per share)</a></td>
        <td class="nump">$ 2.97<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds</a></td>
        <td class="nump">1,745,549<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">July 30, 2012 [Member] | Common Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in shares)</a></td>
        <td class="nump">589,227<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">August 28, 2012 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedToInvestorsDuringPeriod', window );">Warrants issued (in shares)</a></td>
        <td class="nump">380,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodPricePerShare', window );">Unit price (in dollars per share)</a></td>
        <td class="nump">$ 2.97<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds</a></td>
        <td class="nump">5,229,201<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">August 28, 2012 [Member] | Common Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in shares)</a></td>
        <td class="nump">1,900,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">October 3 2012 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedToInvestorsDuringPeriod', window );">Warrants issued (in shares)</a></td>
        <td class="nump">250,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodPricePerShare', window );">Unit price (in dollars per share)</a></td>
        <td class="nump">$ 4.49<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds</a></td>
        <td class="nump">5,275,750<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">October 3 2012 [Member] | Common Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in shares)</a></td>
        <td class="nump">1,250,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">March 3 2010 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedToInvestorsDuringPeriod', window );">Warrants issued (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">117,719<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodPricePerShare', window );">Unit price (in dollars per share)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 2.75<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,618,653<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">March 3 2010 [Member] | Common Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">588,602<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">September 17 2010 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedToInvestorsDuringPeriod', window );">Warrants issued (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">128,205<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodPricePerShare', window );">Unit price (in dollars per share)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 3.9<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">2,490,723<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">September 17 2010 [Member] | Common Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">641,026<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">September 27 2010 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">194,118<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedToInvestorsDuringPeriod', window );">Warrants issued (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">38,824<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodPricePerShare', window );">Unit price (in dollars per share)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 4.25<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">825,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">December 1 2010 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedToInvestorsDuringPeriod', window );">Warrants issued (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">59,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodPricePerShare', window );">Unit price (in dollars per share)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 5<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 1,475,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">December 1 2010 [Member] | Common Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">295,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr>
        <td colspan="5"></td>
      </tr>
      <tr>
        <td colspan="5">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Net of fees of $4,455</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">Net of fees of $413,719</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[3]</td>
              <td style="vertical-align: top;" valign="top">Net of fees of $336,750</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[4]</td>
              <td style="vertical-align: top;" valign="top">Net of fees of $9,277</td>
            </tr>
          </table>
        </td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Price per share of stock issued to investors during period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                <p>Warrants issued to investors during period.</p>
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                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfCommonStock</nobr></td>
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                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<html>
  <head>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fixed Assets (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property, Plant and Equipment [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTextBlock', window );">Property, Plant and Equipment [Table Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">Fixed assets and their estimated useful lives as of December 31, 2012 and 2011, are as follows: </font></div>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times"></font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times"></font></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2011</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Estimated useful life</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Equipment and furniture</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,301,341</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,290,083</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">5 years</font></td>
</tr>
<tr>
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Life of lease or estimated</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Leasehold Improvements</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">437,745</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">437,427</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">life of asset if shorter</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,739,086</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">1,727,510</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr>
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Less accumulated depreciation</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;and amortization</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; (1,680,045</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; (1,645,082</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">59,041</font></td>
<td style="border-bottom: black 2pt double; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">82,428</font></td>
</tr>
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      </tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph b<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Selected Quarterly Financial Data (Unaudited) (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationDisclosureAbstract', window );"><strong>Quarterly Financial Information Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock', window );">Schedule of Quarterly Financial Information [Table Text Block]</a></td>
        <td class="text"><table style="width: 100%; line-height: 14pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 2pt; border-bottom-style: double;" width="1%" colspan="15" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Quarter</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2012</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">First</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Second</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Third</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="1%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Fourth</font></font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Fee income</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">482,578</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">450,828</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">471,886</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">552,044</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Operating loss (2)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(1,434,553</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(793,041</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(869,788</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(612,787</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Net loss (2)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(803,339</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(789,551</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(866,464</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(604,247</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Basic and diluted net loss</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; per common share (1)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.03</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
<tr>
<td width="100%" colspan="17">&#160;</td>
</tr>
<tr>
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">2011</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">First</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Second</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Third</font></font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid;" width="3%" colspan="3" nowrap="nowrap"><font><font size="2" style="font-family:times new roman">Fourth</font></font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Fee income</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">144,441</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">140,407</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">207,200</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">353,934</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr>
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Operating loss (2)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (1,593,220</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (923,394</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (812,400</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (834,328</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Net loss (2)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(1,589,281</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(919,122</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(801,840</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(825,825</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
<tr>
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Basic and diluted net loss</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr>
<td align="left" width="100%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160; per common share (1)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.09</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.05</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">(.04</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">)</font></td>
</tr>
</table>
<div>&#160;</div>
<p align="justify">____________________</p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(1) Since per share information is computed independently for each quarter and the full year, based on the respective average number of common shares outstanding, the sum of the quarterly per share amounts does not necessarily equal the per share amounts for the year. </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>(2) The Company incurred higher costs in the first quarter of 2012 and 2011 relating primarily to: (i) $424,000 and $444,000 of stock and option compensation charges in the first quarter of 2012 and 2011 respectively relating to common stock and options granted to directors, employees and consultants, and (ii) $175,000 during the first quarter of 2012 and 2011 in directors&#8217; fees. </font></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                <p>Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)-(j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20225539&amp;loc=d3e1280-108306<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock</nobr></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELEAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments (Details Textual) (USD $)<br></strong></div>
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        <th class="th" colspan="3">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
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        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_AnnualBaseSalaryToOfficers', window );">Annual Base Salary To Officers</a></td>
        <td class="nump">$ 425,000<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_AnnualBaseSalaryToOfficer2', window );">Annual Base Salary To Officer 2</a></td>
        <td class="nump">300,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseAndRentalExpense', window );">Operating Leases, Rent Expense</a></td>
        <td class="nump">$ 200,000<span></span></td>
        <td class="nump">$ 172,000<span></span></td>
        <td class="nump">$ 198,000<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of annual base salary to officer 2.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of annual base salary to officers.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Rental expense incurred for leased assets including furniture and equipment which has not been recognized in costs and expenses applicable to sales and revenues; for example, cost of goods sold or other operating costs and expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
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<SEQUENCE>56
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ER5BG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Statements of Shareholders' Equity (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Common Stock [Member]</div>
        </th>
        <th class="th">
          <div>Additional Paid-In Capital [Member]</div>
        </th>
        <th class="th">
          <div>Retained Earnings [Member]</div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2009</a></td>
        <td class="nump">$ 1,652<span></span></td>
        <td class="nump">$ 80,563,038<span></span></td>
        <td class="num">$ (76,399,353)<span></span></td>
        <td class="nump">$ 4,165,337<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2009</a></td>
        <td class="nump">16,522,727<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuances of common stock</a></td>
        <td class="nump">172<span></span></td>
        <td class="nump">6,409,204<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">6,409,376<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuances of common stock (in shares)</a></td>
        <td class="nump">1,718,746<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationForfeited', window );">Share-based compensation</a></td>
        <td class="nump">4<span></span></td>
        <td class="nump">772,600<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">772,604<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited', window );">Share-based compensation (in shares)</a></td>
        <td class="nump">40,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="num">(3,874,865)<span></span></td>
        <td class="num">(3,874,865)<span></span></td>
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      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2010</a></td>
        <td class="nump">1,828<span></span></td>
        <td class="nump">87,744,842<span></span></td>
        <td class="num">(80,274,218)<span></span></td>
        <td class="nump">7,472,452<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2010</a></td>
        <td class="nump">18,281,973<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised', window );">Exercise of options and warrants</a></td>
        <td class="nump">6<span></span></td>
        <td class="nump">65,971<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">65,977<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised', window );">Exercise of options and warrants (in shares)</a></td>
        <td class="nump">60,382<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationForfeited', window );">Share-based compensation</a></td>
        <td class="nump">20<span></span></td>
        <td class="nump">702,817<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">702,837<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited', window );">Share-based compensation (in shares)</a></td>
        <td class="nump">202,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="num">(4,134,068)<span></span></td>
        <td class="num">(4,134,068)<span></span></td>
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      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2011</a></td>
        <td class="nump">1,854<span></span></td>
        <td class="nump">88,513,630<span></span></td>
        <td class="num">(84,408,286)<span></span></td>
        <td class="nump">4,107,198<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2011</a></td>
        <td class="nump">18,544,355<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuances of common stock</a></td>
        <td class="nump">374<span></span></td>
        <td class="nump">12,250,126<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">12,250,500<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuances of common stock (in shares)</a></td>
        <td class="nump">3,739,227<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationForfeited', window );">Share-based compensation</a></td>
        <td class="nump">37<span></span></td>
        <td class="nump">878,541<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">878,578<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited', window );">Share-based compensation (in shares)</a></td>
        <td class="nump">363,200<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="num">(3,063,601)<span></span></td>
        <td class="num">(3,063,601)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2012</a></td>
        <td class="nump">$ 2,265<span></span></td>
        <td class="nump">$ 101,642,297<span></span></td>
        <td class="num">$ (87,471,887)<span></span></td>
        <td class="nump">$ 14,172,675<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2012</a></td>
        <td class="nump">22,646,782<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of share options and warrants (or share units) exercised during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock issued as a result of the exercise of stock options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued and outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares (or other type of equity) forfeited during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationForfeited</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock (or other type of equity) forfeited during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td>us-gaap_</td>
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<DOCUMENT>
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<TEXT>
<html>
  <head>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fixed Assets<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property, Plant and Equipment [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock', window );">Property, Plant and Equipment Disclosure [Text Block]</a></td>
        <td class="text"><p align="justify"><font size="2" style="font-family:times new roman">(4) </font><u><font size="2" style="font-family:times new roman">Fixed Assets</font></u><font size="2" style="font-family:times new roman"> </font></p>
<p align="justify"><font size="2" style="font-family:times new roman"><font size="3" style="font-family:times new roman">&#160;&#160;&#160;&#160; </font>Fixed assets and their estimated useful lives as of December 31, 2012 and 2011, are as follows: </font></p>
<table style="line-height: 14pt; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"><font size="2" style="font-family:times new roman">2012</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="3%" colspan="3" nowrap="nowrap"><font size="2" style="font-family:times new roman">2011</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Estimated useful life</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Equipment and furniture</font></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,301,341</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,290,083</font></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap">&#160;&#160;&#160;&#160;&#160;</td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">5 years</font></td>
</tr>
<tr>
<td align="left" width="94%" nowrap="nowrap">&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Life of lease or estimated</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Leasehold Improvements</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">437,745</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">437,427</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 1%;" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">life of asset if shorter</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,739,086</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="right" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">1,727,510</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr>
<td align="left" width="94%" nowrap="nowrap">&#160;</td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Less accumulated depreciation</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="94%" nowrap="nowrap"><font size="2"
 style="font-family:times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;and amortization</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (1,680,045</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"><font size="+0"><font size="2" style="font-family:times new roman">)</font></font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">&#160;&#160;&#160;&#160; (1,645,082</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;" nowrap="nowrap"><font size="+0"><font size="2" style="font-family:times new roman">)</font></font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="94%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">59,041</font></td>
<td style="border-bottom: black 2pt double; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">82,428</font></td>
<td style="border-bottom: black 2pt double; text-align: left; width: 1%;" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
</tr>
</table><span></span></td>
      </tr>
    </table>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13-14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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                  </tr>
                </table>
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            </div>
          </td>
        </tr>
      </table>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>58
<FILENAME>R27.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELWAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HeldToMaturitySecuritiesCurrent', window );">Value of Held to Maturity Investments (based on cost)</a></td>
        <td class="nump">$ 5,052,921<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">2,000,000<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HeldtomaturitySecuritiesDebtMaturitiesDate', window );">Maturity Date</a></td>
        <td class="text">Apr. 18,
         2013<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HeldToMaturitySecuritiesCurrent', window );">Value of Held to Maturity Investments (based on cost)</a></td>
        <td class="nump">2,000,000<span></span></td>
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          <div class="a">Held To Maturity Securities Two [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">2,000,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HeldtomaturitySecuritiesDebtMaturitiesDate', window );">Maturity Date</a></td>
        <td class="text">Oct. 17,
         2013<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HeldToMaturitySecuritiesCurrent', window );">Value of Held to Maturity Investments (based on cost)</a></td>
        <td class="nump">2,000,000<span></span></td>
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        <td class="nump">500,940<span></span></td>
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        <td class="nump">300,564<span></span></td>
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        <td class="text">Apr.
        06,
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        <td class="nump">300,564<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertificatesOfDepositAtCarryingValue', window );">Certificates of Deposit Investment</a></td>
        <td class="nump">251,417<span></span></td>
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        <td class="text">Jun. 29,
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        <td class="nump">$ 251,417<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A savings certificate entitling the Entity (that is, bearer) to receive interest at an established maturity date, based upon a fixed interest rate.  A certificate of deposit may be issued in any denomination. Certificates of deposit are generally issued by commercial banks and, therefore, insured by the FDIC (up to the prescribed limit).  Certificates of deposit generally restrict holders from withdrawing funds on demand without the incurrence of penalties.  Generally, only certificates of deposit with original maturities of three months or less qualify as cash equivalents. Original maturity means original maturity to the entity holding the investment. As a related example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three-years ago does not become a cash equivalent when its remaining maturity is three months.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents investments in debt securities which are categorized as held-to-maturity and that have scheduled maturities within one year of the balance sheet date or the normal operating cycle, whichever is longer; such investments are measured at amortized cost (carrying value). The held-to-maturity category is for those securities that the Entity has the positive intent and ability to hold until maturity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 11<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26626-111562<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 5<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 19<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 7<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7534914&amp;loc=d3e22054-111558<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 4<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>Date of maturity of a debt security categorized as held-to-maturity, in CCYY-MM-DD format.</p>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate', window );">Warrants Issued Exercise Price On Six Month Anniversary Of Closing Date (in dollars per share)</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_PercentageOfOfferingPrice', window );">Percentage Of Offering Price</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant', window );">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Number of Shares Subject to Option, Granted</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">96,500<span></span></td>
        <td class="nump">63,000<span></span></td>
        <td class="nump">40,500<span></span></td>
        <td class="nump">5,100<span></span></td>
        <td class="nump">139,000<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">60,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockOptionPlanExpense', window );">Stock or Unit Option Plan Expense</a></td>
        <td class="nump">424,000<span></span></td>
        <td class="nump">444,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">406,560<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_CashlessExerciseOfStockOption', window );">Cashless Exercise of Stock Options</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">276,750<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockOptionsCashlessExercise', window );">Stock Options Cashless Exercise</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_StockOptionsCashlessExerciseForfeited', window );">Stock Options Cashless Exercise Forfeited</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">29,270<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ExercisableFairMarketValueStockOptions', window );">Exercisable Fair Market Value Stock Options</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">276,896<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Proceeds From Stock Options Exercised</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">39,744<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsExercisable', window );">Warrants Exercisable</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,218,353<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsExercisableWeightedAverageExercisePrice', window );">Warrants Exercisable Weighted Average Exercise Price (in dollars per share)</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">5.37<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">807,846<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_WarrantsIssuedWeightedAverageExercisePrice', window );">Warrants Issued Weighted Average Exercise Price (in dollars per share)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 5.12<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 5.91<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 3.95<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax', window );">Allocated Share-based Compensation Expense, Net of Tax (in dollars)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">873,888<span></span></td>
        <td class="nump">719,811<span></span></td>
        <td class="nump">696,888<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,690<span></span></td>
        <td class="num">(16,974)<span></span></td>
        <td class="nump">75,716<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_RestrictedStockIssuedToEmployeesVestRatably', window );">Restricted Stock Issued To Employees Vest Ratably</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 261,600<span></span></td>
        <td class="nump">$ 136,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_RestrictedStockMarketValuePerShareOnDateOfGrant', window );">Restricted Stock Market Value Per Share On Date Of Grant (in dollars per share)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 5.20<span></span></td>
        <td class="nump">$ 3.69<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 3.38<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityCurrent', window );">Deferred Compensation Liability, Current (in dollars)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">236,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">218,733<span></span></td>
        <td class="nump">90,667<span></span></td>
        <td class="nump">65,768<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,512,103<span></span></td>
        <td class="nump">704,257<span></span></td>
        <td class="nump">708,909<span></span></td>
        <td class="nump">500,161<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ProceedsFromStockWarrantsExercised', window );">Proceeds From Stock Warrants Exercised</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">26,233<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent', window );">Deferred Compensation Liability, Classified, Noncurrent</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 589,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_CashlessExerciseOfStockOption">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of exercised stock options in noncash activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_CashlessExerciseOfStockOption</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_ExercisableFairMarketValueStockOptions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair market value of exercisable stock options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_ExercisableFairMarketValueStockOptions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_PercentageOfOfferingPrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of offering price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_PercentageOfOfferingPrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_ProceedsFromStockWarrantsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock warrants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_ProceedsFromStockWarrantsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_RestrictedStockIssuedToEmployeesVestRatably">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>It represents Restricted Stock Issued to employees vest ratably</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_RestrictedStockIssuedToEmployeesVestRatably</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_RestrictedStockMarketValuePerShareOnDateOfGrant">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>It represents Restricted Stock Market Value per share on date of grant</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_RestrictedStockMarketValuePerShareOnDateOfGrant</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_StockOptionsCashlessExercise">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of cashless exercise of stock options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_StockOptionsCashlessExercise</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_StockOptionsCashlessExerciseForfeited">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of cashless exercise of stock options forfeited.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_StockOptionsCashlessExerciseForfeited</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_WarrantsExercisable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of warrants exercisable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_WarrantsExercisable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_WarrantsExercisableWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average exercise price per share of warrants exercisable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_WarrantsExercisableWeightedAverageExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_WarrantsIssuedExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Warrants issued exercise price</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_WarrantsIssuedExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Warrants issued exercise price On Six month anniversary of closing date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_WarrantsIssuedExercisePriceOnSixMonthAnniversaryOfClosingDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_WarrantsIssuedWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average exercise price per share of warrants issued.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>refr_WarrantsIssuedWeightedAverageExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>refr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense, net of income tax, recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable beyond one year (or the operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationLiabilityCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable within one year (or the operating cycle, if longer). Represents currently earned compensation under compensation arrangements that is not actually paid until a later date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 710<br><br> -SubTopic 10<br><br> -Section 30<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6409875&amp;loc=d3e20028-108363<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 710<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6409733&amp;loc=d3e19512-108361<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredCompensationLiabilityCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid during the current period for fees which are not defined elsewhere in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (g)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromStockOptionsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross number of share options (or share units) granted during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HeldToMaturitySecuritiesTextBlock', window );">Held-to-maturity Securities [Table Text Block]</a></td>
        <td class="text"><div><font size="2" style="font-family:times new roman,times">At December 31, 2012 all investments were classified as held to maturity and consisted of the following:</font></div>
<div><font size="2" style="font-family:times new roman,times"></font>&#160;</div>
<div align="center">
<table style="line-height: 14pt; width: 50%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;" width="12%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Certificates of Deposit</font></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Maturity</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"></td>
<td style="text-align: center;" width="14%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Value of Held to Maturity</font></td>
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<tr style="vertical-align: bottom;">
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="12%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Investment</font></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160; </font></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Date</font></td>
<td style="text-align: center;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160;&#160; </font></td>
<td style="border-bottom: #000000 1pt solid; text-align: center;" width="14%" colspan="4" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Investments (based on cost)</font></td>
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<tr style="background-color: silver;">
<td align="left" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; 2,000,000</font></td>
<td style="text-align: center;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">04-18-13</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160; </font></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;&#160;&#160;&#160; 2,000,000</font></td>
<td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2,000,000</font></td>
<td style="text-align: center;" width="5%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">10-17-13</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2,000,000</font></td>
<td align="right" width="5%" nowrap="nowrap"></td>
</tr>
<tr style="background-color: silver;">
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">500,940</font></td>
<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">06-29-13</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">500,940</font></td>
<td align="right" width="5%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">300,564</font></td>
<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">04-06-13</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">300,564</font></td>
<td align="right" width="5%" nowrap="nowrap"></td>
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<tr style="background-color: silver;">
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">251,417</font></td>
<td style="text-align: center;" width="5%" nowrap="nowrap"></td>
<td style="text-align: center;" width="68%" nowrap="nowrap"></td>
<td style="text-align: center;" width="4%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">06-29-13</font></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 1pt solid;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">251,417</font></td>
<td align="right" width="5%" nowrap="nowrap"></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="3%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" width="68%" nowrap="nowrap"></td>
<td align="left" width="4%" nowrap="nowrap"></td>
<td align="left" width="1%" nowrap="nowrap"></td>
<td align="left" width="5%" nowrap="nowrap"></td>
<td align="left" style="border-bottom: #000000 2pt double;" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">$</font></td>
<td align="right" style="border-bottom: #000000 2pt double;" width="3%" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">5,052,921</font></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6435544&amp;loc=d3e41834-113960<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5086-111524<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 137<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27232-111563<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27337-111563<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27405-111563<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 320<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62586-112803<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 320<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62557-112803<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27290-111563<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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