<SEC-DOCUMENT>0001206774-16-004855.txt : 20160310
<SEC-HEADER>0001206774-16-004855.hdr.sgml : 20160310
<ACCEPTANCE-DATETIME>20160310080141
ACCESSION NUMBER:		0001206774-16-004855
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		55
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160310
DATE AS OF CHANGE:		20160310

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:		161496186

	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>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>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>For
      the fiscal year ended December 31, 2015</FONT></TD>
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>Commission File Number
  1-9399</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS
INCORPORATED<BR>(Exact name of registrant as specified in its
charter)</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>DELAWARE</FONT></TD>
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>11-2103466</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>(State or other jurisdiction of</FONT></TD>
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>(I.R.S. Employer</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>incorporation or organization)</FONT></TD>
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>Identification No.)</FONT></TD></TR>
  <TR>
    <TD style="text-align: center" width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>240
      CROSSWAYS PARK DRIVE</FONT></TD>
    <TD noWrap style="text-align: center" width="50%"></TD></TR>
  <TR vAlign=top>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>WOODBURY, NEW YORK</FONT></TD>
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>11797-2033</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>(Address of principal executive
    offices)</FONT></TD>
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>(Zip
      Code)</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>Registrant&#146;s telephone
number, including area code (516) 364-1902</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>Securities registered pursuant to Section 12(b)
      of the Act:</FONT></TD>
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>Name
      of Exchange</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>Title of Class</FONT></TD>
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>on
      Which Registered</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="49%"><FONT face="Times New Roman" size=2>Common Stock, $0.0001 Par Value</FONT></TD>
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>The
      NASDAQ Stock</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap style="text-align: center" width="50%"><FONT face="Times New Roman" size=2>Market</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>Securities registered
pursuant to Section 12(g) of the Act: None</FONT></P>
<P align=left><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. Yes [&nbsp; ] No [X]</FONT></P>
<P align=left><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. Yes [&nbsp; ] No [X]</FONT></P>
<P align=left><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. Yes
[X] No [&nbsp; ] </FONT></P>
<P align=left><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). Yes [X] No [ &nbsp;]</FONT></P>
<P align=left><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.
[X]</FONT></P>
<P align=left><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>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;] Large
      accelerated filer</FONT></TD>
    <TD noWrap align=left width="25%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[X] Accelerated
      filer</FONT></TD>
    <TD noWrap align=left width="25%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp; ]
      Non-accelerated filer</FONT></TD>
    <TD noWrap align=left width="25%"><FONT face="Times New Roman" size=2>[&nbsp; ] Smaller reporting
  company</FONT></TD></TR></TABLE>
<P align=left><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). Yes
[&nbsp; ] No [X]</FONT></P>
<P align=left><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 30, 2015 (the last business day of the registrant&#146;s most recently
completed second fiscal quarter), computed based on the closing sale price of
$5.34 was $91,564,243. In making this computation, all direct and indirect
shares known to be owned by directors and executive officers of the Company and
all direct and indirect 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On March 7, 2016 the
registrant had 24,043,846 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></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 1.
BUSINESS</FONT></U></B></P>
<P align=left><I><FONT face="Times New Roman" size=2>Forward-Looking
Statements</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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=left><B><FONT face="Times New Roman" size=2>General: </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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. <FONT STYLE="BACKGROUND-COLOR: transparent">Research Frontiers operates in a single business segment which is engaged in the development and marketing of technology and devices to control the flow of light (see Note 1).</FONT> We develop and license our patented
suspended particle device (&#147;SPD-Smart&#148;) light-control technology to other
companies that manufacture and/or market the: (i) SPD-Smart chemical emulsion,
(ii) light-control film made from the chemical emulsion, (iii) the light-control
panels made by laminating the film, (iv) electronics to power end-products
incorporating the film, or (v) lamination services for, and 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. In
addition, in 2013 we launched our VariGuard business unit that markets and sells
SPD-Smart products directly to customers for specialty uses such as the
protection of artwork and light-sensitive documents in museums and private
collections.</FONT></P>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">The Company has entered into a number of license agreements covering its light control technology. During 2015, three licensees accounted for 33%, 15%, and 9%, respectively, of fee income recognized for the year.  In addition, during the year ended December 31, 2015, approximately 14% of revenues related to fees generated by a large architectural glass project. During 2014, five licensees accounted for 36%, 11%, 9%, 9%, and 5%, respectively of fee income recognized during the year.  During 2013 six licensees accounted for 40%, 12%, 6% and 6%, 5%, and 5% respectively of fee income recognized for the year.</FONT></FONT></P>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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
187 patents that have <FONT STYLE="BACKGROUND-COLOR: transparent">been</FONT> 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 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="LEFT" STYLE="text-indent: 15pt"><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 commercial applicability in many products where variable
light-control is desired. Some existing product applications for SPD-Smart glass
or plastic include the following:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Automotive:<BR>sunroofs,
      sunvisors, side windows and rear windows;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Aerospace and
      marine:<BR>windows, doors, partitions, sunvisors, and
      skylights.<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Architectural:<BR>commercial and residential windows, doors,
      skylights, and partitions for new construction, replacement, and retrofit
      applications;</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition to the product
applications listed above, SPD-SmartGlass technology may also offer potential
benefits in the development of new flat panel displays, eyewear, self-dimming
automotive rear-view mirrors and other reflective information displays. 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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Some of our licensees consider
the stage of development, product introduction strategies and timetables, and
other plans to be proprietary or secret. Unless required to disclose such
information, the Company may limit its disclosure of licensees activities until
such licensees, or their customers, make their own public announcements of
planned or actual product launches. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Some of the early sales and
uses of SPD technology were to low volume commercial installations and some have
involved concept and test installations by licensees and their customers. 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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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. In early
2012, sales of the Magic Sky Control&#153; all glass roof option commenced on their
Mercedes-Benz SL. In mid-2014, sales of the Magic Sky Control&#153; all glass roof
option commenced on the new S-Class Coupe with other Mercedes-Benz S-Class
variants began offering the Magic Sky Control&#153; all glass roof option in 2015.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 adoption rates
for SPD-Smart products will grow and accelerate, which we expect will increase
the stream of royalty income for the Company. Research Frontiers believes the
largest and most predictable near and intermediate term market for its
technology will be automotive glass.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 operations and those of our licensees is included below and in our
financial statements and notes thereto.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 and vendors. 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><B><U><FONT face="Times New Roman" size=2>Employees:</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On March 7, 2016 the Company
had twelve 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 master&#146;s degree in chemistry, one has extensive industrial
experience in electronics and electrical engineering, and one has majored in
physics. Three employees also have additional postgraduate degrees in business
administration. 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>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><U><FONT face="Times New Roman" size=2>Smart Glass Industry
Trends:</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>There are favorable converging
global trends in the major near-term markets for smart glass and SPD-Smart
products. The potential for smart glass products is significant and is expected
to attain economies of scale with increasing high volume production. This
increased production is also expected to bring down end product costs and expand
market opportunities.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In both public and private
sectors across the world, there are substantial efforts targeted toward the
promotion and use of energy efficient smart glass materials, including those
used in automobiles, windows and other architectural glazings, aircraft and
boats. 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 interest in
SPD-Smart technology.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In December 2015,
ResearchandMarkets issued </FONT><I><FONT face="Times New Roman" size=2>Smart
Glass Market by Technology (SPD, Electrochromic, PDLC, Thermochromic),
Application (Architecture, Transportation, Solar Power Generation, Electronics
&amp; Others), &amp; Geography - Global Trend &amp; Forecast to
2020</FONT></I><FONT face="Times New Roman" size=2>. This reports indicates:
&#147;The emerging automobile and architectural buildings applications are creating a
huge demand for smart glass market across the world. The major factors driving
the growth of the smart glass market are the need for energy-efficient
solutions, and government regulations for green buildings. Furthermore, the
rising automotive sector is expected to drive the smart glass market in the
coming years.&#148; ResearchandMarkets estimates that the Smart Glass market is
expected to reach $5.81 billion by 2020 at an estimated Compound Annual Growth
Rate (CAGR) of 19.5% from 2015 to 2020. </FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>Automotive
Market</FONT></I><FONT face="Times New Roman" size=2>: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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. SPD-SmartGlass has also been
shown in armored automotive glass applications, recreational vehicles, 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=left><I><FONT face="Times New Roman" size=2>Aircraft
Market:</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In the aircraft industry there
is a trend towards larger windows with more passenger control and functionality.
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 already being delivered (e.g.
Boeing 787 and Airbus A350). In the &#147;general aviation&#148; category (primarily
business jets, private or chartered smaller aircraft) this trend is true as
well. For example, Gulfstream is promoting the size of the windows on their G650
platform, and Bombardier highlights the size of the cabin window on the upcoming
Global 7000 and 8000 platforms. Several OEMs either already offer, or have
announced their interest to include, electronically dimmable windows in their
aircraft &#150; including Boeing, Airbus, Bombardier, Embraer, Beechcraft, HondaJet,
Airbus Helicopter, Dassault, Nextant and Epic. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Electronically dimmable
windows for aircraft 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 introduced in the Boeing 787. There
have been concerns raised that this aircraft's electronically dimmable windows
are not dark enough for long haul flights, transmit too much heat into the
cabin, and have a switching speed that is too slow. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company believes its SPD
technology offers important performance advantages over other technologies
including faster, more uniform response time, superior heat-rejection when the
aircraft is parked on the ramp, superior acoustic insulation, an automated
dimming system to continuously maintain a constant level of light in the cabin
in real-time, and weight-savings. Leading companies manufacturing
electromechanical pleated window shades have products that incorporate SPD-Smart
windows into their designs, and Tier 1 suppliers of other cabin systems (e.g.
cabin management systems) are featuring SPD-Smart electronically dimmable
windows in mockups. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 electronically dimmable windows
are flying in 33 models of various aircraft including those used in commercial
aviation, general aviation and military aviation. SPD-Smart products have
recently been selected by aircraft manufacturers as standard equipment on new
production platforms including Honda Aircraft&#146;s HondaJet and Textron-Beechcraft
King Air 250, 350i and C90GTx. In addition, starting in 2020, SPD-Smart
skylights have been selected by Dassult Aviation for its new Falcon 5X.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
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<P align=left><I><FONT face="Times New Roman" size=2>Architectural
Market:</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The architectural community is
actively increasing the use of daylight harvesting, green building technologies
and building automation systems to more effectively capture and control natural
light as part of energy reduction strategies to offset cooling/heating costs and
electricity used by artificial lighting. In addition to design, aesthetic and
other <FONT STYLE="BACKGROUND-COLOR: transparent">benefits, the</FONT> expanded use of glass also supports a growing body of
research which finds that the presence of and control over incoming natural
light improves an individual&#146;s well-being and productivity. 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="LEFT" STYLE="text-indent: 15pt"><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,
"green" 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Research Frontiers&#146; patented
SPD-SmartGlass technology was selected as the exclusive smart glass for the USA
Pavilion at the most recent World&#146;s Fair, Expo Milano 2015 from May through
October, 2015. The USA Pavilion featured 312 large panels of SPD-SmartGlass
manufactured under license from Research Frontiers by Isoclima S.p.A. Each panel
measures approximately 1 meter by 3 meters, making the total surface area in the
roof more than 10,000 square feet. This is the largest known installation of
smart glass in the world for a roof application and was seen by over 6 million
people.</FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>Marine
Market:</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 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.</FONT></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>Historical Background
and Recent Developments:</FONT></U></B></P>
<P align=left><I><FONT face="Times New Roman" size=2>SPD-Smart Film
Production:</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Hitachi Chemical&#146;s 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 "accelerate the use of SPD film, which holds
significant potential for growth" and noted that "SPD film is positioned as one
of the key emerging products promoted by Hitachi Chemical to become a future
leading product for the company." </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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; versions of the
films provide a high range of visible light transmission. The 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
performance options for end-product applications.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In December 2014, Research
Frontiers was granted a patent relating to the production of SPD-films with even
higher light and dark transmission states than currently are available
commercially. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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. Neither
of these companies has yet announced commercial SPD film products for sale.
</FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>SPD-Smart Automotive
Products:</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, Saint-Gobain Vision Systems, Tint-It JSC and
Advnanotech. 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=left><I><FONT face="Times New Roman" size=2>Automotive OEMs:
</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In 2011, Daimler AG began
using SPD-SmartGlass technology in its Magic Sky Control&#153; panoramic glass roof
as an option on its new Mercedes-Benz 2012 SLK. In 2012, Daimler AG began
offering its Magic Sky Control&#153; 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&#153; 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 its subsidiary, Pilkington, in the UK
and Germany then process and laminates Hitachi&#146;s SPD film into the glass for the
Magic Sky Control&#153; roof.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">In late 2014</FONT>, Daimler AG began
offering its Magic Sky Control&#153; as an option on the new Mercedes-Benz S-Class
Coupe. In 2015 other S-Class variants (i.e. Standard Wheel base W222, Long Wheel
Base V222, Maybach S600 X222 and the Maybach Pullman Limousine) began offering
Magic Sky Control&#153; as an option. The all-new Mercedes-Benz S-Class is the third
large-scale serial production vehicle to offer Magic Sky Control&#153; using
SPD-Smart technology. The Research Frontiers licensees involved with the
production of the Magic Sky Control&#153; roof for the S-Class include Hitachi
Chemical, which manufactures the SPD-Smart light-control film and Asahi Glass
Corporation which then process and laminates Hitachi&#146;s SPD film into the glass
for the Magic Sky Control&#153; roof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The S-Class offers the largest
panoramic Magic Sky Control&#153; roof ever put into serial production. The surface
area of the panoramic roof using SPD-SmartGlass technology on the S-Class is
approximately three times the size of the roof glass used on the current SLK and
SL roadster, and third-party market forecasters estimate that the total vehicle
production volumes for the S-Class is higher than the SLK and SL roadsters
combined.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A key factor in the broad
adoption of SPD technology in various automotive windows is its cost. Typically,
the cost for new technology products decrease as production volumes increase.
The price per square foot of SPD-SmartGlass reported by our licensees has gone
down over time in the automotive market. Royalties from the Magic Sky Control
panoramic roofs for the S-Class vehicles are generally between $150-250/car.
Royalties from the Magic Sky Control roofs for the SLK and SL vehicles are
between $100-150/car. The roofs on the S-Class is approximately three times the
surface area of the roofs on the SLK and SL vehicles.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Research Frontiers believes
that the addition of the S-Class car model is also significant since it applies
our SPD-Smart light-control technology to the broader class of vehicles by
moving beyond roadsters to coupes and passenger sedans. Historically, since its
debut over 40 years ago, the S-Class represents the premier platform to
introduce new technologies to the customer, which in many cases expand to the
other less expensive model lines within the Mercedes-Benz brand. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In November <FONT STYLE="BACKGROUND-COLOR: transparent">2015</FONT> at the Los
Angeles Auto Show, Mercedes-Benz launched a refreshed Mercedes-Benz SL. The
press release from Mercedes-Benz it stated, </FONT><FONT face=monospace size=2>&#147;</FONT><FONT face="Times New Roman" size=2>Another feature which has
been retained is the unique optional extra MAGIC SKY CONTROL: when closed, the
panoramic vario-roof automatically changes from dark to transparent or
vice-versa within just a few seconds.</FONT><FONT face=monospace size=2>&#148;</FONT><FONT face="Times New Roman" size=2> The MAGIC SKY CONTROL
feature is a carry-over from the previous model. Other new features include a
new front end, new headlamps, more powerful engines, a new transmission, among
many others. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In January 2016 at the North
American International Auto Show in Detroit, Mercedes-Benz premiered the new
Mercedes-Benz SLC, which will be available in the spring of 2016. The press
release from Mercedes-Benz when the SLC was first announced stated, &#147;A feature
that continues to be unique to the SLC is the panoramic vario-roof with Magic
Sky Control &#150; this glass roof is lightened or darkened at the touch of a button.
This means that it provides an open-air feeling at any time, but when required
gives welcome shade under a hot sun.&#148; The Magic Sky Control feature, using
Research Frontiers SPD-SmartGlass technology, is a carry-over from the SLC&#146;s
predecessor model, the SLK roadster. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Other automakers continue to
develop and evaluate the use of SPD technology in their windows systems. Such
window systems include sunroofs, side-windows, rear-windows and front-window
visors.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Some automakers and their
suppliers have incorporated SPD-SmartGlass in concept vehicles, with some of
these concept vehicles being exhibited at major auto shows: </FONT></P>
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    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>January 2016:
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Continental Corporation
      showcased its &#147;Intelligent Glass Control&#148; system on a demonstration
      vehicle at a special event at the Consumer Electronics Show (CES) in Las
      Vegas. This vehicle, a Ford Mondeo station wagon, <FONT STYLE="BACKGROUND-COLOR: transparent">used</FONT> SPD-SmartGlass
      technology to enable the glass in all eleven side and rear windows and in
      the top sunvisor portion of the windshield to change its transparency and
      darken instantly through electric control signals.
  </FONT></P></TD></TR></TABLE><BR>
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    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>March 2015:
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>The Lincoln Motor
      Company, the luxury automotive brand of the Ford Motor Company, introduced
      the Lincoln Continental Concept car using an SPD-SmartGlass electronically
      tinting sunroof. This Lincoln Continental Concept car featuring
      SPD-SmartGlass also made its Asian debut at Auto Shanghai in April 2015.
      </FONT></P></TD></TR></TABLE><BR>
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    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>September 2012:
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><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></TD></TR></TABLE><BR>
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    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>March
  2012:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Mercedes-Benz debuted at
      the Geneva International Motor Show its public evaluation of the Limited
      Edition Viano Pearl. This vehicle displays the capabilities and conceptual
      use of SPD-SmartGlass on the side glass of vehicles from Mercedes-Benz.
      </FONT></P></TD></TR></TABLE><BR>
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    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>December
    2011:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Toyota debuted its FS
      Hybrid Concept at the 2011 Tokyo Motor Show in Tokyo, Japan. The FS Hybrid
      Concept demonstrated the use of SPD-Smart&#153; technology in side
      glass.</FONT></P></TD></TR></TABLE><BR>
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    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>September 2011:
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><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></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>Automotive
Aftermarket:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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. In March of 2013 Research Frontiers announced that
it had added two new licensees, Tint-It JSC and Advnanotech, both of whom are
targeting the automotive aftermarket in Russia. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Recreational Vehicles//Motor
Homes: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In September 2014, Global
Caravan Technologies, Inc. unveiled the CR-1 Carbon which features the
MagicView&#153; roof and MagicView&#153; windshield with SPD-SmartGlass. This special
glass which totals 28 square feet, was jointly developed with Research
Frontiers&#146; licensee Vision Systems. SPD nanotechnology on this vehicle allows
infinitely variable control of privacy between blackout and clear,
and can be controlled by any smart-phone or other smart-devices. In addition to
controlling the level of light and glare coming into the RV, the MagicView&#153;
SPD-SmartGlass on RVs offers many other advantages. This technology provides
unsurpassed thermal insulation: SPD-SmartGlass substantially rejects solar heat
from entering RVs through windows. The SPD-SmartGlass achieves its maximum dark
state when the RV is parked/turned off and no power is consumed.</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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Vision Systems announced in
January 2012 that Notin, manufacturer of motorhomes and campers, selected
Visions Systems&#146; Nuance brand of SPD-SmartGlass for the skylight of Notin's
Angara luxury motorhome. In October 2013 at Busworld 2013, Vision Systems
showcased a new sun visor using SPD-Smart light-control film technology and a
light sensor to automatically and dynamically adjust the sun visor to deal with
changing light and glare conditions. Vision Systems indicated that they have
been working for almost two years with a major automotive OEM to test the ease
of installation, reliability, design and performance of their new sun visor in
real world conditions. They further indicated that customer reaction regarding
the effectiveness and ease of use of this product has been excellent. The fact
that this feature can be installed in the aftermarket should bring these
benefits to a wider range of drivers. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Rail Transport: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In September 2014, Poma (a
leading supplier of cable transport systems) showcased at Innotrans 2014 its
Cabine H2 cable car. The windows in this cable transport vehicle used Research
Frontiers licensee Vision Systems' "Nuance" SPD solution. Innotrans 2014 is the
largest international trade fair for rail transport technology with over 160,000
visitors and is held every two years in Berlin, Germany. At this fair
Bombardier, featured their "FLEXITY 2" tram platform using an electronically
dimmable window produced by Vision Systems. In addition, AGC, one of the largest
producers of flat glass in the world, featured its "WONDERLITE" SPD-SmartGlass
train window. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Automotive Armored Glass
Market:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><I><FONT face="Times New Roman" size=2>SPD-Smart Aircraft
Products:</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Three aircraft manufacturers
have announced that they have selected SPD-Smart dimmable window products as
standard equipment in new or upcoming production aircraft:</FONT></P>
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      <P align=left><FONT face="Times New Roman" size=2>Honda Aircraft Company:
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>The new HondaJet, with
      first delivery in December 2015, comes with SPD-Smart electronically
      dimmable windows as standard equipment on all passenger windows.
      </FONT></P></TD></TR></TABLE><BR>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Textron-Beechcraft will
      have SPD-Smart electronically dimmable windows as standard equipment on
      all models of its King Air aircraft: </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>The King Air 250 with
      first production during 2015;<BR>The King Air 350i with first production
      during 2015;<BR></FONT><FONT face="Times New Roman" size=2>The King Air
      C90GTx with first deliveries during the first quarter first quarter of
      2016. </FONT></P></TD></TR></TABLE><BR>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Dassault Aviation:
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>The new Falcon 5X, with
      first deliveries expected in 2020, will come with SPD-Smart electronically
      dimmable skylights as standard equipment. </FONT></P></TD></TR></TABLE>
<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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Aircraft manufacturers have
incorporated SPD-Smart electronically dimmable windows in mockups, with some of
these mockups being exhibited at major aviation shows:</FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>April 2015
  </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Vision Systems
      demonstrated its Nuance Touchless at the 2015 Aircraft Interiors Expo in
      Hamburg, Germany. The new system allows passengers to use gestures, much
      like those used to operate a smart phone, to control the tint of their
      aircraft windows, but without ever having to touch the window or any other
      aircraft interior component. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Isoclima showcased its
      CromaLite brand of SPD-Smart Electronically Dimmable Windows at the
      Aircraft Interiors Expo in Hamburg,
Germany.</FONT></P></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>March 2015:
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Vision Systems unveiled
      its SPD-Smart Opti-Visor electronically dimmable sun visor for the
      aircraft market at the Helicopter Association International Heli-Expo in
      Orlando, Florida. </FONT></P></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>October 2014:
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Epic Aircraft featured
      SPD-Smart windows in the mock-up of their E1000. The mock-up was unveiled
      at 2014 NBAA in Orlando, Florida. </FONT></P></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>October 2013:
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Dassault announced their
      Falcon 5X at the 2013 NBAA show in Las Vegas. In an aviation industry
      first, an SPD-Smart skylight was featured on the mock-up. The Falcon 5X
      will use SPD technology as standard equipment, and use of a skylight on an
      aircraft is an industry first </FONT></P></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>May 2013:
  </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Eurocopter featured
      SPD-Smart windows, and SPD-Smart cabin partitions, in the mock-up of their
      EC175 helicopter. The mock-up was unveiled at EBACE 2013 in Geneva,
      Switzerland. </FONT></P></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>October 2012:
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Honda Aircraft Company
      featured HondaJet SPD-Smart cabin windows at the 2012 National Business
      Aviation Association (NBAA) Annual Meeting &amp; Convention. The
      HondaJet&#146;s passenger windows will use SPD technology as standard
      equipment. SPD-Smart Nuance windows for the HondaJet went into production
      at Vision Systems new Melbourne, Florida factory and the HondaJet is
      currently expected to get FAA certification in the first half of 2015 and
      be delivered to customers shortly after that.
</FONT></P></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>November 2011:
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><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></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Tier 1 suppliers of cabin
systems have featured SPD-Smart electronically dimmable windows in mockups, with
some of these mockups being exhibited at major aviation shows:</FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>April 2014:
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>BAE Systems featured
      SPD-Smart electronically dimmable windows in their cabin management system
      mock-up at the 2014 Hamburg Airshow. The windows can be controlled by the
      BAE system. </FONT></P></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>April 2014:
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Vaupell featured
      SPD-Smart an electronically dimmable window in their commercial airliner
      window assembly at the 2014 Hamburg Airshow.
</FONT></P></TD></TR></TABLE>
<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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The latest generation of
SPD-Smart electronically dimmable windows 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=left><FONT face="Times New Roman" size=2>Level of darkness: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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, to meet the needs of OEMs and their
customers.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Switching speed:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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=left><FONT face="Times New Roman" size=2>Heat-blocking:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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=left><FONT face="Times New Roman" size=2>Other performance
benefits:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Noise-blocking: the
      ability to reduce the amount of noise transmitted through
      windows<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Curved shapes: the
      ability to offer curved windows to meet interior design
      needs<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Weight-reduction: the
      ability to fabricate dimmable windows using lightweight
      plastics<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>FAA certification: the
      ability to demonstrate full compliance with all FAA
    requirements</FONT></P></TD></TR></TABLE>
<P align=left><U><FONT face="Times New Roman" size=2>Aircraft Window Licensee -
InspecTech Aero Service Inc.</FONT></U></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Research Frontiers' licensee
InspecTech Aero Service Inc. markets its iShade and eShade brands 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 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 33 models of helicopters and commercial, corporate, and military
aircraft.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>InspecTech&#146;s SPD-Smart
aircraft windows 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=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>
<!-- PART B -->
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In 2015, InspecTech marked the
14-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>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>October 2012:<BR><BR><FONT face="Times New Roman" size=2>InspecTech announced enhancements to its electronics architecture used to
control iShades to enable the SPD-Smart windows to switch to their clearest
state in the event of a power loss &#150; 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></FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>October 2012: <BR><BR><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></FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>April 2011: <BR><BR><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></FONT></DIV>



<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>InspecTech has strategic
partners that manufacture traditional pleated shades, combining InspecTech&#146;s
SPD-Smart iShade dimmable window with a pleated shade. The integration of
InspecTech&#146;s iShade greatly enhances the flexibility and light-control
capability now available to these partners&#146; customers. SPD-Smart products offer
a combination of performance benefits in a single system &#150; view preservation,
variable shading, complete privacy, and a broader set of interior design options
with the addition of a pleated shade. Aircraft owners and operators can maintain
the soft fabrics and warm colors of traditional pleated or roller shades, and
benefit from the SPD-Smart film technology used in InspecTech&#146;s iShades. This
integration highlights the creative potential and adaptability of SPD
technology.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>At the end of 2015,
InspecTech&#146;s sales of its iShade and eShade brands of SPD-Smart dimmable windows
had extended to installation on 33 different aircraft models. </FONT></P>
<P align=left><U><FONT face="Times New Roman" size=2>Aircraft Window Licensee -
Vision Systems</FONT></U></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In December 2014, at the 2014
MEBA show in Dubai, U.A.E., Vision Systems unveiled a new generation of its
Energia photovoltaic autonomous SPD-Smart dimmable window &#150; the new product is
capable of producing more energy than <FONT STYLE="BACKGROUND-COLOR: transparent">the prior generation.</FONT> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In May 2014, at the 2014 EBACE
show in Geneva, Switzerland, Vision Systems unveiled a new SPD-Smart dimmable
window product that offers passengers the ability to independently control the
tint of different &#147;zones&#148; within the same window. At the same show, Vision
Systems announced an improvement in the optical performance of its Nuance
SPD-Smart dimmable windows &#150; a product offering wider amplitude between clear
and dark. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In October 2013, at the 2013
AIX Americas show, Vision System&#146;s strategic partner Vaupell announced they are
offering the industry a complete SPD-Smart light-control window system &#150; Vision
Systems&#146; SPD-Smart Noctis window and control system, integrated with Vaupell&#146;s
window assembly. This product offering was showcased at Vaupell&#146;s AIX Americas
booth. Vision Systems and Vaupell entered into a strategic partnership to
develop and offer SPD-Smart Noctis and Nuance windows to OEMs, including
Vaupell&#146;s longstanding customer Boeing.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In October 2013, at the 2013
NBAA, Vision Systems unveiled Energia &#150; the world&#146;s first self-powered dimmable
window for aircraft cabins. Energia adds the many practical, technical, and
financial benefits of solar power to the instant switching speed, wide range of
light transmission, and relief from light, glare and heat that SPD-Smart
aircraft windows already provide. Energia operates without using the aircraft&#146;s
electrical system because it integrates a transparent photovoltaic layer that is
capable of producing its own energy &#150; from the sun, or from artificial light
sources. Energia facilitates the installation of dimmable windows on new
production and aftermarket aircraft. It is completely independent of the cabin&#146;s
wiring, and no modifications to the aircraft&#146;s existing electrical system are
required. Energia was developed in collaboration with Sunpartner Technologies,
Vision Systems partner and the inventor and manufacturer of the transparent
photovoltaic panel. In March 2014, Vision Systems announced that Energia had
been selected as a finalist in the prestigious 2014 Crystal Cabin Award.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In June 2013 at the Paris Air
Show, Vision Systems announced it will open its first-ever U.S. SPD-SmartGlass
factory, investing nearly $1.2 million in capital expenditures to serve
customers with strong U.S. operations. The new factory was highlighted by
Florida Governor Rick Scott and Vision Systems President and CEO Carl Putman,
with Research Frontiers President and CEO Joseph M. Harary and others in
attendance for this special announcement. This announcement of a further
expansion to the United States indicates an acceleration of existing and
projected business in North and South America where major aircraft OEMs and
customers of Vision Systems are located, including HondaJet and
Gulfstream.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In April 2013, Vision Systems
debuted its new SPD-Smart window with integrated electronics and controls
directly on the window at the 2013 Hamburg Air Show. Developed with strategic
partner Vaupell, a world leader in the production of aircraft interior
subassemblies for commercial aerospace applications, it became the first
dimmable window with integrated electronics and control panel directly on the
aesthetically attractive window reveal. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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. Also 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=left><U><FONT face="Times New Roman" size=2>Aircraft Window Licensee -
GKN Aerospace Transparency Systems</FONT></U></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In October 2013, in a press
release at the 2013 NBAA in Las Vegas, GKN stated: &#147;In addition to the Global
7000/8000, the aircraft transparencies operation equips the Beechcraft KingAir,
the Lear 35/45 and 60 &#150; and the complete Embraer aircraft family. The company&#146;s
latest passenger windows are the largest and most effective on the market and
GKN Aerospace is developing new dimmable cabin management technology that will
include full cabin blackout &#150; providing passengers with new levels of comfort
and environmental control during their journey.&#148;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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. GKN Aerospace is the
world-leading supplier of cockpit transparencies and passenger cabin
windows.</FONT></P>
<P align=left><U><FONT face="Times New Roman" size=2>Aircraft Window Licensee -
Isoclima, S.p.A.</FONT></U></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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=left><I><FONT face="Times New Roman" size=2>SPD-Smart Architectural
Products:</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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.
(&#147;i-Glass&#148;), Innovative Glass, LTI
SmartGlass, Prelco, Isoclima, Traco (a business unit of Alcoa), Mecanica de
Vidros Industria E Comercio (&#147;MDV&#148;), and Tint-It JSC. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>At its annual stockholders
meeting in June 2015, Research Frontiers announced its strategic investment in
Zuli Inc. a manufacturer of smartplugs. At this meeting, Joseph Harary
demonstrated how the Zuli Smartplug integrates with SPD SmartGlass products. Mr.
Harary indicated that &#147;Using a Zuli Smartplug, you can walk into a room with
your smartphone, and have the lights automatically turn on, temperature adjust,
and the glass in your windows instantly go from an energy-saving dark tint, to
clear so you can see the magnificent views outside your home. Now, walk into
another room and have those lights and windows adjust too, while the Zuli
Smartplug automatically shuts off your devices in the room you left to save
energy.&#148; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In March 2015, it was
announced that Research Frontiers&#146; patented SPD-SmartGlass technology has been
selected as the exclusive smart glass for the USA Pavilion at this year&#146;s
World&#146;s Fair, Expo Milano 2015 from May through October, 2015. The USA Pavilion
312 large panels of SPD-SmartGlass manufactured under license from Research
Frontiers by Isoclima S.p.A. Each panel measures approximately 1 meter by 3
meters, making the total surface area in the roof more than 10,000 square feet.
This is the largest known installation of smart glass in the world for a roof
application, and was seen by over six million people. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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. In January 2011 a
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 "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." 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In November 2011, Research
Frontiers&#146; 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. Innovative Glass also periodically
exhibits 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 "Daybreak," the breakfast anchor program from ITV, one of
the UK's largest commercial television networks. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Research Frontiers has added a
number of new architectural licensees over the last several years. In 2014,
Research Frontiers added Teknoglass Solutions LLP and Diamond Glass. Teknoglass
Solutions LLP acquired a license from Research Frontiers Inc. to make and sell
SPD-SmartGlass architectural smart window products in the United Kingdom and
Republic of Ireland. Diamond Glass acquired a license from Research Frontiers
Inc. to make and sell SPD-SmartGlass architectural smart window products
throughout Europe. In November of 2013 Research Frontiers announced that it had
a new licensee, MDV, who is targeting the architectural market in Brazil. In
March of 2013 Research Frontiers announced that it had added two new licensees,
Tint-It JSC and Advnanotech, both of whom are targeting the architectural market
(in addition to the automotive aftermarket discussed previously) in
Russia.</FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>SPD-Smart Marine
Products:</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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. 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,
but is believed to currently be inactive and seeking to terminate its license
for SPD-SmartGlass technology for the marine market. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In November 2015, Silver
Arrows Marine in conjunction with Mercedes-Benz Style (a design arm of
Mercedes-Benz) unveiled a new yacht called the ARROW460 &#150; Granturismo featuring
an SPD-SmartGlass electronically dimmable roof. The roof, which is supplied by
licensee Vision Systems, will be able to be electrically risen, creating a
&#147;glass pergola&#148; effect on the yacht. First customer deliveries of this
production yacht are planned to start in early 2016. Vision Systems presented
its products at the 2015 Marine Equipment Trade Show in Amsterdam in November
2015 and at the Monaco Yacht Show in September 2015. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In November 2013, Hatteras
Yachts unveiled their new flagship motor yacht, the 100 Raised Pilothouse with
dual SPD-SmartGlass skylights in the galley as standard equipment at the 2013
Fort Lauderdale Boat Show. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 a major innovation that will benefit designers and owners
greatly - with comparatively little increase in cost.&#148; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In October 2011, Cheoy Lee
Shipyards unveiled the Alpha 76 Express, 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. 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 with SPD-SmartGlass. </FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>VariGuard Business
Unit:</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In May of 2013 Research
Frontiers announced the formation of its VariGuard business unit. This business
unit allows the Company to directly address market opportunities for SPD
technology outside the scope of its current license agreements or the focus of
its licensees. VariGuard is a developmental activity for the Company and its
revenues are currently immaterial relative to the Company&#146;s licensing
activities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The VariGuard business unit
markets and sells SPD-Smart products directly to customers for specialty uses
such as the protection of artwork and light-sensitive documents in museums and
private collections. The business uses an optimized fabrication designed
specifically for its exhibition panels. The production of these panels is
outsourced to current licensees that have experience producing SPD laminates.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Excessive light-exposure is a
leading cause of irreversible damage to many precious objects, particularly
works on paper, textiles and watercolor. Presently, no display system is able to
provide these artifacts with any protection against visible light damage.
VariGuard provides the world's first and only display panels that limit an
artifact's light-exposure only to when the artifact is being viewed. This
provides unequalled protection for light-sensitive artifacts by substantially
reducing an artifact's overall lux-hour exposure when compared to conventional
display panels.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>VariGuard marketing and
exhibition activities include: </FONT></P>
<DIV STYLE="padding-left: 15pt; font-size: 10pt; text-indent: -14.5pt; text-align: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>In September
2015, the Church History Museum, operated by The Church of Jesus Christ of
Latter-day Saints, installed 22 exhibit cases containing VariGuard SmartGlass
panels to protect light sensitive documents and artifacts. VariGuard panels
provide a better viewing experience (by allowing substantially higher gallery
illumination levels), while simultaneously reducing damaging visible
light-exposure to artifacts. </FONT></FONT></DIV>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>In August
2015, the Smithsonian&#146;s National Postal Museum selected VariGuard panels to
protect the 1856 British Guiana One Cent Magenta, the world&#146;s most famous rare
postage stamp. </FONT></FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>In May 2015, VariGuard exhibited its products at
the American Institute for Conservation of Historic and Artistic Works (&#147;AIC&#148;)
43rd annual meeting in Miami, FL. Seth Van Voorhees, President of the VariGuard
business unit commented: &#147;Our display panels offer the highest level of
protection against UV and visible light damage in the industry and they are
being used in cases, frames and wall cases to protect various light sensitive
artifacts in museums internationally. Reinforcing the benefits of VariGuard
panels and how they limit light exposure, the Smithsonian National Postal Museum
presented a paper at this meeting entitled &#147;(Year of Light) Lighten Up:
Enhancing Visitor Experiences,&#148; which will discuss the positive impact that
VariGuard panels have in protecting valuable artifacts and enhancing the visitor
experience.</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>In January 2015, VariGuard exhibited its display
panels at a Washington Conservation Guild meeting focused on innovative new
conservation technologies at the Smithsonian Institution&#146;s S. Dillon Ripley
Center in Washington, DC.</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>In November 2014, VariGuard was invited to present
at a meeting of the Washington Conservation Guild which was entitled:
&#147;Outsmarting Light: SmartGlass Technology in Exhibitions&#148;. At this meeting,
results of the light conservation benefits of its light control panels at the
National Postal Museum were reported. This study quantified the dramatic
reduction (&gt;86%) in light exposure that artifacts experienced in cases using
VariGuard display panels versus traditional glass display
panels.</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>In June 2014, VariGuard business unit announced
that the Smithsonian&#146;s National Postal Museum will use VariGuard&#146;s panels based
on SPD-SmartGlass technology at the &#147;Behind the Badge&#148; exhibition in Washington,
DC. This exhibit showcases the work of one of the nation&#146;s oldest federal law
enforcement agencies and VariGuard panels are featured in display cases that
showcase historic light-sensitive artifacts.</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>In January 2014, the VariGuard business unit
announced that Omega Moulding will distribute its patented light control
SmartGlass products for frames and display cases in the United States and
Canada. That month Omega Moulding showcased the benefits of VariGuard SmartGlass
products at the 15th Annual West Coast Art and Frame Expo and National
Conference in Las Vegas, NV.</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>In May 2013, VariGuard featured its panels in
several framing applications at Museum Expo 2013 at the Baltimore Convention
Center in Baltimore, MD.</FONT></DIV>
<P align=left><FONT face="Times New Roman" size=2>More information about
VariGuard can be found on its independent website at
www.VariGuard.com.</FONT></P>
<P align=left><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="LEFT" STYLE="text-indent: 15pt"><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 execute
complementary programs that build awareness and interest in smart glass
generally and demand for SPD-Smart products specifically. In 2014, 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. During 2014 the Company
gave: (i) keynote presentations at: (i) the Smart Glass at the sixth annual 2014
IDTechEx Energy Harvesting and Storage USA Conference in Santa Clara,
California and (ii) the 2014 IDTechEx Energy Harvesting and Storage Europe
Conference in Berlin, Germany. In addition, the Company presented the benefits
and recent developments relating to patented SPD-SmartGlass at the glass
industry&#146;s largest trade show, Glasstec 2014 in Dusseldorf, Germany. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=center><FONT face="Times New Roman" size=2>14</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As part of this mission to
develop the industry and to support our licensees&#146; acquiring SPD projects,
Research Frontiers completed the construction of the SPD-SmartGlass Design
Center. This Center is also configured as an interactive and energy-efficient
"smart" 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
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="LEFT" STYLE="text-indent: 15pt"><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=left><B><U><FONT face="Times New Roman" size=2>Licensees of Research
Frontiers:</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company&#146;s licensees are
currently 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, Diamond Sea Glaze and Film Technologies International
are pursuing business activities with respect to SPD technology. The Company and
licensee N.V. Bekaert, S.A mutually agreed to terminate their license agreement
during 2008 for reasons unrelated to SPD technology. Similarly, the Company and
SPD Control Systems agreed to terminate their license agreement in December
2014. The loss of SPD Control Systems as a licensee: (i) is not expected to have
a material effect on the financial performance of the Company in the future, and
(ii) resulted in a grant back to Research Frontiers of certain rights in SPD
Control Systems&#146; intellectual property. 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="LEFT" STYLE="text-indent: 15pt"><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=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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><B><U><FONT face="Times New Roman" size=2>Competitive
Technologies:</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company believes that SPD
light-control technology, in which particles move under the influence of an
electric field, has certain performance advantages over other &#147;smart glass&#148;
technologies. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Similarly, thermochromic smart
windows are passive systems which change their light 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>There are three main types of
active devices which are compared below:</FONT></P>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>Electrochromic
devices (EC)</FONT></FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>Liquid crystal devices (LC) </FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>Suspended-particle devices (SPD)</FONT></DIV>
<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=left><I><FONT face="Times New Roman" size=2>Electrochromic Technology:
</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>significantly faster response time, especially
compared to larger electrochromic glazings</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>ability to precisely &#147;tune&#148; an infinite number of
intermediate light-transmission states</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>consistent and uniform switching speed regardless
of size of glazing area</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>more reliable performance over a wider temperature
range</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>higher contrast ratios and the capability of
achieving darker shaded states for large area product
applications</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><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></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>lower electrical current drain</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>higher estimated battery life in applications
where batteries are used</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><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></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><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></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>available in single panels for retrofitting
existing windows, skylights and doors</FONT></DIV>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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 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 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=left><I><FONT face="Times New Roman" size=2>Liquid Crystal
Technology:</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>have less haze</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>provide shading without loss of
view</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>operate over a wider temperature
range</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>use less power</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>have higher contrast ratios</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>absorb and block more light, rather than simply
scatter it</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>permit an infinite number of intermediate states
between a transparent state and a dark blue state, rather than being just two
states.</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>offer superior solar heat gain
control</FONT></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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=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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 that manufacture 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=left><B><U><FONT face="Times New Roman" size=2>Research and
Development:</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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, windows, 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During the past few <FONT STYLE="BACKGROUND-COLOR: transparent">years the</FONT> 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. These advances have resulted in two patents being issued to
the Company by the US patent office and the corresponding foreign patent
applications are pending.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><FONT face="Times New Roman" size=2>Research Frontiers&#146; main goals
in its research and development include:</FONT></P>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>developing wider ranges of light transmission and
quicker switching speeds</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>developing different colored
particles</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>reducing the voltage required to operate
SPDs</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2>obtaining data and developing improved materials
regarding environmental stability and longevity</FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><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 <FONT STYLE="BACKGROUND-COLOR: transparent">designs</FONT></FONT></DIV><BR>
<DIV style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-INDENT: -14.5pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">continually</FONT> striving to improve the performance
and reducing material/production costs associated with making SPD-Smart products
</FONT></DIV>
<P 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Excluding non-cash expenses of
approximately <FONT STYLE="BACKGROUND-COLOR: transparent">$146,000,</FONT> $219,000, and $648,000, associated with the grant of
stock options and restricted stock to the Company&#146;s technical personnel,
Research Frontiers incurred approximately $1,442,000, $1,403,000, and
$1,555,000, during the years ended December 31, 2015, 2014, and 2013,
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=left><B><U><FONT face="Times New Roman" size=2>Patents and Proprietary
Information:</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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 23 United States and 187 foreign patents in
force. The Company&#146;s United States patents expire at various dates from 2017
through 2033, while its foreign patents expire at various dates from 2016
through 2033. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><B><U><FONT face="Times New Roman" size=2>Rights
Plan:</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 (&#147;Record Time&#148;) and authorized the issuance of one
Right in respect of each share of Common Stock issued after the Record Time and
prior to the Separation Time. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Separation Time&#148; shall mean
the earlier of the Close of Business on the tenth Business Day (or such later
date as the Board of Directors may from time to time fix by resolution adopted
prior to the Separation Time that otherwise would have occurred) following but
not including (i) the date on which any Person commences a tender or exchange
offer that, if consummated, would result in such Person&#146;s becoming an Acquiring
Person, and (ii) the date of the first event causing a Flip-in Date to occur;
provided that if any tender or exchange offer referred to in clause (i) of this
paragraph is cancelled, terminated or otherwise withdrawn prior to the
Separation Time without the purchase of any shares of Common Stock pursuant
thereto, such offer shall be deemed, for purposes of this paragraph, never to
have been made. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>Available
Information:</FONT></U></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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
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><B><FONT face="Times New Roman" size=2></FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 1A.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>RISK
FACTORS</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><B><I><FONT face="Times New Roman" size=2>Source and Need for
Capital.</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As of December 31, 2015, we
had approximately $7.2 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><B><I><FONT face="Times New Roman" size=2>History of Operating
Losses.</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, 2015, we had a cumulative net
loss of <FONT STYLE="BACKGROUND-COLOR: transparent">$102,410,558</font> since our inception. Our net loss was <FONT STYLE="BACKGROUND-COLOR: transparent">$4,279,856</font> in 2015,
<FONT STYLE="BACKGROUND-COLOR: transparent">$4,413,722</font> in 2014, and $6,040,611 in 2013 (which includes non-cash accounting
charge in 2015, 2014 and 2013 of <FONT STYLE="BACKGROUND-COLOR: transparent">$725,016</font>, $1,042,917, and $2,914,904
respectively, resulting from the expensing of grants of restricted stock and
stock options).</FONT></P>
<P align=left><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><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="LEFT" STYLE="text-indent: 15pt"><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=center><FONT face="Times New Roman" size=2>20</FONT></P>

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

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!-- PART C -->
<P align=left><B><I><FONT face="Times New Roman" size=2>SPD-Smart products have
only recently been introduced.</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><B><I><FONT face="Times New Roman" size=2>Single source of SPD
film.</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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=left><B><I><FONT face="Times New Roman" size=2>We are dependent on key
personnel.</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><B><I><FONT face="Times New Roman" size=2>Dependence on SPD-Smart
technology.</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 1B.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>UNRESOLVED
STAFF COMMENTS</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>None</FONT></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 2.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>PROPERTIES</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company currently occupies
approximately 9,500 square feet of space at an annual rental which in 2015 was
approximately $181,000 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 March 31, 2025. The Company believes that its space, including
its laboratory facilities, is adequate for its present needs.</FONT></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 3.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>LEGAL
PROCEEDINGS</FONT></U></B></P>
<P align=left><I><FONT face="Times New Roman" size=2>Research Frontiers Inc. v.
E Ink Corporation et al</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On July 12, 2013, Research
Frontiers Inc. initiated a lawsuit against E Ink Corporation; E Ink Holdings,
Inc. (f/k/a Prime View International Co., Ltd.); Amazon.com, Inc.; Sony
Electronics Inc.; Sony Corporation; Barnes &amp; Noble, Inc.; and
Barnesandnoble.com LLC in the United States District Court for the District of
Delaware for patent infringement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Research Frontiers seeks an
injunction in addition to monetary damages and pre-judgment interest and other
relief. In this lawsuit, Research Frontiers asserts infringement by the named
defendants of United States Patent No. 6,606,185, entitled "SPD Films and Light
Valves Comprising Liquid Suspensions of Heat-Reflective Particles of Mixed Metal
Oxides and Methods of Making Such Particles," and United States Patent No.
5,463,491, entitled "Light Valve Employing a Film Comprising an Encapsulated
Liquid Suspension, and Method of Making Such Film." </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On December 2, 2013 Research
Frontiers amended its complaint and asserted an additional claim of United
States No. 6,271,956 entitled &#147;Method and Materials for Enhancing the Adhesion
of SPD Films, and Light Valves Comprising Same.&#148; No hearing or trial dates have
been set. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On August 2014, the US Patent
and Trademark Office Board declined a petition by E Ink Corporation to
invalidate certain claims (1-2, 14-20, 22-27, and 29) of the 6,606,185 patent.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On November 1, 2015, the Claim
Construction Hearing was held before Magistrate Judge Christopher J. Burke. A
ruling from the Court regarding this hearing is expected in the near future.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In general, many patent
infringement lawsuits end in a negotiated settlement before trial; lawsuits that
do not settle, however, can often last more than two to three years from the
date the complaint is filed until a trial is concluded. The timeframe is
influenced by a number of factors specific to each case. Also in the course of a
typical patent litigation, defendants often attempt to challenge the
infringement, validity, scope, and enforceability of certain of plaintiff&#146;s
patents. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any action we take to protect
intellectual property rights could be costly and could require significant
amounts of time by key members of executive management and other personnel.
Research Frontiers entered into a contingency agreement with its legal counsel
regarding this matter that reduces the Company&#146;s exposure to the costs
associated with the prosecution of this litigation.</FONT></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 4.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>MINE SAFETY
DISCLOSURES</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>N/A </FONT><B><FONT face="Times New Roman" size=2></FONT></B></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=center><B><U><FONT face="Times New Roman" size=2>PART
II</FONT></U></B><B><FONT face="Times New Roman" size=2></FONT></B></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><B><U><FONT face="Times New Roman" size=2>ITEM 5.</FONT></U></B>&nbsp;<B> </B></TD>

    <TD vAlign=top align=left width="99%">
      <P align=left><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></P></TD></TR></TABLE><BR>
<P align=left><B><U><FONT face="Times New Roman" size=2>(a) Market
Information</FONT></U></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</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>The Company&#146;s common stock is traded on the
      NASDAQ Capital Market under the symbol &#147;REFR&#148;. As of March 7, 2016, there
      were 24,043,846 shares of common stock outstanding.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><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></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Quarter Ended</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=2>Low</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=2>High</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;March 31, 2014</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.17</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.60</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;June 30, 2014</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.28</FONT></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%"><FONT face="Times New Roman" size=2>6.24</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;September 30, 2014</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.58</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.09</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;December 31, 2014</FONT></TD>
    <TD noWrap align=right width="1%"></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%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.70</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;March 31, 2015</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.91</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.63</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;June 30, 2015</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.31</FONT></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%"><FONT face="Times New Roman" size=2>6.39</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;September 30, 2015</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.55</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.97</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;December 31, 2015</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.34</FONT></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%"><FONT face="Times New Roman" size=2>5.40</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR></TABLE></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>(b) Approximate Number
of Security Holders</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As of March 7, 2016, there
were approximately 400 holders of record of the Company&#146;s common stock and the
closing price of our common stock was <FONT STYLE="BACKGROUND-COLOR: transparent">$4.56</FONT> per share. The Company estimates
that there are approximately 6,900 beneficial holders of the Company&#146;s common
stock.</FONT> <B><FONT face="Times New Roman" size=2></FONT></B></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>(c)
Dividends</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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> <B><FONT face="Times New Roman" size=2></FONT></B></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>(d) Issuer Purchases of
Equity Securities</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>None.</FONT> <B><FONT face="Times New Roman" size=2></FONT></B></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=left><B><U><FONT face="Times New Roman" size=2>ITEM 6.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>SELECTED
FINANCIAL DATA</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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 2015, 2014, and 2013 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 vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="28%" colSpan=19><FONT face="Times New Roman" size=2>Year ended December
  31,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" 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" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Statement of Operations Data:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=2>Fee
      income</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,010,673</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,598,799</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>2,161,359</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><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%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>845,982</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=21>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Operating expenses (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,783,730</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,425,718</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,036,792</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,101,592</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,618,635</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><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="3%"><FONT face="Times New Roman" size=2>1,601,986</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>1,621,964</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="2%"><FONT face="Times New Roman" size=2>2,203,326</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>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="3%"><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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      Expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,385,716</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,047,682</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,240,118</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,773,464</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,009,324</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=21>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><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="3%"><FONT face="Times New Roman" size=2>(4,375,043</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>(4,448,883</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="2%"><FONT face="Times New Roman" size=2>(6,078,759</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>(3,816,128</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>(4,163,342</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=21>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net
      investment income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>43,319</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>35,161</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>38,148</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33,171</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>29,274</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=2>Income tax beneifit</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><FONT STYLE="BACKGROUND-COLOR: transparent">-</font></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>-</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="2%"><FONT size=2 face="Times New Roman">-</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>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="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(4,331,724</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(4,413,722</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(6,040,611</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(3,169,560</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(4,134,068</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=21>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><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="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="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="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 vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common
      share</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.18</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.19</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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(0.26</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.22</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Dividends per share</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=21>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><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="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="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="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 vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=2>common shares outstanding</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>24,007,974</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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>23,663,229</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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>22,946,019</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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>20,125,309</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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>18,538,041</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=21>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=21>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="28%" colSpan=19><FONT face="Times New Roman" size=2>As of December 31,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" 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" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2>2011</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance Sheet Data:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current
      assets</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>8,677,425</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>10,367,561</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>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>11,945,295</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><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="3%"><FONT face="Times New Roman" size=2>4,312,104</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9,547,208</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12,564,854</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12,032,265</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>14,415,067</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,417,137</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=2>&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%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9,078,996</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>12,082,170</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="2%"><FONT face="Times New Roman" size=2>11,869,937</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>14,172,675</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>4,107,198</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><B><FONT face="Times New Roman" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Reflects non-cash
      charges of <FONT STYLE="BACKGROUND-COLOR: transparent">$578,723</font>, $823,584, $2,266,610, $841,511, and $693,015, to
      operating expenses, and non-cash charges of <FONT STYLE="BACKGROUND-COLOR: transparent">$146,293</font>, $219,333, $648,294,
      $143,026, and $108,345, to research and development expenses relating to
      the issuance of stock and stock options in 2015, 2014, 2013, 2012, and
      2011, respectively which increased the Company&#146;s net loss for 2015, 2014,
      2013, 2012, and 2011, by <FONT STYLE="BACKGROUND-COLOR: transparent">$725,016</font>, $1,042,917, $2,914,904, $984,529, and
      $801,360, respectively.</FONT></TD></TR></TABLE>
<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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2><B><U>ITEM 7.</U></B>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%"><B><U><FONT face="Times New Roman" size=2>MANAGEMENT&#146;S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      </FONT></U></B><B><U><FONT face="Times New Roman" size=2>OPERATIONS</FONT></U></B><B><FONT face="Times New Roman" size=2>
      </FONT></B></TD></TR></TABLE><BR>
<P align=left><I><FONT face="Times New Roman" size=2>Forward-Looking
Statements</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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; 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</FONT></I><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><B><U><FONT face="Times New Roman" size=2>Critical Accounting
Policies</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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,
"Summary of Significant Accounting Policies.&#148;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 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="LEFT" STYLE="text-indent: 15pt"><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, the
Company is 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 and are marked to market quarterly using the Black-Scholes option
valuation model. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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=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=left><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=left><B><I><FONT face="Times New Roman" size=2>Overview
</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The majority of the Company's
fee income comes from the activities of several licensees participating in the
automotive market. The Company currently believes that the automotive market
will be the largest source of its royalty income over the next several years.
The Company's royalty income from this market may be influenced by numerous
factors including various trends affecting demand in the automotive industry and
the rate of introduction of new technology in OEM product lines. In addition to
these macro factors, the Company's royalty income from the automotive market
could also be influenced by specific factors such as whether the Company's
SPD-SmartGlass technology appears as standard equipment or as an option on a
particular vehicle, the number of additional vehicle models that SPD-SmartGlass
appears on, the size of each window on a vehicle and the number of windows on a
vehicle that use SPD &#172;SmartGlass, fluctuations in the total number of vehicles
produced by a manufacturer, and in the percentage of cars within model like
produced with SPD-SmartGlass, and changes in pricing or exchange
rates.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Year ended December 31,
2015 Compared to the Year ended December 31, 2014 </FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company&#146;s fee income from
licensing activities for the year ended December 31, 2015 was <FONT STYLE="BACKGROUND-COLOR: transparent">$2,007,482</font>, as
compared to $1,598,799 for the year ended December 31, 2014. Most of the
increase in fee income during this period was a result of: (i) higher fee income
resulting from a full year of production of the new Mercedes-Benz S-Class Coupe
(with the Magic Sky Control panoramic roof option), and (ii) higher fee income
resulting from a production of the Extra-Long Wheel Base (X222) and the Long
Wheel Base (V222) (all with the Magic Sky Control panoramic roof option), which
began late in the year. Royalty revenue levels attributable to sales of the
S-Class are expected to accelerate in 2016 from a full year of production of
these S-Class vehicles. Cost reductions in the price of SPD-SmartGlass due to
production efficiencies were a significant factor enabling this higher
production volume. The Company expects that lower pricing per square foot of the
Company&#146;s technology could expand the market opportunities, adoption rates, and
revenues for its technology in automotive and non-automotive applications.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 <FONT STYLE="BACKGROUND-COLOR: transparent">payments. </FONT></FONT><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">As of December 31, 2015 and December 31, 2014, there was no material impact on revenue as a result of recognizing deferred revenue in the consolidated statement of operations.
</FONT></FONT></P>


<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">Because</FONT> 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Operating expenses increased
by <FONT STYLE="BACKGROUND-COLOR: transparent">$316,448</font> for the year ended December 31, 2015 to <FONT STYLE="BACKGROUND-COLOR: transparent">$4,742,166</font> from $4,425,718
for the year ended December 31, 2014. This increase was the result of higher bad
debt expenses ($193,000), depreciation of trade show displays ($110,000), as
well as higher professional fees ($53,000). Included in operating expenses are
approximately <FONT STYLE="BACKGROUND-COLOR: transparent">$579,000</font> and $824,000 of non-cash compensation charges for the
years ended December 31, 2015 and 2014, respectively. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Research and development
expenditures decreased by <FONT STYLE="BACKGROUND-COLOR: transparent">$33,473</font> to <FONT STYLE="BACKGROUND-COLOR: transparent">$1,588,491</font> for the year ended December 31,
2015 from $1,621,964 for the year ended December 31, 2014. This decrease was the
result of lower payroll and related costs <FONT STYLE="BACKGROUND-COLOR: transparent">($100,000)</font> partially offset by higher
material costs ($32,000) as well as higher allocated insurance costs ($37,000).
Included in research and development expenses are approximately <FONT STYLE="BACKGROUND-COLOR: transparent">$146,000</font> and
$219,000 of non-cash compensation charges for the years ended December 31, 2015
and 2014, respectively.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company&#146;s net investment
income for the year ended December 31, 2015 was $43,319 as compared to $35,161
for the year ended December 31, 2014. The difference was primarily due to
greater interest earned from cash balances available for investment. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No income tax benefit or
expense was recorded for the years ended December 31, 2015 and 2014. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As a consequence of the
factors discussed above, the Company's net loss was <FONT STYLE="BACKGROUND-COLOR: transparent">$4,279,856</font> (<FONT STYLE="BACKGROUND-COLOR: transparent">$0.18</font> per common
share) for the year ended December 31, 2015 as compared to $4,413,722 ($0.19 per
common share) for the year ended December 31, 2014. </FONT></P>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>Year ended December 31,
2014 Compared to the Year ended December 31, 2013 </FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company&#146;s fee income from
licensing activities for the year ended December 31, 2014 was $1,598,799, as
compared to $2,161,359 for the year ended December 31, 2013. Most of the
decrease in fee income during this period was a result of (1)
non-recurring revenue recorded in the first quarter of 2013 such as
one-time payments by several licensees that did not recur in 2014, and (2) a
reduction in automotive fee income resulting from (A) a pre-scheduled shut down
for maintenance and other modifications of the factory lines producing the
Mercedes-Benz SLK and SL roadsters, (B) lower productions levels of these
roadsters which are typical for cars several years after their redesign, (C) a
strengthening of the US dollar as compared to the euro during 2014 (the
Company&#146;s most active automotive licensees sell SPD-SmartGlass products to
automotive OEMs in euros), and (D) cost reductions in the price of
SPD-SmartGlass due to production efficiencies and higher production volumes.
These productions efficiencies are expected to continue and accelerate with the
introduction of the higher vehicle production volumes for the Mercedes-Benz S
Class models going forward, and the Company expects that lower pricing per
square foot of the Company&#146;s technology could expand the market opportunities,
adoption rates, and revenues for its technology in automotive and non-automotive
applications. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Production of the new
Mercedes-Benz S-Class Coupe, which offers the Magic Sky Control panoramic roof
option using the Company's SPD-SmartGlass technology, began in June 2014.
Beginning in the third quarter of 2014, the Company began receiving royalty
revenues from the S-Class in excess of minimum annual royalty levels which
therefore will be accretive to the Company's royalty revenue. Royalty revenue
levels attributable to sales of the S-Class <FONT STYLE="BACKGROUND-COLOR: transparent">accelerated</FONT> in 2015
from the introduction of the S-Class Coupe <FONT STYLE="BACKGROUND-COLOR: transparent">and Maybach</FONT>. In addition, the acceleration of
royalty revenue will be aided from the introduction of the Extra-Long Wheel Base
(X222) with the Magic Sky Control panoramic roof option expected in dealer
showrooms in the first quarter of 2015. <FONT STYLE="BACKGROUND-COLOR: transparent">As of</FONT> second half of 2015, several
higher unit volume S-Class Sedan variants with the Magic Sky Control panoramic
roof option, such as the Long Wheel Base (V222) and Standard Wheel Base (W222), <FONT STYLE="BACKGROUND-COLOR: transparent">became</FONT>
 available in dealer showrooms. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Operating expenses decreased
by $1,611,074 for the year ended December 31, 2014 to $4,425,718 from $6,036,792
for the year ended December 31, 2013. This decrease was principally the result
of lower payroll and related costs ($864,000), plus lower director&#146;s fees and
expenses ($569,000) and lower marketing costs ($142,000). Included in operating
expenses are approximately $824,000 and $2,267,000 of non-cash compensation
charges for the years ended December 31, 2014 and 2013, respectively. The
reduction of non-cash compensation charges for the year ended December 31, 2014
versus the year ended December 31, 2013 relates principally to the timing of the
Company&#146;s annual grant of common stock and options granted to directors,
employees and consultants.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Research and development
expenditures decreased by $581,362 to $1,621,964 for the year ended December 31,
2014 from $2,203,326 for the year ended December 31, 2013. This decrease was
principally the result of lower payroll and related costs ($436,000) as well as
lower materials and project costs ($94,000). Included in research and
development expenses are approximately $219,000 and $648,000 of non-cash
compensation charges for the years ended December 31, 2014 and 2013,
respectively. The reduction of non-cash compensation charges for the year ended
December 31, 2014 versus the year ended December 31, 2013 relates principally to
the timing of the Company&#146;s annual grant of common stock and options granted to
employees. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company&#146;s net investment
income for the year ended December 31, 2014 was $35,161 as compared to $38,148
for the year ended December 31, 2013. The difference was primarily due to
interest from lower cash balances available for investment. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No income tax benefit or
expense was recorded for the years ended December 31, 2014 and 2013. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As a consequence of the
factors discussed above, the Company's net loss was $4,413,722 ($0.19 per common
share) for the year ended December 31, 2014 as compared to $6,040,611 ($0.26 per
common share) for the year ended December 31, 2013. </FONT></P>
<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>
<P align=left><B><U><FONT face="Times New Roman" size=2>Financial Condition,
Liquidity and Capital Resources</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During 2015, the Company&#146;s
cash and cash equivalents balance decreased by $1,857,227 principally as a
result of cash used for operations of <FONT STYLE="BACKGROUND-COLOR: transparent">$3,580,812</font> and cash used for the purchase
of property and equipment of <FONT STYLE="BACKGROUND-COLOR: transparent">$316,185</font> partially offset by cash proceeds from the
maturity of a certificate of deposit of $1,491,295 as well as net proceeds of
$548,475 from the exercise of options and warrants. At December 31, 2015 the
Company had working capital of <FONT STYLE="BACKGROUND-COLOR: transparent">$8,206,022</font> and total shareholders&#146; equity of
<FONT STYLE="BACKGROUND-COLOR: transparent">$9,075,805</font>. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During 2014, the Company&#146;s
cash and cash equivalents balance increased by $1,703,414 principally as a
result of cash proceeds from issuances of common stock and exercise of options
and warrants of $3,583,038 as well as proceeds from sale of short-term
investment of $5,076,930 partially offset by cash used for operations of
$3,323,815, net cash invested in certificates of deposits of $3,005,079 and cash
used for the purchase of fixed assets of $627,660. At December 31, 2014, the
Company had working capital of $9,884,877 and total shareholders&#146; equity of
$12,082,170. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During 2013, the Company's
cash and cash equivalents balance decreased by $2,524,110 principally as a
result of cash used for operations of $3,244,859, partially offset by proceeds
from the exercise of options and warrants of $795,294. At December 31, 2013, the
Company had working capital of $11,782,967 and total shareholders&#146; equity of
$11,869,937. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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 foreseeable 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=left><B><U><FONT face="Times New Roman" size=2>Inflation</FONT></U></B></P>
<P align=left><FONT face="Times New Roman" size=2>The Company does not believe
that inflation has a significant impact on its business. </FONT><B><FONT face="Times New Roman" size=2></FONT></B></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>Contractual
Obligations</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company occupies premises
under an operating lease agreement which was to expire on March 31, 2025 and
requires minimum annual rent which rises over the term of the lease to
approximately $222,000, plus tenant&#146;s share of applicable taxes. These lease
obligations are summarized over time as of December 31, 2015:</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="90%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=14><FONT face="Times New Roman" size=2>Payments due by
period</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face="Times New Roman" size=2>&lt;1 year</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face="Times New Roman" size=2>1-3 years</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face="Times New Roman" size=2>4-5 years</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face="Times New Roman" size=2>&gt;5 years</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=2><FONT face="Times New Roman" size=2>Total</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Operating lease obligations</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>174,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>366,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>388,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>905,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,833,000</FONT></TD></TR></TABLE><BR>
<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=left><B><U><FONT face="Times New Roman" size=2>Off-Balance Sheet
Arrangements</FONT></U></B></P>
<P align=left><FONT face="Times New Roman" size=2>We have no variable interest
entities or other off-balance sheet obligation arrangements. </FONT><B><FONT face="Times New Roman" size=2></FONT></B></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>Related Party
Transactions</FONT></U></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>None.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>Forward Looking
Statements</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 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.</FONT></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 7A.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>QUANTITATIVE
AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><B><U><FONT face="Times New Roman" size=2>ITEM 8.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2><B><U>ITEM 9.</U></B>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><B><U><FONT face="Times New Roman" size=2>CHANGES IN AND
      DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
      </FONT></U></B><B><U><FONT face="Times New Roman" size=2>FINANCIAL
      DISCLOSURE</FONT></U></B><B><FONT face="Times New Roman" size=2>
      </FONT></B></P></TD></TR></TABLE><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>None. </FONT></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM
9A.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>CONTROLS AND PROCEDURES</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Conclusion Regarding the
Effectiveness of Disclosure Controls and Procedures</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, 2015 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, 2015 that has materially affected, or is reasonably likely to
materially affect, the Company's internal control over financial
reporting.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>Management&#146;s Report on
Internal Control over Financial Reporting</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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 (2013) our management concluded that our internal control over
financial reporting was effective as of December 31, 2015.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The effectiveness of our
internal control over financial reporting as of December 31, 2015 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>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Report of Independent
Registered Public Accounting Firm</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>The Shareholders and Board of
Directors<BR>Research Frontiers Incorporated<BR>Woodbury, New York </FONT><FONT face="Times New Roman"></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have audited Research
Frontiers Incorporated&#146;s internal control over financial reporting as of
December 31, 2015, based on criteria established in Internal Control-Integrated
Framework (2013) 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In our opinion, Research
Frontiers Incorporated maintained, in all material respects, effective internal
control over financial reporting as of December 31, 2015, based on the COSO
criteria.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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), the consolidated balance sheets of Research Frontiers
Incorporated as of December 31, 2015 and 2014, 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, 2015 and our report dated March 10,
2016 expressed an unqualified opinion thereon. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>/s/ BDO USA, LLP<BR>Melville,
New York<BR>March 10, 2016</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>
<!-- PART D -->
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 9B.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>OTHER
INFORMATION</FONT></U></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>None.</FONT></P>
<P align=center><B><U><FONT face="Times New Roman" size=2>PART
III</FONT></U></B></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 10.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>DIRECTORS, EXECUTIVE
OFFICERS AND CORPORATE GOVERNANCE</FONT></U></B></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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
29, 2016. </FONT></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 11.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>EXECUTIVE
COMPENSATION</FONT></U></B></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 29, 2016.
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 vAlign=bottom>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: left; vertical-align: top"><B><U><FONT face="Times New Roman" size=2 >ITEM 12.</FONT></U></B><FONT face="Times New Roman" size=2>&nbsp;</font></TD>
    <TD STYLE="text-align: left; width: 100%"><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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 29,
2016.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"><B><U><FONT face="Times New Roman" size=2 >ITEM 13.</FONT></U></B><FONT face="Times New Roman" size=2>&nbsp;</font></TD>
    <TD noWrap align=left width="100%"><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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 29,
2016.</FONT></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM 14.</FONT></U></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>PRINCIPAL ACCOUNTANT
FEES AND SERVICES</FONT></U></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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 29, 2016.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>32</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
IV</FONT></U></B></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>ITEM
15.</FONT></u></B>&nbsp;<B><U><FONT face="Times New Roman" size=2>EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K</FONT></U></B></p>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>(a)(1) and (2)
</FONT></B><B><U><FONT face="Times New Roman" size=2>Financial Statements and
Financial Statement Schedules</FONT></U></B></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 vAlign=bottom>
    <TD noWrap align=justify width="98%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face="Times New Roman" size=2 >Page</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Report of
      Independent Registered Public Accounting Firm</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >F-1</FONT></TD></TR>
  <TR>
    <TD noWrap align=justify width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >Consolidated
      Financial Statements:</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR>
    <TD noWrap align=justify width="98%">&nbsp;</TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Consolidated Balance Sheets,</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      December 31, 2015 and 2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >F-2</FONT></TD></TR>
  <TR>
    <TD noWrap align=justify width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Consolidated Statements of Operations,</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Years ended December 31, 2015, 2014 and 2013</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 >F-3</FONT></TD></TR>
  <TR>
    <TD noWrap align=justify width="98%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Consolidated Statements of Shareholders&#146; Equity,</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Years ended December 31, 2015, 2014 and 2013</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >F-4</FONT></TD></TR>
  <TR>
    <TD noWrap align=justify width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Consolidated Statements of Cash Flows,</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Years ended December 31, 2015, 2014 and 2013</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 >F-5</FONT></TD></TR>
  <TR>
    <TD noWrap align=justify width="98%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Notes to
      Consolidated Financial Statements</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >F-6</FONT></TD></TR>
  <TR>
    <TD noWrap align=justify width="98%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >Schedule II
      - Valuation and Qualifying Accounts</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 >F-19</FONT></TD></TR></TABLE><BR>
<P ALIGN="left"><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><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><STRONG><FONT size=2 face="Times New Roman">(a)(3)</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=justify width="2%"><STRONG><FONT size=2 face="Times New Roman">Exhibits</FONT></STRONG></TD>
    <TD vAlign=top align=justify width="94%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >3.1</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0 colSpan=2>
      <P align=left><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=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">3.2</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%" colSpan=2><FONT size=2 face="Times New Roman">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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">4.1</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0 colSpan=2><FONT size=2 face="Times New Roman">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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">4.2</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%" colSpan=2><FONT size=2 face="Times New Roman">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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">4.3</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0 colSpan=2><FONT size=2 face="Times New Roman">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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0 colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.1A*</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%" colSpan=2><FONT size=2 face="Times New Roman">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></TD></TR></TABLE><BR>
<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>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.1B*</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>
      <P align=left><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=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT face="Times New Roman" size=2>10.1C*</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT face="Times New Roman" size=2>Amendment to Employment Agreement effective as of June 12, 2014
      between the Company and Joseph M. Harary. Previously filed as an Exhibit
      to the Company&#146;s Current Report on Form 8-K dated June 13, 2014 and
      incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%">&nbsp;</TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.1D*</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Employment Agreement
      effective as of January 1, 2014 between the Company and Seth L. Van
      Voorhees Previously filed as an Exhibit to the Company&#146;s Current Report on
      Form 10-K dated December 31, 2013 and incorporated herein by
      reference.</FONT></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>10.2*</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#ffffff><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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.3*</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>10.31*</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#ffffff><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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.4*</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>10.5</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#ffffff><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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.5.1</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>10.5.2</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#ffffff><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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.5.3</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>10.5.4</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#ffffff><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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.5.5</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>
      <P align=left><FONT face="Times New Roman" size=2>Fifth Amendment to
      Lease dated February 21, 2014 between the Company and CLK-HP 230-240
      CROSSWAYS PARK LLC and LAKE PARK 230-240 CROSSWAYS PARK LLC. Previously
      filed as an exhibit to the Company&#146;s Annual Report on Form 10-K for the
      fiscal year ended December 31, 2013 and incorporated herein by
      reference.</FONT></P></TD></TR></TABLE><br>
<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>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >10.6</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>
      <P align=left><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=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.7</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.8</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.9</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%">
      <P align=left><FONT size=2 face="Times New Roman">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></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.10</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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 vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.11</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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 vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.12</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.13</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%">
      <P align=left><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'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>35</FONT></P>
<HR align=center width="100%" noShade size="2">

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

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >10.14</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.15</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.16</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.17</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.18</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.19</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.20</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.21</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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>36</FONT></P>
<HR align=center width="100%" noShade size="2">

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

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>
      <P align=left><FONT face="Times New Roman" size=2>10.22 </FONT></P></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.23<FONT face="Times New Roman"></FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.24<FONT face="Times New Roman"></FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" size=2>10.25</FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.26<FONT face="Times New Roman"></FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.27</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.28</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.29</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.30</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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>37</FONT></P>
<HR align=center width="100%" noShade size="2">

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

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.31</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.32</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.33</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.34</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.35</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.36</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.37</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.38</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.39</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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>38</FONT></P>
<HR align=center width="100%" noShade size="2">

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

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.40</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.41<FONT face="Times New Roman"></FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.42<FONT face="Times New Roman"></FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" size=2>10.43</FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" size=2>10.44<FONT face="Times New Roman" size=2> </FONT></FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.45<FONT face="Times New Roman"></FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.46</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">License Agreement effective as of March 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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.47</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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 vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.48</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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>39</FONT></P>
<HR align=center width="100%" noShade size="2">

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

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.49<FONT face="Times New Roman" ></FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" size=2>10.50</FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" size=2>10.51</FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" size=2>10.52</FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" size=2>10.53</FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" size=2>10.54</FONT></FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%"></TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.55</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%"><FONT size=2 face="Times New Roman">10.56</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"><FONT size=2 face="Times New Roman">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'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 noWrap align=justify width="2%"></TD>
    <TD vAlign=top noWrap align=justify width="2%">&nbsp;</TD>
    <TD vAlign=top align=justify width="96%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">10.57</FONT></TD>
    <TD vAlign=top noWrap align=justify width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=justify width="96%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">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'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="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"><FONT size=2 face="Times New Roman">14</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="vertical-align: top; TEXT-ALIGN: left; width: 98%; background-color: Silver"><FONT size=2 face="Times New Roman">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 NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver">&nbsp;</TD>
    <TD STYLE="vertical-align: top; TEXT-ALIGN: left; width: 98%; background-color: Silver"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="1%"><FONT face="Times New Roman" size=2 >21</FONT></TD>
    <TD vAlign=top noWrap align=justify width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >Subsidiaries
      of the Registrant - SPD Enterprises, Inc.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=justify width="1%"></TD>
    <TD vAlign=top noWrap align=justify width="1%"></TD>
    <TD vAlign=top noWrap align=justify width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2 >23</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 98%; background-color: Silver"><FONT face="Times New Roman" size=2 >Consent of
      BDO USA, LLP - Filed herewith.</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="1%"><FONT face="Times New Roman" size=2 >31.1</FONT></TD>
    <TD vAlign=top noWrap align=justify width="1%"></TD>
    <TD vAlign=top noWrap align=justify width="98%"><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 STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2 >31.2</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 98%; background-color: Silver"><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 STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="1%"><FONT face="Times New Roman" size=2 >32.1</FONT></TD>
    <TD vAlign=top noWrap align=justify width="1%"></TD>
    <TD vAlign=top noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >Section 1350
      Certification of Joseph M. Harary - Filed herewith.</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2 >32.2</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 98%; background-color: Silver"><FONT face="Times New Roman" size=2 >Section 1350
      Certification of Seth L. Van Voorhees - Filed herewith.</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="1%"><FONT face="Times New Roman" size=2 >EX-101.INS</FONT></TD>
    <TD vAlign=top noWrap align=justify width="1%"></TD>
    <TD vAlign=top noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >XBRL
      INSTANCE DOCUMENT</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2 >EX-101.SCH</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 98%; background-color: Silver"><FONT face="Times New Roman" size=2 >XBRL
      TAXONOMY EXTENSION SCHEMA</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="1%"><FONT face="Times New Roman" size=2 >EX-101.PRE</FONT></TD>
    <TD vAlign=top noWrap align=justify width="1%"></TD>
    <TD vAlign=top noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >XBRL
      TAXONOMY EXTENSION PRESENTATION LINKBASE</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2 >EX-101.LAB</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 98%; background-color: Silver"><FONT face="Times New Roman" size=2 >XBRL
      TAXONOMY EXTENSION LABEL LINKBASE</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; background-color: Silver">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD vAlign=top noWrap align=justify width="1%"><FONT face="Times New Roman" size=2 >EX-101.CAL</FONT></TD>
    <TD vAlign=top noWrap align=justify width="1%"></TD>
    <TD vAlign=top noWrap align=justify width="98%"><FONT face="Times New Roman" size=2 >XBRL
      TAXONOMY EXTENSION CALCULATION LINKBASE</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2 >EX-101.DEF</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="vertical-align: top; TEXT-ALIGN: left; width: 98%; background-color: Silver"><FONT face="Times New Roman" size=2 >XBRL
      TAXONOMY EXTENSION DEFINITION
LINKBASE</FONT></TD></TR></TABLE><div>____________________<BR>&nbsp;<BR></div>
<TABLE style="TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Executive
      Compensation Plan or Arrangement.</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>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=justify width="50%"></TD>
    <TD noWrap align=justify width="50%"><U><FONT face="Times New Roman" size=2>RESEARCH FRONTIERS INCORPORATED</FONT></U></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="50%"></TD>
    <TD noWrap align=justify width="50%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (Registrant)</FONT></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="50%"></TD>
    <TD noWrap align=justify width="50%"><U><FONT face="Times New Roman" size=2 >/s/ Joseph M. Harary</FONT></U></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="50%"></TD>
    <TD noWrap align=justify width="50%"><FONT face="Times New Roman" size=2 >Joseph M.
      Harary, President and CEO</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="50%"></TD>
    <TD noWrap align=justify width="50%"><FONT face="Times New Roman" size=2 >(Principal
      Executive Officer)</FONT></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="50%"></TD>
    <TD noWrap align=justify width="50%"><U><FONT face="Times New Roman" size=2 >/s/ Seth L. Van Voorhees</FONT></U></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="50%"></TD>
    <TD noWrap align=justify width="50%"><FONT face="Times New Roman" size=2 >Seth L. Van
      Voorhees, Vice President, CFO and Treasurer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="50%"></TD>
    <TD noWrap align=justify width="50%"><FONT face="Times New Roman" size=2 >(Principal
      Financial and Accounting Officer)</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>Dated: March 10,
2016</FONT></P>
<P ALIGN="left"><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 vAlign=bottom>
    <TD noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 ><U>Signature</U></FONT></TD>
    <TD noWrap align=justify width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=justify width="32%"><FONT face="Times New Roman" size=2 ><U>Position</U></FONT></TD>
    <TD noWrap align=justify width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=justify width="33%"><FONT face="Times New Roman" size=2 ><U>Date</U></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >/s/Darryl Daigle</FONT></TD>
    <TD noWrap align=justify width="1%">&nbsp;</TD>
    <TD noWrap align=justify width="32%"><FONT face="Times New Roman" size=2 >Director</FONT></TD>
    <TD noWrap align=justify width="1%">&nbsp;</TD>
    <TD noWrap align=justify width="33%"><FONT face="Times New Roman" size=2 >March 10,
      2016</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >Darryl
      Daigle</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"></TD></TR>
  <TR>
    <TD width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >/s/Gregory G. Grimes</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"><FONT face="Times New Roman" size=2 >Director</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"><FONT face="Times New Roman" size=2 >March 10,
      2016</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >Gregory G.
      Grimes</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"></TD></TR>
  <TR>
    <TD width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >/s/Joseph M. Harary</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"><FONT face="Times New Roman" size=2 >Director,
      President, CEO</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"><FONT face="Times New Roman" size=2 >March 10,
      2016</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >Joseph M.
      Harary</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"></TD></TR>
  <TR>
    <TD width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >/s/ Alexander Kaganowicz</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"><FONT face="Times New Roman" size=2 >Director</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"><FONT face="Times New Roman" size=2 >March 10,
      2016</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >Alexander
      Kaganowicz</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"></TD></TR>
  <TR>
    <TD width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >/s/Robert L. Saxe</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"><FONT face="Times New Roman" size=2 >Director,
      Chairman</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"><FONT face="Times New Roman" size=2 >March 10,
      2016</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >Robert L.
      Saxe</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"></TD></TR>
  <TR>
    <TD width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >/s/Seth L. Van Voorhees</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"><FONT face="Times New Roman" size=2 >Vice
      President, CFO, Treasurer</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"><FONT face="Times New Roman" size=2 >March 10,
      2016</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="31%"><FONT face="Times New Roman" size=2 >Seth L. Van
      Voorhees</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="32%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="33%"></TD></TR></TABLE><BR>
    <P align=center><FONT face="Times New Roman" size=2>42</FONT></P>

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

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!-- PART E -->
<P align=center><U><FONT face="Times New Roman" size=2>Report of Independent
Registered Public Accounting Firm</FONT></U></P>
<P align=left><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=left><FONT face="Times New Roman" size=2>We have audited the <FONT STYLE="BACKGROUND-COLOR: transparent">accompanying consolidated balance</FONT> sheets
of Research Frontiers Incorporated as of December 31, 2015 and 2014 and the <FONT STYLE="BACKGROUND-COLOR: transparent">related consolidated statements</FONT> of operations, shareholders&#146;
equity and cash flows for each of the three years in the period ended December 31, 2015. In connection with our audits of <FONT STYLE="BACKGROUND-COLOR: transparent">the consolidated financial statements</FONT>, we have also audited the <FONT STYLE="BACKGROUND-COLOR: transparent">financial statement</FONT> schedule as listed in the accompanying index. <FONT STYLE="BACKGROUND-COLOR: transparent">These consolidated financial</FONT>
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=left><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=left><FONT face="Times New Roman" size=2>In our opinion, <FONT STYLE="BACKGROUND-COLOR: transparent">the consolidated financial</FONT> statements referred to above present fairly, in all
material respects, the financial position of Research Frontiers Incorporated at
December 31, 2015 and 2014, and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 2015, in conformity
with accounting principles generally accepted in the United States of
America.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Also, in our opinion, the  financial statement schedule when considered in
relation to the <FONT STYLE="BACKGROUND-COLOR: transparent">basic financial consolidated</FONT> statements taken as a whole, present fairly,
in all  material respects, the information set forth therein. </FONT></P>
<P align=left><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, 2015, based on criteria established in
</FONT><I><FONT face="Times New Roman" size=2>Internal Control &#150; Integrated
Framework (2013)</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 10, 2016 expressed an unqualified opinion thereon.
</FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>/s/ BDO USA, LLP
<BR><BR></FONT><FONT face="Times New Roman"></FONT><FONT face="Times New Roman" size=2>Melville, New York <BR>March 10, 2016 </FONT><FONT face="Times New Roman"></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, 2015 and
2014</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><FONT face="Times New Roman" size=2>Assets</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=2>2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Current assets:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><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>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>5,712,310</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>7,569,537</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term
      investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,513,784</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,501,554</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="BACKGROUND-COLOR: transparent">Royalties receivable,</FONT> net
      of reserves of $629,457 in 2015</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <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="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      and <FONT STYLE="BACKGROUND-COLOR: transparent">$305,171</FONT> in 2014</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">1,314,675</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=right width="4%"><FONT face="Times New Roman" size=2>1,175,218</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><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%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>133,465</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>121,252</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="85%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">8,674,234</font></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="4%"><FONT face="Times New Roman" size=2>10,367,561</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="85%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fixed assets, net</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>836,216</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>660,201</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>Long-term investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="5%"><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="4%"><FONT face="Times New Roman" size=2>1,503,525</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Deposits and other assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33,567</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33,567</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><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 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="5%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">9,544,017</font></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="4%"><FONT face="Times New Roman" size=2>12,564,854</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="85%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="85%" 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="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="5%"></TD>
    <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="4%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>

  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="85%"><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="5%"></TD>
    <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="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="85%"><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>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%"><FONT face="Times New Roman" size=2>46,734</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="4%"><FONT face="Times New Roman" size=2>159,312</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="85%"><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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2>421,478</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="4%"><FONT face="Times New Roman" size=2>323,372</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="85%"><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="5%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>468,212</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="4%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>482,684</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD></TR>
  <TR>
    <TD WIDTH="85%">&nbsp;</TD>
    <TD WIDTH="1%">&nbsp;</TD>
    <TD WIDTH="1%">&nbsp;</TD>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="1%">&nbsp;</TD>
    <TD WIDTH="1%">&nbsp;</TD>
    <TD WIDTH="1%">&nbsp;</TD>
    <TD WIDTH="4%">&nbsp;</TD>
    <TD WIDTH="1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="85%"><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="5%"></TD>
    <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="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="85%"><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="5%"></TD>
    <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="4%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="85%"><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%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="5%"></TD>
    <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="4%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="85%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,043,846 and
      <FONT STYLE="BACKGROUND-COLOR: transparent">23,924,465</font> shares for 2015 and 2014</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%"><FONT face="Times New Roman" size=2>2,404</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="4%"><FONT face="Times New Roman" size=2>2,392</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="85%"><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="5%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">111,483,959</font></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>110,210,480</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="85%"><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 NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="border-bottom: #000000 1pt solid"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(102,410,558</FONT></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="4%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>(98,130,702</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="background-color: Silver">
    <TD noWrap align=left width="85%"><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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">9,075,805</font></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="4%"><FONT face="Times New Roman" size=2>12,082,170</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD width="85%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="85%"><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="5%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">9,544,017</font></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="4%" STYLE="border-bottom: #000000 2pt double"><FONT face="Times New Roman" size=2>12,564,854</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 2pt double"></TD></TR></TABLE><BR>
<P align=left><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-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, 2015, 2014 and 2013 </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="80%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=2>2013</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fee
      income</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">2,007,482</font></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,598,799</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,161,359</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Operating expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">4,742,166</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=right width="4%"><FONT face="Times New Roman" size=2>4,425,718</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="4%"><FONT face="Times New Roman" size=2>6,036,792</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Research and development</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">1,588,491</font></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,621,964</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,203,326</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses</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="4%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">6,330,657</font></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="4%"><FONT face="Times New Roman" size=2>6,047,682</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="4%"><FONT face="Times New Roman" size=2>8,240,118</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <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="4%"></TD>
    <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="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating loss</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(4,323,175</font></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(4,448,883</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(6,078,759</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Net
      investment income</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="4%"><FONT face="Times New Roman" size=2>43,319</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="4%"><FONT face="Times New Roman" size=2>35,161</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="4%"><FONT face="Times New Roman" size=2>38,148</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <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="4%"></TD>
    <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="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(4,279,856</font></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(4,413,722</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(6,040,611</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><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="4%"></TD>
    <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="4%"></TD>
    <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="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share</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="4%"><FONT face="Times New Roman" size=2>(0.18</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>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(0.19</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(0.26</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>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <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="4%"></TD>
    <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="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Weighted average number of</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares
      outstanding</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>24,007,974</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23,663,229</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>22,946,019</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=left><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, 2015, 2014 and 2013</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="72%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=4><FONT face="Times New Roman" size=1>Common Stock</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=2><FONT face="Times New Roman" size=1>Additional</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=3><FONT face="Times New Roman" size=1>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="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><FONT face="Times New Roman" size=1>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face="Times New Roman" size=1>Amount</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><FONT face="Times New Roman" size=1>Paid-in Capital</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=1>Deficit</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=1>Total</FONT></TD></TR>

  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Balance, January 1, 2013</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>22,646,782</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,265</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>101,846,779</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(87,676,369</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>14,172,675</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=1>Exercise of options and warrants</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>179,983</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=1>18</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>822,951</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>-</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=1>822,969</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Share-based compensation</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>282,900</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>28</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,914,876</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><FONT STYLE="BACKGROUND-COLOR: transparent">2,914,904</font></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=1>Net
      Loss</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=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="3%"><FONT face="Times New Roman" size=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="4%"><FONT face="Times New Roman" size=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="4%"><FONT face="Times New Roman" size=1>(6,040,611</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=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="3%"><FONT face="Times New Roman" size=1><FONT STYLE="BACKGROUND-COLOR: transparent">(6,040,611</font></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Balance, December 31, 2013</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>23,109,665</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,311</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>105,584,606</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(93,716,980</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11,869,937</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=1>Issuance of Common Stock</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>750,000</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=1>75</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>3,278,175</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="4%" STYLE="text-align: right"><FONT face="Times New Roman" size=1>-</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=1>3,278,250</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Exercise of options and warrants</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>64,800</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>304,782</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="4%" BGCOLOR="#c0c0c0" STYLE="text-align: right"><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>304,788</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=1>Share-based compensation</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>-</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=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>1,042,917</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="4%" STYLE="text-align: right"><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,042,917</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net
      Loss</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(4,413,722</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(4,413,722</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=1>Balance, December 31, 2014</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>23,924,465</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=1>2,392</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>110,210,480</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>(98,130,702</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</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=1>12,082,170</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Exercise of options and warrants</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>119,381</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>12</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>548,463</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="4%" BGCOLOR="#c0c0c0" STYLE="text-align: right"><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>548,475</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=1>Share-based compensation</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>-</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=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1><FONT STYLE="BACKGROUND-COLOR: transparent">725,016</font></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=1>-</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=1><FONT STYLE="BACKGROUND-COLOR: transparent">725,016</font></FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Net
      Loss</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1><FONT STYLE="BACKGROUND-COLOR: transparent">(4,279,856</font></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT STYLE="BACKGROUND-COLOR: transparent">(4,279,856</font></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face="Times New Roman" size=1>Balance, December 31, 2015</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      24,043,846</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=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,404</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT STYLE="BACKGROUND-COLOR: transparent">111,483,959</font></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=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT STYLE="BACKGROUND-COLOR: transparent">(102,410,558</font></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT STYLE="BACKGROUND-COLOR: transparent">9,075,805</font></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=left><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, 2015, 2014 and 2013</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="80%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=2>2104</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=2>2013</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash
      flows from operating activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Net
      loss</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(4,279,856</font></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(4,413,722</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="4%"><FONT face="Times New Roman" size=2>(6,040,611</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><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%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><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;
      used in operating activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><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%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">140,170</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=right width="4%"><FONT face="Times New Roman" size=2>31,824</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="4%"><FONT face="Times New Roman" size=2>45,212</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><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%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">725,016</font></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,042,917</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,914,904</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Bad debts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>324,286</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="4%"><FONT face="Times New Roman" size=2>131,250</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="4%"><FONT face="Times New Roman" size=2>81,198</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><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%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><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="4%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(463,743</font></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="4%"><FONT face="Times New Roman" size=2>(439,306</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="4%"><FONT face="Times New Roman" size=2>(260,042</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><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%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(12,213</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,866</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>94,544</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><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="4%"><FONT face="Times New Roman" size=2>(14,472</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="4%"><FONT face="Times New Roman" size=2>345,356</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="4%"><FONT face="Times New Roman" size=2>(80,064</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Deferred revenue</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(25,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><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="4%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(3,580,812</font></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="4%"><FONT face="Times New Roman" size=2>(3,323,815</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="4%"><FONT face="Times New Roman" size=2>(3,244,859</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 width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash flows
      from investing activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Purchases of fixed assets</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(316,185</font></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="4%"><FONT face="Times New Roman" size=2>(627,660</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="4%"><FONT face="Times New Roman" size=2>(50,536</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Purchase of investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(3,005,079</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(24,009</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Proceeds from sale of investment</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="4%"><FONT face="Times New Roman" size=2>1,491,295</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</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="4%"><FONT face="Times New Roman" size=2>5,076,930</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="4%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><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;
      Net cash provided by (used in) investing activities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">1,175,110</font></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,444,191</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(74,545</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash flows
      from financing activities:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <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="4%"></TD>
    <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="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net proceeds from issuances of common stock and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&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%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>548,475</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,583,038</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>795,294</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><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;
      Net cash provided by financing 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="4%"><FONT face="Times New Roman" size=2>548,475</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="4%"><FONT face="Times New Roman" size=2>3,583,038</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="4%"><FONT face="Times New Roman" size=2>795,294</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="BACKGROUND-COLOR: transparent">Net
    (decrease) increase in cash and cash equivalents</font></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(1,857,227</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,703,414</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(2,524,110</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and
      cash equivalents at beginning of year</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="4%"><FONT face="Times New Roman" size=2>7,569,537</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="4%"><FONT face="Times New Roman" size=2>5,866,123</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</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="4%"><FONT face="Times New Roman" size=2>8,390,233</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and
      cash equivalents at end of year</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      5,712,310</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      7,569,537</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      5,866,123</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=left><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</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(1) </FONT><U><FONT face="Times New Roman" size=2>Business and Basis for
Presentation</FONT></U></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><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
"light valves" 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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><FONT face="Times New Roman" size=2>(2) <U>Summary of Significant Accounting
Policies</U></FONT></P>

<P align=left><FONT face="Times New Roman" size=2>(a) Cash and Cash Equivalents</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, 2015 and 2014. </FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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. FDIC insurance coverage is $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, 2015 and 2014 is approximately <FONT STYLE="BACKGROUND-COLOR: transparent">$5.0 million and $6.8</font> million,
respectively. </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=left><FONT face="Times New Roman" size=2>(b) Short-term/Long-term
Investments </FONT><FONT face="Times New Roman"></FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, 2015 and 2014 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="80%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="26%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="10%" colSpan=2><FONT face="Times New Roman" size=2>December 31, 2015</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="8%" colSpan=2><FONT face="Times New Roman" size=2>December 31, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="7%" colSpan=2><FONT face="Times New Roman" size=2>Certificates of Deposit</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="26%"><FONT face="Times New Roman" size=2>Maturity</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="10%" colSpan=2><FONT face="Times New Roman" size=2>Value of Held to Maturity</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" width="8%" colSpan=2><FONT face="Times New Roman" size=2>Value of Held to Maturity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face="Times New Roman" size=2>Investment</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="26%"><FONT face="Times New Roman" size=2>Date</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><FONT face="Times New Roman" size=2>Investments (based on
      cost)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=2><FONT face="Times New Roman" size=2>Investments (based on
      cost)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,501,554</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8/27/2015</FONT></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">$</font></FONT></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">-</font></FONT></TD>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,501,554</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="6%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,503,525</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="26%"><FONT face="Times New Roman" size=2>8/27/2016</FONT></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="9%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,513,784</FONT></TD>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="7%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,503,525</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,513,784</FONT></TD>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="7%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,005,079</FONT></TD></TR></TABLE></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>(c) Royalties Receivable
</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Royalties receivable <FONT STYLE="BACKGROUND-COLOR: transparent">from licensees</FONT> 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 STYLE="BACKGROUND-COLOR: transparent">As of December 31, 2015, four companies accounted for 21%, 15%, 12% and 11%, respectively, of the Company&#146;s outstanding receivables.  As of December 31, 2014, four companies accounted for 19%, 17%, 10% and 10%, respectively, of the Company&#146;s outstanding receivables.</FONT></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(d) Fixed Assets
</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><FONT face="Times New Roman" size=2>(e) Revenue Recognition/Fee
Income </FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 <FONT STYLE="BACKGROUND-COLOR: transparent">are typically</FONT> recognized into income <FONT STYLE="BACKGROUND-COLOR: transparent">by year end. <FONT STYLE="BACKGROUND-COLOR: transparent">As of December 31, 2015 and December 31, 2014, there was no material impact on revenue as a result of recognizing deferred revenue in the consolidated statement of operations.</FONT></FONT>
</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><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 2015, three licensees
accounted for 33%, 15%, and 9%, respectively, of fee income recognized for the
year. In addition, during the year ended December 31, 2015, approximately 14% of
revenues related to fees generated by a large architectural glass project.
During 2014, five licensees accounted for 36%, 11%, 9%, 9%, and 5%, respectively
of fee income recognized during the year. During 2013 six licensees accounted
for 40%, 12%, 6% and 6%, 5%, and 5% respectively of fee income recognized for
the year.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(f) Basic and Diluted Loss
Per Common Share </FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, 2015 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 2,197,369, 2,924,419, and 2,860,219, for 2015, 2014, and 2013, respectively.
</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=left><FONT face="Times New Roman" size=2>(g) Research and
Development Costs </FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Research and development
costs are charged to expense as incurred. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(h) Patent Costs
</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><FONT face="Times New Roman" size=2>(i) Use of Estimates
</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><FONT face="Times New Roman" size=2>(j) Income Taxes
</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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
carry-forwards. 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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, 2015 and 2014, 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, 2015 and 2014. </FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The tax years subject to
examination by major tax jurisdictions include the years 2011 and forward by the
U.S. Internal Revenue Service and certain states. The Company is not currently
being audited by any tax <FONT STYLE="BACKGROUND-COLOR: transparent">jurisdiction.</FONT> </FONT></P>

<P align=left><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(k)</FONT> Equity-Based
Compensation </FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 STYLE="text-align: center"><FONT face="Times New Roman" size=2>F-8 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In connection with the  employee stock
options and restricted stock grants, the Company charged  <FONT STYLE="BACKGROUND-COLOR: transparent">$715,009</font>, $1,010,489, and $2,545,060 to operations during the years
ended December 31, 2015, 2014, and 2013, respectively. In lieu of higher cash  compensation, the Company has granted warrants
and non-employee options to  consultants. These warrants and non-employee options <FONT STYLE="BACKGROUND-COLOR: transparent">vested</font> ratably over various  terms ranging
from 24 to 59 months. <FONT STYLE="BACKGROUND-COLOR: transparent">As of December 31, 2015 these awards were fully vested.</font> Non-employee options covering <FONT STYLE="BACKGROUND-COLOR: transparent">24,000 shares</font> were
granted to consultants during <FONT STYLE="BACKGROUND-COLOR: transparent">2014. These</font> 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 <FONT STYLE="BACKGROUND-COLOR: transparent">charge to</font> operations of $10,007, $32,428, and $369,844, for 2015, 2014, and  2013, respectively in
connection with these warrants and non-employee options.  </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(l)</FONT> Restricted
Stock</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(m)</FONT> Impairment of
Long-Lived Assets</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(n)</FONT> Fair Value Measurements
</FONT></P>

<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">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></FONT></P>

<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 <FONT STYLE="BACKGROUND-COLOR: transparent">applies other</FONT> previously issued accounting
pronouncements that require or permit fair value measurements but does not
require any new fair value measurements. </FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Financial assets accounted
for at fair value on a recurring basis at December 31, 2015 and 2014, include
cash and cash equivalents of approximately $5.7 million and $7.6 million,
respectively, as well as short term investments of $1.5 million and $1.5 million
in 2015 and 2014, respectively. The carrying value of these assets approximates
fair value due to the short-term maturity of these instruments. </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=left><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(o)</FONT> Recent Accounting
Pronouncements </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>New Accounting Standards
</FONT></I></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">In May 2014, the FASB and the International Accounting Standards Board (IASB) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (IFRS). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In July 2015, the FASB approved a deferral of the ASU effective date from annual and interim periods beginning after December 15, 2016 to annual and interim periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this guidance on its financial position and results of operations.</font></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">In November 2015, the FASB issued Accounting Standard Update (ASU) No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The amendments under the new guidance require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance.</font></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">In January 2016, the FASB issued ASU 2016-01, "Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance.</font> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">In January 2016, the
Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards
Updated (&#147;ASU&#148;) No. 2016-02, Leases. ASU 2016-02 requires lessees to apply a
modified retrospective transition approach for leases existing at, or entered
into after, the beginning of the earliest comparative period presented in the
financial statements. Early adoption of the new guidance is permitted. We are
currently evaluating the impact of ASU 2016-02 on our consolidated financial statements.</font>
</FONT></P>

<TABLE style="text-align: left" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><U><FONT face="Times New Roman" size=2>Fixed
      Assets</FONT></U></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">Depreciation and amortization expense for the periods ending December 31, 2015, 2014 and 2013 was $140,170, $31,824 and $45,212.</FONT> Fixed assets and
      their estimated useful lives as of December 31, 2015 and 2014 are as
      follows:</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><FONT face="Times New Roman" size=2>Estimated useful life</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Equipment and furniture</FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,375,911</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,362,308</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5 years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2>Trade show materials</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>775,654</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>502,789</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"><FONT face="Times New Roman" size=2>5
      years</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: White"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"><FONT face="Times New Roman" size=2>Life
      of lease or estimated</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: White"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="82%"><FONT face="Times New Roman" size=2>Leasehold Improvements</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>581,902</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>552,185</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP WIDTH="7%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>life of asset if shorter</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD noWrap align=left width="82%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 2%"><FONT face="Times New Roman" size=2>2,733,467</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%"><FONT face="Times New Roman" size=2>2,417,282</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="7%"></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="width: 1%"></TD>
    <TD width="98%" colSpan=10>&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: White">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="82%"><FONT face="Times New Roman" size=2>Less
      accumulated depreciation</FONT></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="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="7%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: White"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="82%"><FONT face="Times New Roman" size=2>and
      amortization</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%" STYLE="border-bottom: #000000 1pt solid"><FONT face="Times New Roman" size=2>(1,897,251</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>(1,757,081</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="7%"></TD></TR>
  <TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD noWrap align=left width="82%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 2%; border-bottom: Black 2pt double"><FONT face="Times New Roman" size=2>836,216</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 2pt double"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 2pt double"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; border-bottom: Black 2pt double"><FONT face="Times New Roman" size=2>660,201</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="7%"></TD></TR></TABLE><BR>
<TABLE style="text-align: left" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><U><FONT face="Times New Roman" size=2>Accrued Expenses
      and Other</FONT></U></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Accrued expenses
      consist of the following at December 31, 2015 and 2014:</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT face="Times New Roman" size=2>2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Payroll, bonuses and related benefits&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
247,562</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  206,427</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Professional services</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>4,400</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>29,400</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Deferred rent</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>169,156</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>75,569</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Other</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="2%"><FONT face="Times New Roman" size=2>360</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>11,976</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>421,478</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>323,372</FONT></TD></TR></TABLE><BR>
<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=left><FONT face="Times New Roman" size=2>(5) </FONT><U><FONT face="Times New Roman" size=2>Income Taxes</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><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 carry-forwards and deferred items have been fully reserved since it <FONT STYLE="BACKGROUND-COLOR: transparent">is</FONT> not more likely than not that the Company <FONT STYLE="BACKGROUND-COLOR: transparent">will
</FONT>achieve profitable operations. <FONT STYLE="BACKGROUND-COLOR: transparent">The difference between the total income taxes at the federal statutory rate for each of
the years ended December 31, 2015, 2014 and 2013 and the fact that no income tax benefit was recorded in each of these three years is attributable
to the change in the valuation allowance recorded in each year.</FONT></FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The tax effects of
temporary differences that give rise to significant portions of the deferred tax
assets at December 31, 2015 and 2014 are presented below. </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><FONT face="Times New Roman" size=2>2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Deferred tax assets:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Depreciation</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">113,000</font></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>113,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><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%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">211,000</font></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>108,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net
      operating loss carry-forwards</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">23,628,000</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=right width="4%"><FONT face="Times New Roman" size=2>25,469,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock
      option expense</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">1,358,000</font></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,439,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><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=right width="4%"><FONT face="Times New Roman" size=2>1,154,000</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="4%"><FONT face="Times New Roman" size=2>1,031,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other
      temporary differences</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><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%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">26,479,000</font></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="4%"><FONT face="Times New Roman" size=2>28,175,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less
      valuation allowance</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">(26,479,000</font></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(28,175,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT size=2 face="Times New Roman">-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR></TABLE></DIV><BR>
<P ALIGN="left" STYLE="text-indent: 15pt"><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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>At December 31, 2015, the
Company had a net operating loss carry-forward for federal income tax purposes
of approximately $67,000,000, varying amounts of which will expire in each year
from 2016 through 2035. Research and other credit carry-forwards of
approximately <FONT STYLE="BACKGROUND-COLOR: transparent">$1,154,000</font> are available to the Company to reduce income taxes
payable in future years principally through 2035. <FONT STYLE="BACKGROUND-COLOR: transparent">The Company&rsquo;s ability to utilize <font style="BACKGROUND-COLOR: transparent;">its</font> net operating loss carryforwards and <font style="BACKGROUND-COLOR: transparent;">its</font> current year tax credits in future periods are subject to the 382 limitation.</FONT> <FONT STYLE="BACKGROUND-COLOR: transparent">The $1,696,000 decrease in the valuation allowance between the period ending December 31, 2015 and 2014 respectively is primarily due to the change in the applicable tax rate that is expected to be applied towards taxable income in periods in which the deferred tax asset or liability is expected to be settled or realized.</FONT></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(6) <U>Shareholders&#146; Equity</U></FONT></P>

<P align=left><FONT face="Times New Roman" size=2>(a) Common Stock and Warrants</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During 2015 and 2014, the
Company received proceeds of $548,475 and $304,788 in connection with the
exercise of options and warrants representing 119,381 and 64,800 shares of
common stock, respectively. </FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In May 2014, under an
existing shelf registration statement, the Company sold 750,000 shares of common
stock to a current institutional shareholder, Kevin Douglas and his related
parties. Net proceeds from the offering were $3,278,250 which the Company
intends to use for working capital and general corporate purposes. </FONT></P>
<P align=left><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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 173,942 options and
other awards were available for issuance under this plan as of December 31,
2015.</FONT></P>
<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>
<!-- PART F -->

<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company granted 499,700
fully vested options during 2013 and recorded share-based compensation of
$1,431,620. The Company granted 209,750 fully vested options during 2014 and
recorded share-based compensation of $483,915. The Company granted 204,000 fully
vested options during 2015 and recorded share-based compensation of <FONT STYLE="BACKGROUND-COLOR: transparent">$483.133</FONT>.
The Company valued these grants using the Black-Scholes option pricing model
with the following weighted average assumptions:</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="Left" WIDTH="85%" STYLE="text-align: left"></TD>
    <TD noWrap align=justify width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face="Times New Roman" size=2>2013</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="Left" WIDTH="85%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>Fair
      value on grant date</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="BACKGROUND-COLOR: transparent">2.37</font></FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="Left" WIDTH="85%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>Expected Dividend yield</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</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>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="Left" WIDTH="85%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>Expected volatility</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">50</font></FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>50</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>64</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="Left" WIDTH="85%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>Risk
      free interest rate</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">1.80</font></FONT></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>1.68</FONT></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1.62</FONT></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="Left" WIDTH="85%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>Expected term of the option</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5
      years</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5
      years</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5
      years</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR></TABLE></DIV><BR>
<P align=left><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 vAlign=bottom>
    <TD noWrap align=justify width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=justify width="81%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="7%" colSpan=2><FONT face="Times New Roman" size=1>Number of Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><FONT face="Times New Roman" size=1>Weighted Average</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><FONT face="Times New Roman" size=1>Weighted Average
    Remaining</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><FONT face="Times New Roman" size=1>Subject to Option</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT face="Times New Roman" size=1>Exercise Price</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=1>Contractual Term
      (Years)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT face="Times New Roman" size=1>Aggregate Intrinsic
  Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Balance at December 31, 2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,117,899</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>9.03</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3.7</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" bgColor=#c0c0c0 colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%"><FONT face="Times New Roman" size=1>Granted</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="6%"><FONT face="Times New Roman" size=1>499,700</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>5.26</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Cancelled</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(64,500</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>12.81</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%"><FONT face="Times New Roman" size=1>Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face="Times New Roman" size=1>(72,500</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>4.83</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Balance at December 31, 2013</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,480,599</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7.80</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.2</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" bgColor=#c0c0c0 colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%"><FONT face="Times New Roman" size=1>Granted</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="6%"><FONT face="Times New Roman" size=1>209,750</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>5.19</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Cancelled</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(104,750</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7.83</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%"><FONT face="Times New Roman" size=1>Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face="Times New Roman" size=1>(14,800</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%"><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=1>5.56</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Balance at December 31, 2014</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,570,799</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7.49</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.2</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" bgColor=#c0c0c0 colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%"><FONT face="Times New Roman" size=1>Granted</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="6%"><FONT face="Times New Roman" size=1>204,000</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>5.26</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Cancelled</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(367,793</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>)</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7.70</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%"><FONT face="Times New Roman" size=1>Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD NOWRAP ALIGN="Left" WIDTH="1%" STYLE="border-bottom: #000000 1pt solid; text-align: right"><FONT face="Times New Roman" size=1>-</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Balance at December 31, 2015</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,407,006</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7.11</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>6.2</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>232,000</FONT></TD></TR></TABLE><BR>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All options are exercisable at
December 31, 2015.</FONT></P>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">During 2015, 2014 and 2013, the Company received $0, $82,288 and $322,475,</FONT> respectively in proceeds from the exercise of
options. </FONT></P>
<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>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%">
      <P><FONT face="Times New Roman" size=2>Warrants and Non-Employee
      Options</FONT></P>
      <P><FONT face="Times New Roman" size=2>Activity in warrants is summarized
      below:</FONT></P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>Number of Shares Underlying</FONT></TD>
    <TD noWrap align=justify width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=2>Warrants and Non-Employee</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT face="Times New Roman" size=2>Weighted Average</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face="Times New Roman" size=2>Options Granted</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="2%" colSpan=2><FONT face="Times New Roman" size=2>Exercise Price</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December
      31, 2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,512,103</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%"><FONT face="Times New Roman" size=2>Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(107,483</FONT></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.45</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Terminated</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(25,000</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9.00</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%"><FONT face="Times New Roman" size=2>Issued</FONT></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>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December
      31, 2013</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,379,620</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.58</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%"><FONT face="Times New Roman" size=2>Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(50,000</FONT></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.45</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Terminated</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%"><FONT face="Times New Roman" size=2>Issued</FONT></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>24,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>6.58</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December
      31, 2014</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,353,620</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.64</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%"><FONT face="Times New Roman" size=2>Exercised</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(137,174</FONT></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.73</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Terminated</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(426,083</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.09</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%"><FONT face="Times New Roman" size=2>Issued</FONT></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>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Balance at December
      31, 2015</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>790,363</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">5.56</FONT></FONT></TD></TR></TABLE></DIV><BR>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 five year options covering
<FONT STYLE="BACKGROUND-COLOR: transparent">24,000 shares</font> were granted to consultants during <FONT STYLE="BACKGROUND-COLOR: transparent">2014 that</font> vest over a period of <FONT STYLE="BACKGROUND-COLOR: transparent">12 months. These</font>
non-employee options are valued at fair value at the time that the related
services are provided using the Black-Scholes option valuation model and marked
to market quarterly using the Black-Scholes option valuation model. The Company
incurred a <FONT STYLE="BACKGROUND-COLOR: transparent">charge to</font> operations of $10,007, $32,428, and $369,844, for
2015, 2014, and 2013, respectively in connection with these warrants and
non-employee options. </FONT></P>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">During 2015, 2014 and 2013, the Company received $548,475, $222,500 and $478,299,</FONT> respectively in proceeds from the
exercise of warrants. </FONT></P>
<P ALIGN="Left" STYLE="text-indent: 15pt"><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, 2015, all warrants outstanding were exercisable. </FONT></P>
<P align=left><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="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><FONT STYLE="BACKGROUND-COLOR: transparent">During 2015 and 2014,</FONT> the
Company did not issue restricted stock to its directors and employees.
</FONT></P>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During 2013, the Company
granted 282,900 shares of restricted stock to its directors and employees.
Directors received 91,500 of these shares of restricted common stock. All the
shares granted to the directors, as well as 3,400 shares granted to employees
vested immediately upon grant. The remaining 188,000 shares vest ratably over
the 36 months following grant. The market value per share on the date of grant
was $3.70. </FONT></P>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In connection with these
grants, as well as prior grants that are not yet fully vested, the Company
charged <FONT STYLE="BACKGROUND-COLOR: transparent">$231,876</font>, $526,574, and <FONT STYLE="BACKGROUND-COLOR: transparent">$1,131,440</FONT>, to operations during 2015, 2014, and
2013, respectively. At December 31, 2015 all prior grants have vested. At
December 31, 2014 <FONT STYLE="BACKGROUND-COLOR: transparent">and</FONT> 2013, 62,667, and <FONT STYLE="BACKGROUND-COLOR: transparent">611,692,</FONT> of these grants
remain unvested <FONT STYLE="BACKGROUND-COLOR: transparent">respectively.</FONT> In addition, at December 31, 2015, all charges to operations
relating to these grants have been recorded. </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=left><FONT face="Times New Roman" size=2>(7) </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="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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=left><FONT face="Times New Roman" size=2>(8) </FONT><U><FONT face="Times New Roman" size=2>Commitments</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company has an employment
agreement with three of its officers which provides for an annual base salary of
$450,000, $402,000 and $255,000 respectively for calendar year 2016. Each of
these employment agreements have an evergreen provision that extend the term by
one year on the anniversary date unless either the Company or the employee has
given notice that they will not be renewing the agreement upon the expiration of
its term. </FONT></P>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 2015, 2014, or 2013.
</FONT></P>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company occupies premises
under an operating lease agreement which expires on March 31, 2025. As of
December 31, 2015, the approximate minimum annual future rental commitments
under lease agreements for the next five years are as follows: </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Year</FONT></TD>
    <TD noWrap align=justify width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT face="Times New Roman" size=2>Amount</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>174,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=left width="96%"><FONT face="Times New Roman" size=2>2017</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>180,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2018</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>186,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=left width="96%"><FONT face="Times New Roman" size=2>2019</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>191,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2020</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>197,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Thereafter:</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=JUSTIFY width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="TEXT-ALIGN: right" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>905,000</FONT></TD></TR></TABLE></DIV><BR>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Rent expense, including other
occupancy related expenses, amounted to approximately $181,000, $173,000, and
$187,000, for 2015, 2014, and 2013, respectively. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(9) </FONT><U><FONT face="Times New Roman" size=2>Rights Plan</FONT></U><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 (&#147;Record Time&#148;) and authorized the issuance of one
Right in respect of each share of Common Stock issued after the Record Time and
prior to the Separation Time.</FONT><FONT face="Times New Roman"> </FONT></P>
<P ALIGN="Left" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>&#147;Separation Time&#148; shall mean
the earlier of the Close of Business on the tenth Business Day (or such later
date as the Board of Directors may from time to time fix by resolution adopted
prior to the Separation Time that otherwise would have occurred) following but
not including (i) the date on which any Person commences a tender or exchange
offer that, if consummated, would result in such Person&#146;s becoming an Acquiring
Person, and (ii) the date of the first event causing a Flip-in Date to occur;
provided that if any tender or exchange offer referred to in clause (i) of this
paragraph is cancelled, terminated or otherwise withdrawn prior to the
Separation Time without the purchase of any shares of Common Stock pursuant
thereto, such offer shall be deemed, for purposes of this paragraph, never to
have been made.</FONT><FONT face="Times New Roman"> </FONT></P>
<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="Left" STYLE="text-indent: 15pt"><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><FONT face="Times New Roman"> </FONT></P>
<P ALIGN="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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><FONT face="Times New Roman"> </FONT></P>
<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="Left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>
(10) Selected Quarterly Financial Data <FONT STYLE="BACKGROUND-COLOR: transparent">(Unaudited)</FONT></font></p>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=15><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Quarter</FONT></font></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2><U>2015</U></FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=3><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>First</FONT></font></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=3><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Second</FONT></font></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=3><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Third</FONT></font></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=3><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Fourth
    (2)</FONT></font></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Fee Income</FONT></font></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>379,398</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>803,494</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>445,846</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></font></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>378,744</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Operating loss</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(1,227,427</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(492,751</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(766,725</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(1,836,272</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Net loss</FONT></font></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(1,216,211</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(481,287</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(757,320</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(1,825,038</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Basic and diluted net
    loss</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 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 vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>per common share (1)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(0.05</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(0.02</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(0.03</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(0.08</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD></TR>
  <TR>
    <TD width="100%" colSpan=17><FONT STYLE="BACKGROUND-COLOR: transparent">&nbsp;</font></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=15><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Quarter</FONT></font></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2><U>2014</U></FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>First</FONT></font></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Second</FONT></font></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Third</FONT></font></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Fourth
    (2)</FONT></font></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Fee Income</FONT></font></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>$</FONT></font></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>308,348</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>$</FONT></font></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>395,619</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>$</FONT></font></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>452,937</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>$</FONT></font></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>441,895</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Operating loss</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(1,178,626</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(1,150,453</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(649,444</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(1,470,360</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Net loss</FONT></font></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(1,169,985</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(1,141,858</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(639,806</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(1,462,073</FONT></font></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>Basic and diluted net
    loss</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 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 vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>per common
    share (1)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(0.05</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(0.05</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(0.03</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>(0.06</FONT></font></TD>
    <TD noWrap align=left width="1%"><FONT STYLE="BACKGROUND-COLOR: transparent"><FONT face="Times New Roman" size=2>)</FONT></font></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: left"><FONT face="Times New Roman" size=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.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>The Company incurred higher costs in the
      fourth quarter of 2015 and 2014 primarily due to: (i) <FONT STYLE="BACKGROUND-COLOR: transparent">$483,000</font> and
      $616,000 of stock and option compensation charges in 2015 and 2014,
      respectively relating to common stock and options granted to directors and
      employees, and (ii) $324,000 of bad debt expense in the fourth quarter of
      2015.</FONT></TD></TR></TABLE>
<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=center><FONT face="Times New Roman" size=2>SCHEDULE II</FONT><FONT face="Times New Roman"> </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,
2015, 2014, and 2013</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=justify width="12%"></TD>
    <TD noWrap align=justify width="66%"></TD>
    <TD noWrap style="text-align: center" width="6%" 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="6%" 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="5%"></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 vAlign=bottom>
    <TD noWrap align=justify width="12%"></TD>
    <TD noWrap align=justify width="66%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=2><FONT face="Times New Roman" size=2>beginning of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" 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="5%"></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>
    <TD noWrap align=justify width="12%"></TD>
    <TD noWrap align=justify width="66%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2><FONT face="Times New Roman" size=2>period</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2><FONT face="Times New Roman" size=2>expenses</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="6%" colSpan=2><FONT face="Times New Roman" size=2>Deductions</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT size=2 face="Times New Roman">Balance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Description</FONT></TD>
    <TD noWrap align=justify width="66%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=justify width="12%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=justify width="66%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="12%"><FONT face="Times New Roman" size=2>Allowance for uncollectible</FONT></TD>
    <TD noWrap align=justify width="66%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="5%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="5%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="5%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="12%"><FONT face="Times New Roman" size=2>royalty receivables:</FONT></TD>
    <TD noWrap align=justify width="66%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="5%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="5%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="5%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR>
    <TD noWrap align=justify width="12%">&nbsp;</TD>
    <TD noWrap align=justify width="66%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="5%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="5%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="5%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>December 31, 2015</FONT></TD>
    <TD noWrap align=justify width="66%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>305,171</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>324,286</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>629,457</FONT></TD></TR>
  <TR>
    <TD width="101%" bgColor=#c0c0c0 colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="12%"><FONT face="Times New Roman" size=2>December 31, 2014</FONT></TD>
    <TD noWrap align=justify width="66%"></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>173,921</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>131,250</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=justify width="1%"></TD>
    <TD noWrap align=justify width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>305,171</FONT></TD></TR>
  <TR>
    <TD width="101%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=justify width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>December 31, 2013</FONT></TD>
    <TD noWrap align=justify width="66%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>92,723</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>81,198</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=justify width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>173,921</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>F-17 </FONT></P>
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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>exhibit23.htm
<DESCRIPTION>CONSENT OF BDO USA, LLP
<TEXT>

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<P align=right><FONT face="Times New Roman" size=2>Exhibit 23 </FONT></P>
<P STYLE="text-align: center"><U><FONT face="Times New Roman" size=2>Consent of Independent
Registered Public Accounting Firm</FONT></U><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>The Board of Directors
<BR></FONT><FONT face="Times New Roman" size=2>Research Frontiers Incorporated:
</FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>We hereby consent to the
incorporation by reference in the Registration Statements on Form S-3 (No.
333-184785, 333-179099, 333-133858, 333-40369, 333-115052, 333-65219 and
333-159093) and Form S-8 (No. 333-80575, 333-179097, 33-53030, 33-86910,
333-08623, 333-34163, 333-80575, 333-63374, <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">333-106754, 333-159094</font> and
333-196746) of Research Frontiers <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">Incorporated of</font> our reports
dated March 10, 2016, relating to the consolidated financial <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">statements and financial statement Schedule II</font> and the
effectiveness of Research Frontiers Incorporated&#146;s internal control over
financial reporting, which appear in this Annual Report on Form <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">10-K.</font></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>/s/ BDO USA, LLP<BR>Melville,
NY </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>March 10, 2016 </FONT></P>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>exhibit31-1.htm
<DESCRIPTION>RULE 13A-14(A)/15D-14(A) CERTIFICATION OF JOSEPH M. HARARY
<TEXT>

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<P align=left><B><FONT face="Times New Roman" size=2>EXHIBIT 31.1
CERTIFICATION</FONT></B></P>
<P align=left><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> certify that:</FONT></P>
<P align=left><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=left><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=left><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=left><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=left><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=left><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=left><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=left><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=left><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=left><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=left><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 vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Dated: March 10, 2016</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2 style="border-bottom: solid 1pt black">/s/ Joseph M. Harary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Joseph M. Harary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>President, Chief Executive
Officer</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>exhibit31-2.htm
<DESCRIPTION>RULE 13A-14(A)/15D-14(A) CERTIFICATION OF SETH L. VAN VOORHEES
<TEXT>

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<P align=left><B><FONT face="Times New Roman" size=2>EXHIBIT 31.2 CERTIFICATION
</FONT></B></P>
<P align=left><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=left><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=left><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=left><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=left><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=left><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=left><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=left><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=left><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=left><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=left><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=left><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 vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Dated: March 10, 2016</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2 style="border-bottom: solid 1pt black">/s/ Seth L. Van
      Voorhees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Seth L. Van Voorhees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Vice President, Chief Financial
      Officer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Treasurer and Principal Accounting
      Officer</FONT></TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>exhibit32-1.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION OF JOSEPH M. HARARY
<TEXT>

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<BR>
<P align=left><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="LEFT" STYLE="text-indent: 15pt"><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, <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">2015</font> 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 cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</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%" STYLE="text-align: left"><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 width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: left"><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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2 style="border-bottom: solid 1pt black">/s/ Joseph M. Harary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Joseph M. Harary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>President, Chief Executive Officer and Principal Executive
      Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>March 10, 2016</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>exhibit32-2.htm
<DESCRIPTION>SECTION 1350 CERTIFICATION OF SETH L. VAN VOORHEES
<TEXT>

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<BR>
<P align=left><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="LEFT" STYLE="text-indent: 15pt"><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, <FONT STYLE="BACKGROUND-COLOR: TRANSPARENT">2015</font> 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 cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2 style="border-bottom: solid 1pt black">/s/ Seth L. Van
      Voorhees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Seth L. Van Voorhees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Vice President, Chief Financial
      Officer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Treasurer and Principal Accounting
      Officer</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>March 10,
2016</FONT></TD></TR></TABLE><BR>
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</TEXT>
</DOCUMENT>
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<TYPE>EX-101.INS
<SEQUENCE>7
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  <us-gaap:ShareBasedCompensation id="Tag176" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="0">1042917</us-gaap:ShareBasedCompensation>
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  <us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag179" contextRef="I2013-12-31" unitRef="USD" decimals="0">5866123</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:NatureOfOperations id="Tag180" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(1) &lt;/font&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Business and Basis for Presentation&lt;/font&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;#147;Research Frontiers&amp;#148; or the &amp;#147;Company&amp;#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 "light valves" 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;#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.&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'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's relationships with its existing licensees. The degree of dependence of the Company'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's technology by the Company'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;
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  <us-gaap:CashAndCashEquivalentsPolicyTextBlock id="Tag181" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(a) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Cash and Cash Equivalents&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 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, 2015 and 2014.&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;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. FDIC insurance coverage is $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, 2015 and 2014 is approximately $&lt;font&gt;5.0&lt;/font&gt;&amp;#160;million and $&lt;font&gt;6.8&lt;/font&gt;&amp;#160;million, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;/div&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
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&lt;div style="display: block; ;display: block;"&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;December 31, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; text-align: center;"&gt;Certificates of Deposit&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Value of Held to Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Value of Held to Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; text-align: center;"&gt;Investment&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Investments (based on cost)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Investments (based on cost)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; margin: 0pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 25%; background-color: #bfbfbf;"&gt;&lt;font&gt;1,501,554 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="font-family: 'times new roman'; border: none #000000; vertical-align: bottom; white-space: nowrap; text-align: center; width: 25%; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;8/27/2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; margin: 0px; vertical-align: bottom; text-align: right; width: 25%; background-color: #bfbfbf;"&gt;&lt;font&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 25%; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,501,554&lt;/font&gt;&lt;font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; margin: 0pt; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,503,525&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;8/27/2016&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="font-size: 10pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; margin: 0px; vertical-align: bottom; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;1,513,784&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; margin: 0pt; vertical-align: bottom; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;1,503,525&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="font-size: 10pt; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; margin: 0px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font&gt;1,513,784&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" style="border-color: #000000; border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; font-size: 9pt; white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font&gt;3,005,079&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:HeldToMaturitySecuritiesTextBlock>
  <us-gaap:CashUninsuredAmount id="Tag184" contextRef="I2014-12-31" unitRef="USD" decimals="-5">6800000</us-gaap:CashUninsuredAmount>
  <us-gaap:HeldToMaturitySecuritiesFairValue id="Tag185" contextRef="I2014-12-31" unitRef="USD" decimals="-5">1500000</us-gaap:HeldToMaturitySecuritiesFairValue>
  <us-gaap:MarketableSecuritiesPolicy id="Tag186" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(b) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Short-term/Long-term Investments&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 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, 2015 and 2014 all investments were classified as held to maturity and consisted of the following:&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;div&gt;
&lt;div style="display: block; ;display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;"&gt;

&lt;tr&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;December 31, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; text-align: center;"&gt;Certificates of Deposit&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Value of Held to Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Value of Held to Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; text-align: center;"&gt;Investment&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Investments (based on cost)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Investments (based on cost)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; margin: 0pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 25%; background-color: #bfbfbf;"&gt;&lt;font&gt;1,501,554 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="font-family: 'times new roman'; border: none #000000; vertical-align: bottom; white-space: nowrap; text-align: center; width: 25%; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;8/27/2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; margin: 0px; vertical-align: bottom; text-align: right; width: 25%; background-color: #bfbfbf;"&gt;&lt;font&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 25%; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,501,554&lt;/font&gt;&lt;font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; margin: 0pt; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,503,525&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;8/27/2016&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="font-size: 10pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; margin: 0px; vertical-align: bottom; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;1,513,784&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; margin: 0pt; vertical-align: bottom; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;1,503,525&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="font-size: 10pt; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; margin: 0px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font&gt;1,513,784&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" style="border-color: #000000; border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; font-size: 9pt; white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font&gt;3,005,079&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;!-- [if gte mso 9]&gt;&lt;xml&gt; &lt;o:OfficeDocumentSettings&gt; &lt;o:AllowPNG&gt;&lt;/o:AllowPNG&gt; &lt;/o:OfficeDocumentSettings&gt;
&lt;/xml&gt;&lt;![endif]--&gt; &lt;!-- [if gte mso 9]&gt;&lt;xml&gt; &lt;w:WordDocument&gt; &lt;w:View&gt;Normal&lt;/w:View&gt; &lt;w:Zoom&gt;0&lt;/w:Zoom&gt; &lt;w:TrackMoves&gt;&lt;/w:TrackMoves&gt; &lt;w:TrackFormatting&gt;&lt;/w:TrackFormatting&gt; &lt;w:PunctuationKerning&gt;&lt;/w:PunctuationKerning&gt; &lt;w:ValidateAgainstSchemas&gt;&lt;/w:ValidateAgainstSchemas&gt; &lt;w:SaveIfXMLInvalid&gt;false&lt;/w:SaveIfXMLInvalid&gt; &lt;w:IgnoreMixedContent&gt;false&lt;/w:IgnoreMixedContent&gt; &lt;w:AlwaysShowPlaceholderText&gt;false&lt;/w:AlwaysShowPlaceholderText&gt; &lt;w:DoNotPromoteQF&gt;&lt;/w:DoNotPromoteQF&gt; &lt;w:LidThemeOther&gt;EN-US&lt;/w:LidThemeOther&gt; &lt;w:LidThemeAsian&gt;X-NONE&lt;/w:LidThemeAsian&gt; &lt;w:LidThemeComplexScript&gt;X-NONE&lt;/w:LidThemeComplexScript&gt; &lt;w:Compatibility&gt; &lt;w:BreakWrappedTables&gt;&lt;/w:BreakWrappedTables&gt; &lt;w:SnapToGridInCell&gt;&lt;/w:SnapToGridInCell&gt; &lt;w:WrapTextWithPunct&gt;&lt;/w:WrapTextWithPunct&gt; &lt;w:UseAsianBreakRules&gt;&lt;/w:UseAsianBreakRules&gt; &lt;w:DontGrowAutofit&gt;&lt;/w:DontGrowAutofit&gt; &lt;w:SplitPgBreakAndParaMark&gt;&lt;/w:SplitPgBreakAndParaMark&gt; &lt;w:EnableOpenTypeKerning&gt;&lt;/w:EnableOpenTypeKerning&gt; &lt;w:DontFlipMirrorIndents&gt;&lt;/w:DontFlipMirrorIndents&gt; &lt;w:OverrideTableStyleHps&gt;&lt;/w:OverrideTableStyleHps&gt; &lt;/w:Compatibility&gt; &lt;w:BrowserLevel&gt;MicrosoftInternetExplorer4&lt;/w:BrowserLevel&gt; &lt;m:mathPr&gt; &lt;m:mathFont m:val="Cambria Math"&gt;&lt;/m:mathFont&gt; &lt;m:brkBin m:val="before"&gt;&lt;/m:brkBin&gt; &lt;m:brkBinSub m:val="&amp;#45;-"&gt;&lt;/m:brkBinSub&gt; &lt;m:smallFrac m:val="off"&gt;&lt;/m:smallFrac&gt; &lt;m:dispDef&gt;&lt;/m:dispDef&gt; &lt;m:lMargin m:val="0"&gt;&lt;/m:lMargin&gt; &lt;m:rMargin m:val="0"&gt;&lt;/m:rMargin&gt; &lt;m:defJc m:val="centerGroup"&gt;&lt;/m:defJc&gt; &lt;m:wrapIndent m:val="1440"&gt;&lt;/m:wrapIndent&gt; &lt;m:intLim m:val="subSup"&gt;&lt;/m:intLim&gt; &lt;m:naryLim m:val="undOvr"&gt;&lt;/m:naryLim&gt; &lt;/m:mathPr&gt;&lt;/w:WordDocument&gt;
&lt;/xml&gt;&lt;![endif]--&gt;&lt;!-- [if gte mso 9]&gt;&lt;xml&gt; &lt;w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="false" DefSemiHidden="false" DefQFormat="false" DefPriority="99" LatentStyleCount="371"&gt; &lt;w:LsdException Locked="false" Priority="0" QFormat="true" Name="Normal"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 7"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 8"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 9"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 7"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 8"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 9"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 7"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 8"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 9"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Indent"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="header"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footer"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index heading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="35" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="caption"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of figures"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope address"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope return"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote reference"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation reference"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="line number"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="page number"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote reference"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of authorities"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="macro"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="toa heading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Closing"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Signature"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="1" SemiHidden="true" UnhideWhenUsed="true" Name="Default Paragraph Font"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Message Header"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Salutation"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Date"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Note Heading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Block Text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hyperlink"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="FollowedHyperlink"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Document Map"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Plain Text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="E-mail Signature"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Top of Form"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Bottom of Form"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal (Web)"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Acronym"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Address"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Cite"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Code"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Definition"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Keyboard"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Preformatted"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Sample"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Typewriter"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Variable"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Table"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation subject"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="No List"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 7"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 8"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 7"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 8"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Contemporary"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Elegant"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Professional"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Balloon Text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" Name="Table Grid"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Theme"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="60" Name="Light Shading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="61" Name="Light List"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="62" Name="Light Grid"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="65" Name="Medium List 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="66" Name="Medium List 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="70" Name="Dark List"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="71" Name="Colorful Shading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="72" Name="Colorful List"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="73" Name="Colorful Grid"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" Name="Revision"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="34" QFormat="true" Name="List Paragraph"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="30" QFormat="true" Name="Intense Quote"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="19" QFormat="true" Name="Subtle Emphasis"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="21" QFormat="true" Name="Intense Emphasis"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="31" QFormat="true" Name="Subtle Reference"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="32" QFormat="true" Name="Intense Reference"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="37" SemiHidden="true" UnhideWhenUsed="true" Name="Bibliography"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="41" Name="Plain Table 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="42" Name="Plain Table 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="43" Name="Plain Table 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="44" Name="Plain Table 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="45" Name="Plain Table 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="40" Name="Grid Table Light"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="Grid Table 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="Grid Table 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="Grid Table 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="List Table 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="List Table 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="List Table 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 5"&gt;&lt;/w:LsdException&gt; 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&lt;![endif]--&gt; &lt;font style="font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&amp;#160; &lt;/font&gt;&lt;br/&gt;&lt;/div&gt;</us-gaap:MarketableSecuritiesPolicy>
  <us-gaap:ReceivablesPolicyTextBlock id="Tag187" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(c) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Royalties Receivable&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;Royalties receivable from licensees 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's best estimate of the amount of probable credit losses in the Company'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.&amp;#160;As of December 31, 2015, four companies accounted for &lt;font&gt;21&lt;/font&gt;%, &lt;font&gt;15&lt;/font&gt;%, &lt;font&gt;12&lt;/font&gt;% and &lt;font&gt;11&lt;/font&gt;%, respectively, of the Company's outstanding receivables. As of December 31, 2014, four companies accounted for &lt;font&gt;19&lt;/font&gt;%, &lt;font&gt;17&lt;/font&gt;%, &lt;font&gt;10&lt;/font&gt;% and &lt;font&gt;10&lt;/font&gt;%, respectively, of the Company's outstanding receivables.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ReceivablesPolicyTextBlock>
  <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock id="Tag188" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(d) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Fixed Assets&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 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;/div&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
  <us-gaap:RevenueRecognitionPolicyTextBlock id="Tag189" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(e) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Revenue Recognition/Fee Income&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 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 are typically recognized into income by year end.&amp;#160;As of December 31, 2015 and December 31, 2014, there was no material impact on revenue as a result of recognizing deferred revenue in the consolidated statement of operations.&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;Fee income represents amounts earned by the Company under various license and other agreements (note 8) relating to technology developed by the Company. During 2015, three licensees accounted for &lt;font&gt;33&lt;/font&gt;%, &lt;font&gt;15&lt;/font&gt;%, and &lt;font&gt;9&lt;/font&gt;%, respectively, of fee income recognized for the year. In addition, during the year ended December 31, 2015, approximately &lt;font&gt;14&lt;/font&gt;% of revenues related to fees generated by a large architectural glass project. During 2014, five licensees accounted for &lt;font&gt;36&lt;/font&gt;%, &lt;font&gt;11&lt;/font&gt;%, &lt;font&gt;9&lt;/font&gt;%, &lt;font&gt;9&lt;/font&gt;%, and &lt;font&gt;5&lt;/font&gt;%, respectively of fee income recognized during the year. During 2013 six licensees accounted for &lt;font&gt;40&lt;/font&gt;%, &lt;font&gt;12&lt;/font&gt;%, &lt;font&gt;6&lt;/font&gt;% and &lt;font&gt;6&lt;/font&gt;%, &lt;font&gt;5&lt;/font&gt;%, and &lt;font&gt;5&lt;/font&gt;% respectively of fee income recognized for the year.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
  <us-gaap:EarningsPerSharePolicyTextBlock id="Tag190" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(f) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Basic and Diluted Loss Per Common Share&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;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's dilutive loss per share equals basic loss per share for each of the years in the three-year period ended December 31, 2015 because all common stock equivalents (&lt;/font&gt;&lt;em&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;i.e.,&lt;/font&gt;&lt;/em&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&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 &lt;font&gt;2,197,369&lt;/font&gt;, &lt;font&gt;2,924,419&lt;/font&gt;, and &lt;font&gt;2,860,219&lt;/font&gt;, for 2015, 2014, and 2013, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
  <us-gaap:ResearchAndDevelopmentExpensePolicy id="Tag191" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(g) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Research and Development Costs&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;Research and development costs are charged to expense as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ResearchAndDevelopmentExpensePolicy>
  <us-gaap:LegalCostsPolicyTextBlock id="Tag192" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(h) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Patent Costs&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 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;/div&gt;</us-gaap:LegalCostsPolicyTextBlock>
  <us-gaap:UseOfEstimates id="Tag193" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(i) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Use of Estimates&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 preparation of the Company'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;/div&gt;</us-gaap:UseOfEstimates>
  <us-gaap:IncomeTaxPolicyTextBlock id="Tag194" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(j) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Income Taxes&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;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 carry-forwards. 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;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family: 'Times New Roman';"&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, 2015 and 2014, 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, 2015 and 2014.&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 years subject to examination by major tax jurisdictions include the years 2011 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;/div&gt;</us-gaap:IncomeTaxPolicyTextBlock>
  <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy id="Tag195" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(k) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Equity-Based Compensation&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'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 $&lt;font&gt;715,009&lt;/font&gt;, $&lt;font&gt;1,010,489&lt;/font&gt;, and $&lt;font&gt;2,545,060&lt;/font&gt;&amp;#160;to operations during the years ended December 31, 2015, 2014, and 2013, respectively.&amp;#160;In lieu of higher cash compensation, the Company has granted warrants and non-employee options to consultants. These warrants and non-employee options vested&amp;#160;ratably over various terms ranging from 24 to 59 months. As of December 31, 2015 these awards were fully vested. Non-employee options covering &lt;font&gt;24,000&lt;/font&gt; shares were granted to consultants during 2014.&amp;#160;These n&lt;font style="font-size: 10pt;"&gt;on-&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;employee options are valued at fair value at the time that the related services are provided using the Black&amp;#160;Scholes&amp;#160;method and marked to market quarterly using the Black Scholes&amp;#160;method. The Company incurred a charge to operations of $&lt;font&gt;10,007&lt;/font&gt;, $&lt;font&gt;32,428&lt;/font&gt;, and $&lt;font&gt;369,844&lt;/font&gt;, for 2015, 2014, and 2013, respectively in connection with these warrants and non-employee options.&lt;br/&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
  <refr:ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock id="Tag196" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(l) Restricted Stock&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;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;/div&gt;</refr:ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock>
  <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock id="Tag197" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(m) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Impairment of Long-Lived Assets&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 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.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
  <us-gaap:FairValueMeasurementPolicyPolicyTextBlock id="Tag198" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(n) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Fair Value Measurements&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-indent: 15pt; margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 10.0pt;"&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 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;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: small;"&gt;Accounting Standards Codification (&amp;#147;&lt;/font&gt;ASC&lt;font style="font-size: small;"&gt;&amp;#148;) Topic 820 &amp;#147;Fair Value Measurements and Disclosures&amp;#148; (&amp;#147;&lt;/font&gt;ASC&lt;font style="font-size: small;"&gt; Topic 820&amp;#148;) establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. &lt;/font&gt;ASC&lt;font style="font-size: small;"&gt; Topic 820 applies other previously issued accounting pronouncements that require or permit fair value measurements but does not require any new fair val&lt;font style="font-size: 10pt;"&gt;ue&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;measurements.&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;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'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, 2015 and 2014, include cash and cash equivalents of approximately $&lt;font&gt;5.7&lt;/font&gt;&amp;#160;million and $&lt;font&gt;7.6&lt;/font&gt;&amp;#160;million, respectively, as well as short term investments of $&lt;font&gt;1.5&lt;/font&gt;&amp;#160;million and $&lt;font&gt;1.5&lt;/font&gt;&amp;#160;million in 2015 and 2014, 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;/div&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock id="Tag199" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;(o) Recent Accounting Pronouncements&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;em&gt;New Ac&lt;font style="font-size: 10pt;"&gt;counting Standards&lt;/font&gt;&lt;/em&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;In May 2014, the FASB and the International Accounting Standards Board (IASB) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (IFRS). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In July 2015, the FASB approved a deferral of the ASU effective date from annual and interim periods beginning after December 15, 2016 to annual and interim periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this guidance on its financial position and results of operations.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;In November 2015, the FASB issued Accounting Standard Update (ASU) No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The amendments under the new guidance require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;In January 2016, the FASB issued ASU 2016-01, "Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;In January 2016, the Financial Accounting Standards Board (&amp;#147;FASB&amp;#148;) issued Accounting Standards Updated (&amp;#147;ASU&amp;#148;) No. 2016-02, Leases. ASU 2016-02 requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption of the new guidance is permitted. We are currently evaluating the impact of ASU 2016-02 on our consolidated financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
  <us-gaap:SignificantAccountingPoliciesTextBlock id="Tag200" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(2) &lt;/font&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Summary of Significant Accounting Policies&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(a) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Cash and Cash Equivalents&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 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, 2015 and 2014.&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;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. FDIC insurance coverage is $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, 2015 and 2014 is approximately $&lt;font&gt;5.0&lt;/font&gt;&amp;#160;million and $&lt;font&gt;6.8&lt;/font&gt;&amp;#160;million, respectively.&lt;/font&gt;&lt;/p&gt;

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&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(b) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Short-term/Long-term Investments&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 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, 2015 and 2014 all investments were classified as held to maturity and consisted of the following:&lt;/font&gt;&lt;/p&gt;
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&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;December 31, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; text-align: center;"&gt;Certificates of Deposit&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Value of Held to Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Value of Held to Maturity&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
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&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; text-align: center;"&gt;Investment&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Date&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Investments (based on cost)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;"&gt;Investments (based on cost)&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; margin: 0pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 25%; background-color: #bfbfbf;"&gt;&lt;font&gt;1,501,554 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="font-family: 'times new roman'; border: none #000000; vertical-align: bottom; white-space: nowrap; text-align: center; width: 25%; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;8/27/2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; margin: 0px; vertical-align: bottom; text-align: right; width: 25%; background-color: #bfbfbf;"&gt;&lt;font&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 25%; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,501,554&lt;/font&gt;&lt;font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; margin: 0pt; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,503,525&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;8/27/2016&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="font-size: 10pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; margin: 0px; vertical-align: bottom; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;1,513,784&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; margin: 0pt; vertical-align: bottom; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;1,503,525&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td valign="bottom" style="font-size: 10pt; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; margin: 0px; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font&gt;1,513,784&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" valign="bottom" style="border-color: #000000; border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; font-size: 9pt; white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #bfbfbf;"&gt;&lt;font&gt;3,005,079&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'times new roman'; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;!-- [if gte mso 9]&gt;&lt;xml&gt; &lt;o:OfficeDocumentSettings&gt; &lt;o:AllowPNG&gt;&lt;/o:AllowPNG&gt; &lt;/o:OfficeDocumentSettings&gt;
&lt;/xml&gt;&lt;![endif]--&gt; &lt;!-- [if gte mso 9]&gt;&lt;xml&gt; &lt;w:WordDocument&gt; &lt;w:View&gt;Normal&lt;/w:View&gt; &lt;w:Zoom&gt;0&lt;/w:Zoom&gt; &lt;w:TrackMoves&gt;&lt;/w:TrackMoves&gt; &lt;w:TrackFormatting&gt;&lt;/w:TrackFormatting&gt; &lt;w:PunctuationKerning&gt;&lt;/w:PunctuationKerning&gt; &lt;w:ValidateAgainstSchemas&gt;&lt;/w:ValidateAgainstSchemas&gt; &lt;w:SaveIfXMLInvalid&gt;false&lt;/w:SaveIfXMLInvalid&gt; &lt;w:IgnoreMixedContent&gt;false&lt;/w:IgnoreMixedContent&gt; &lt;w:AlwaysShowPlaceholderText&gt;false&lt;/w:AlwaysShowPlaceholderText&gt; &lt;w:DoNotPromoteQF&gt;&lt;/w:DoNotPromoteQF&gt; &lt;w:LidThemeOther&gt;EN-US&lt;/w:LidThemeOther&gt; &lt;w:LidThemeAsian&gt;X-NONE&lt;/w:LidThemeAsian&gt; &lt;w:LidThemeComplexScript&gt;X-NONE&lt;/w:LidThemeComplexScript&gt; &lt;w:Compatibility&gt; &lt;w:BreakWrappedTables&gt;&lt;/w:BreakWrappedTables&gt; &lt;w:SnapToGridInCell&gt;&lt;/w:SnapToGridInCell&gt; &lt;w:WrapTextWithPunct&gt;&lt;/w:WrapTextWithPunct&gt; &lt;w:UseAsianBreakRules&gt;&lt;/w:UseAsianBreakRules&gt; &lt;w:DontGrowAutofit&gt;&lt;/w:DontGrowAutofit&gt; &lt;w:SplitPgBreakAndParaMark&gt;&lt;/w:SplitPgBreakAndParaMark&gt; &lt;w:EnableOpenTypeKerning&gt;&lt;/w:EnableOpenTypeKerning&gt; &lt;w:DontFlipMirrorIndents&gt;&lt;/w:DontFlipMirrorIndents&gt; &lt;w:OverrideTableStyleHps&gt;&lt;/w:OverrideTableStyleHps&gt; &lt;/w:Compatibility&gt; &lt;w:BrowserLevel&gt;MicrosoftInternetExplorer4&lt;/w:BrowserLevel&gt; &lt;m:mathPr&gt; &lt;m:mathFont m:val="Cambria Math"&gt;&lt;/m:mathFont&gt; &lt;m:brkBin m:val="before"&gt;&lt;/m:brkBin&gt; &lt;m:brkBinSub m:val="&amp;#45;-"&gt;&lt;/m:brkBinSub&gt; &lt;m:smallFrac m:val="off"&gt;&lt;/m:smallFrac&gt; &lt;m:dispDef&gt;&lt;/m:dispDef&gt; &lt;m:lMargin m:val="0"&gt;&lt;/m:lMargin&gt; &lt;m:rMargin m:val="0"&gt;&lt;/m:rMargin&gt; &lt;m:defJc m:val="centerGroup"&gt;&lt;/m:defJc&gt; &lt;m:wrapIndent m:val="1440"&gt;&lt;/m:wrapIndent&gt; &lt;m:intLim m:val="subSup"&gt;&lt;/m:intLim&gt; &lt;m:naryLim m:val="undOvr"&gt;&lt;/m:naryLim&gt; &lt;/m:mathPr&gt;&lt;/w:WordDocument&gt;
&lt;/xml&gt;&lt;![endif]--&gt;&lt;!-- [if gte mso 9]&gt;&lt;xml&gt; &lt;w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="false" DefSemiHidden="false" DefQFormat="false" DefPriority="99" LatentStyleCount="371"&gt; &lt;w:LsdException Locked="false" Priority="0" QFormat="true" Name="Normal"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 7"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 8"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 9"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 7"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 8"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 9"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 7"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 8"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 9"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Indent"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="header"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footer"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index heading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="35" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="caption"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of figures"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope address"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope return"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote reference"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation reference"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="line number"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="page number"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote reference"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of authorities"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="macro"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="toa heading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Closing"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Signature"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="1" SemiHidden="true" UnhideWhenUsed="true" Name="Default Paragraph Font"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Message Header"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Salutation"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Date"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Note Heading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Block Text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hyperlink"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="FollowedHyperlink"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Document Map"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Plain Text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="E-mail Signature"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Top of Form"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Bottom of Form"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal (Web)"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Acronym"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Address"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Cite"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Code"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Definition"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Keyboard"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Preformatted"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Sample"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Typewriter"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Variable"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Table"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation subject"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="No List"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 7"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 8"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 4"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 5"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 6"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 7"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 8"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Contemporary"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Elegant"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Professional"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Balloon Text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="39" Name="Table Grid"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Theme"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="60" Name="Light Shading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="61" Name="Light List"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="62" Name="Light Grid"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="65" Name="Medium List 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="66" Name="Medium List 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="70" Name="Dark List"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="71" Name="Colorful Shading"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="72" Name="Colorful List"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="73" Name="Colorful Grid"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" SemiHidden="true" Name="Revision"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="34" QFormat="true" Name="List Paragraph"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="30" QFormat="true" Name="Intense Quote"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"&gt;&lt;/w:LsdException&gt; &lt;w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"&gt;&lt;/w:LsdException&gt; 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&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(c) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Royalties Receivable&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;Royalties receivable from licensees 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's best estimate of the amount of probable credit losses in the Company'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.&amp;#160;As of December 31, 2015, four companies accounted for &lt;font&gt;21&lt;/font&gt;%, &lt;font&gt;15&lt;/font&gt;%, &lt;font&gt;12&lt;/font&gt;% and &lt;font&gt;11&lt;/font&gt;%, respectively, of the Company's outstanding receivables. As of December 31, 2014, four companies accounted for &lt;font&gt;19&lt;/font&gt;%, &lt;font&gt;17&lt;/font&gt;%, &lt;font&gt;10&lt;/font&gt;% and &lt;font&gt;10&lt;/font&gt;%, respectively, of the Company's outstanding receivables.&lt;/font&gt;&lt;/p&gt;
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&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(d) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Fixed Assets&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 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;/div&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(e) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Revenue Recognition/Fee Income&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 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 are typically recognized into income by year end.&amp;#160;As of December 31, 2015 and December 31, 2014, there was no material impact on revenue as a result of recognizing deferred revenue in the consolidated statement of operations.&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;Fee income represents amounts earned by the Company under various license and other agreements (note 8) relating to technology developed by the Company. During 2015, three licensees accounted for &lt;font&gt;33&lt;/font&gt;%, &lt;font&gt;15&lt;/font&gt;%, and &lt;font&gt;9&lt;/font&gt;%, respectively, of fee income recognized for the year. In addition, during the year ended December 31, 2015, approximately &lt;font&gt;14&lt;/font&gt;% of revenues related to fees generated by a large architectural glass project. During 2014, five licensees accounted for &lt;font&gt;36&lt;/font&gt;%, &lt;font&gt;11&lt;/font&gt;%, &lt;font&gt;9&lt;/font&gt;%, &lt;font&gt;9&lt;/font&gt;%, and &lt;font&gt;5&lt;/font&gt;%, respectively of fee income recognized during the year. During 2013 six licensees accounted for &lt;font&gt;40&lt;/font&gt;%, &lt;font&gt;12&lt;/font&gt;%, &lt;font&gt;6&lt;/font&gt;% and &lt;font&gt;6&lt;/font&gt;%, &lt;font&gt;5&lt;/font&gt;%, and &lt;font&gt;5&lt;/font&gt;% respectively of fee income recognized for the year.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(f) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Basic and Diluted Loss Per Common Share&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;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's dilutive loss per share equals basic loss per share for each of the years in the three-year period ended December 31, 2015 because all common stock equivalents (&lt;/font&gt;&lt;em&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;i.e.,&lt;/font&gt;&lt;/em&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&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 &lt;font&gt;2,197,369&lt;/font&gt;, &lt;font&gt;2,924,419&lt;/font&gt;, and &lt;font&gt;2,860,219&lt;/font&gt;, for 2015, 2014, and 2013, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(g) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Research and Development Costs&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;Research and development costs are charged to expense as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(h) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Patent Costs&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 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;/div&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(i) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Use of Estimates&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 preparation of the Company'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;/div&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(j) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Income Taxes&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;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 carry-forwards. 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;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;font size="2" style="font-family: 'Times New Roman';"&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, 2015 and 2014, 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, 2015 and 2014.&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 years subject to examination by major tax jurisdictions include the years 2011 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;/div&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(k) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Equity-Based Compensation&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'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 $&lt;font&gt;715,009&lt;/font&gt;, $&lt;font&gt;1,010,489&lt;/font&gt;, and $&lt;font&gt;2,545,060&lt;/font&gt;&amp;#160;to operations during the years ended December 31, 2015, 2014, and 2013, respectively.&amp;#160;In lieu of higher cash compensation, the Company has granted warrants and non-employee options to consultants. These warrants and non-employee options vested&amp;#160;ratably over various terms ranging from 24 to 59 months. As of December 31, 2015 these awards were fully vested. Non-employee options covering &lt;font&gt;24,000&lt;/font&gt; shares were granted to consultants during 2014.&amp;#160;These n&lt;font style="font-size: 10pt;"&gt;on-&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;employee options are valued at fair value at the time that the related services are provided using the Black&amp;#160;Scholes&amp;#160;method and marked to market quarterly using the Black Scholes&amp;#160;method. The Company incurred a charge to operations of $&lt;font&gt;10,007&lt;/font&gt;, $&lt;font&gt;32,428&lt;/font&gt;, and $&lt;font&gt;369,844&lt;/font&gt;, for 2015, 2014, and 2013, respectively in connection with these warrants and non-employee options.&lt;br/&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(l) Restricted Stock&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;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;/div&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(m) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Impairment of Long-Lived Assets&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 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.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(n) &lt;/font&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Fair Value Measurements&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-indent: 15pt; margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 10.0pt;"&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 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;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: small;"&gt;Accounting Standards Codification (&amp;#147;&lt;/font&gt;ASC&lt;font style="font-size: small;"&gt;&amp;#148;) Topic 820 &amp;#147;Fair Value Measurements and Disclosures&amp;#148; (&amp;#147;&lt;/font&gt;ASC&lt;font style="font-size: small;"&gt; Topic 820&amp;#148;) establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. &lt;/font&gt;ASC&lt;font style="font-size: small;"&gt; Topic 820 applies other previously issued accounting pronouncements that require or permit fair value measurements but does not require any new fair val&lt;font style="font-size: 10pt;"&gt;ue&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;measurements.&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;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'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, 2015 and 2014, include cash and cash equivalents of approximately $&lt;font&gt;5.7&lt;/font&gt;&amp;#160;million and $&lt;font&gt;7.6&lt;/font&gt;&amp;#160;million, respectively, as well as short term investments of $&lt;font&gt;1.5&lt;/font&gt;&amp;#160;million and $&lt;font&gt;1.5&lt;/font&gt;&amp;#160;million in 2015 and 2014, 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;/div&gt;

&lt;div&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;(o) Recent Accounting Pronouncements&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;em&gt;New Ac&lt;font style="font-size: 10pt;"&gt;counting Standards&lt;/font&gt;&lt;/em&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;In May 2014, the FASB and the International Accounting Standards Board (IASB) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (IFRS). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In July 2015, the FASB approved a deferral of the ASU effective date from annual and interim periods beginning after December 15, 2016 to annual and interim periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this guidance on its financial position and results of operations.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;In November 2015, the FASB issued Accounting Standard Update (ASU) No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The amendments under the new guidance require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;In January 2016, the FASB issued ASU 2016-01, "Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;In January 2016, the Financial Accounting Standards Board (&amp;#147;FASB&amp;#148;) issued Accounting Standards Updated (&amp;#147;ASU&amp;#148;) No. 2016-02, Leases. ASU 2016-02 requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption of the new guidance is permitted. We are currently evaluating the impact of ASU 2016-02 on our consolidated financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
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  <us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims id="Tag222" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="0">32428</us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims>
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  <us-gaap:AllocatedShareBasedCompensationExpense id="Tag226" contextRef="D2015-01-01_To_2015-12-31_EmployeeStockOptionsAndRestrictedStockMember" unitRef="USD" decimals="0">715009</us-gaap:AllocatedShareBasedCompensationExpense>
  <us-gaap:AllocatedShareBasedCompensationExpense id="Tag227" contextRef="D2014-01-01_To_2014-12-31_EmployeeStockOptionsAndRestrictedStockMember" unitRef="USD" decimals="0">1010489</us-gaap:AllocatedShareBasedCompensationExpense>
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  <us-gaap:ConcentrationRiskPercentage1 id="Tag239" contextRef="D2015-01-01_To_2015-12-31_CompanyFourMember_AccountsReceivableMember" unitRef="Pure" decimals="2">0.11</us-gaap:ConcentrationRiskPercentage1>
  <us-gaap:ConcentrationRiskPercentage1 id="Tag240" contextRef="D2014-01-01_To_2014-12-31_CompanyOneMember_AccountsReceivableMember" unitRef="Pure" decimals="2">0.19</us-gaap:ConcentrationRiskPercentage1>
  <us-gaap:ConcentrationRiskPercentage1 id="Tag241" contextRef="D2014-01-01_To_2014-12-31_CompanyTwoMember_AccountsReceivableMember" unitRef="Pure" decimals="2">0.17</us-gaap:ConcentrationRiskPercentage1>
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  <us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued id="Tag244" contextRef="D2014-01-01_To_2014-12-31" unitRef="Shares" decimals="INF">24000</us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag245" contextRef="I2015-12-31_OtherCapitalizedPropertyPlantAndEquipmentMember" unitRef="USD" decimals="0">775654</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentUsefulLife id="Tag246" contextRef="D2015-01-01_To_2015-12-31_OtherCapitalizedPropertyPlantAndEquipmentMember">P5Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag247" contextRef="I2014-12-31_OtherCapitalizedPropertyPlantAndEquipmentMember" unitRef="USD" decimals="0">502789</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag248" contextRef="I2015-12-31_MachineryAndEquipmentMember" unitRef="USD" decimals="0">1375911</us-gaap:PropertyPlantAndEquipmentGross>
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  <us-gaap:PropertyPlantAndEquipmentGross id="Tag251" contextRef="I2015-12-31_LeaseholdImprovementsMember" unitRef="USD" decimals="0">581902</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag252" contextRef="I2014-12-31_LeaseholdImprovementsMember" unitRef="USD" decimals="0">552185</us-gaap:PropertyPlantAndEquipmentGross>
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  <us-gaap:PropertyPlantAndEquipmentGross id="Tag254" contextRef="I2014-12-31" unitRef="USD" decimals="0">2417282</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross id="Tag255" contextRef="I2015-12-31" unitRef="USD" decimals="0">2733467</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment id="Tag256" contextRef="I2015-12-31" unitRef="USD" decimals="0">1897251</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock id="Tag257" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(3) &lt;/font&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Fixed Assets&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;Depreciation and amortization expense for the periods ending December 31, 2015, 2014 and 2013 was $&lt;font&gt;140,170&lt;/font&gt;, $&lt;font&gt;31,824&lt;/font&gt; and $&lt;font&gt;45,212&lt;/font&gt;. Fixed assets and their estimated useful lives as of December 31, 2015 and 2014 are as follows:&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;"&gt;

&lt;tr&gt;
&lt;td style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Estimated&amp;#160;useful&amp;#160;life&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 70%; text-align: left; background-color: #bfbfbf;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Equipment and furniture&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10%; text-align: right; background-color: #bfbfbf;"&gt;&lt;font&gt; 1,375,911 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10%; text-align: right; background-color: #bfbfbf;"&gt;&lt;font&gt; 1,362,308 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; white-space: nowrap; width: 10%; text-align: center; background-color: #bfbfbf;"&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/td&gt;
&lt;td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 70px; text-align: left;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Trade show materials&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"&gt;&lt;font&gt;775,654&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"&gt;&lt;font&gt;502,789&lt;/font&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 70px; text-align: left;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="text-align: center; font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; background-color: #bfbfbf;"&gt;Life of lease or estimated&lt;/td&gt;
&lt;td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Leasehold Improvements&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"&gt;&lt;font&gt; 581,902 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"&gt;&lt;font&gt; 552,185 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="text-align: center; font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; background-color: #bfbfbf;"&gt;life of asset if shorter&lt;/td&gt;
&lt;td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt; 2,733,467 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt; 2,417,282 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td colspan="10" align="left" style="text-align: left; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Less accumulated depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"&gt;&lt;font&gt; (1,897,251 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"&gt;&lt;font&gt; (1,757,081 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 836,216 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;660,201 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <us-gaap:PropertyPlantAndEquipmentTextBlock id="Tag258" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;"&gt;

&lt;tr&gt;
&lt;td style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Estimated&amp;#160;useful&amp;#160;life&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 70%; text-align: left; background-color: #bfbfbf;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Equipment and furniture&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10%; text-align: right; background-color: #bfbfbf;"&gt;&lt;font&gt; 1,375,911 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;"&gt;$&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10%; text-align: right; background-color: #bfbfbf;"&gt;&lt;font&gt; 1,362,308 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; white-space: nowrap; width: 10%; text-align: center; background-color: #bfbfbf;"&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/td&gt;
&lt;td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 70px; text-align: left;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Trade show materials&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"&gt;&lt;font&gt;775,654&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"&gt;&lt;font&gt;502,789&lt;/font&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 70px; text-align: left;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="text-align: center; font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; background-color: #bfbfbf;"&gt;Life of lease or estimated&lt;/td&gt;
&lt;td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Leasehold Improvements&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"&gt;&lt;font&gt; 581,902 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"&gt;&lt;font&gt; 552,185 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="text-align: center; font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; background-color: #bfbfbf;"&gt;life of asset if shorter&lt;/td&gt;
&lt;td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt; 2,733,467 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt; 2,417,282 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td colspan="10" align="left" style="text-align: left; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Less accumulated depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bfbfbf;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"&gt;&lt;font&gt; (1,897,251 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"&gt;&lt;font&gt; (1,757,081 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 836,216 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;660,201 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;
&lt;p style="margin: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
  <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock id="Tag259" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(4) &lt;/font&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Accrued Expenses and Other&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-size: small;"&gt;&amp;#160;&lt;br/&gt;Accrued expenses consist of the following at December 31, 2015 and 2014:&lt;br/&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 70%;"&gt;

&lt;tr&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="3" align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="3" align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td valign="bottom" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0; text-align: left; width: 80%;"&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="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; background-color: #c0c0c0; vertical-align: bottom; text-align: right; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;247,562&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; background-color: #c0c0c0; vertical-align: bottom; text-align: right; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;206,427&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Professional services&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;4,400&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;29,400&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Deferred rent&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;169,156&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;75,569&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;360&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;11,976&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;421,478&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;323,372&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
  <us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock id="Tag260" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 70%;"&gt;

&lt;tr&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="3" align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="3" align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td valign="bottom" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0; text-align: left; width: 80%;"&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="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; background-color: #c0c0c0; vertical-align: bottom; text-align: right; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;247,562&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; background-color: #c0c0c0; vertical-align: bottom; text-align: right; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;206,427&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Professional services&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;4,400&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;29,400&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Deferred rent&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;169,156&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;75,569&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;360&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;11,976&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;421,478&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;323,372&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
  <us-gaap:DeferredRentCreditCurrent id="Tag261" contextRef="I2015-12-31" unitRef="USD" decimals="0">169156</us-gaap:DeferredRentCreditCurrent>
  <us-gaap:EmployeeRelatedLiabilitiesCurrent id="Tag262" contextRef="I2015-12-31" unitRef="USD" decimals="0">247562</us-gaap:EmployeeRelatedLiabilitiesCurrent>
  <us-gaap:AccruedProfessionalFeesCurrent id="Tag263" contextRef="I2015-12-31" unitRef="USD" decimals="0">4400</us-gaap:AccruedProfessionalFeesCurrent>
  <us-gaap:OtherAccruedLiabilitiesCurrent id="Tag264" contextRef="I2015-12-31" unitRef="USD" decimals="0">360</us-gaap:OtherAccruedLiabilitiesCurrent>
  <us-gaap:OtherAccruedLiabilitiesCurrent id="Tag265" contextRef="I2014-12-31" unitRef="USD" decimals="0">11976</us-gaap:OtherAccruedLiabilitiesCurrent>
  <us-gaap:AccruedProfessionalFeesCurrent id="Tag266" contextRef="I2014-12-31" unitRef="USD" decimals="0">29400</us-gaap:AccruedProfessionalFeesCurrent>
  <us-gaap:DeferredRentCreditCurrent id="Tag267" contextRef="I2014-12-31" unitRef="USD" decimals="0">75569</us-gaap:DeferredRentCreditCurrent>
  <us-gaap:EmployeeRelatedLiabilitiesCurrent id="Tag268" contextRef="I2014-12-31" unitRef="USD" decimals="0">206427</us-gaap:EmployeeRelatedLiabilitiesCurrent>
  <us-gaap:DeferredTaxAssetsValuationAllowance id="Tag269" contextRef="I2014-12-31" unitRef="USD" decimals="0">28175000</us-gaap:DeferredTaxAssetsValuationAllowance>
  <us-gaap:DeferredTaxAssetsGross id="Tag270" contextRef="I2014-12-31" unitRef="USD" decimals="0">28175000</us-gaap:DeferredTaxAssetsGross>
  <us-gaap:DeferredTaxAssetsOther id="Tag271" contextRef="I2014-12-31" unitRef="USD" decimals="0">15000</us-gaap:DeferredTaxAssetsOther>
  <us-gaap:DeferredTaxAssetsTaxCreditCarryforwards id="Tag272" contextRef="I2014-12-31" unitRef="USD" decimals="0">1031000</us-gaap:DeferredTaxAssetsTaxCreditCarryforwards>
  <us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost id="Tag273" contextRef="I2014-12-31" unitRef="USD" decimals="0">1439000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost>
  <us-gaap:DeferredTaxAssetsOperatingLossCarryforwards id="Tag274" contextRef="I2014-12-31" unitRef="USD" decimals="0">25469000</us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
  <us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts id="Tag275" contextRef="I2014-12-31" unitRef="USD" decimals="0">108000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts>
  <us-gaap:DeferredTaxAssetsPropertyPlantAndEquipment id="Tag276" contextRef="I2014-12-31" unitRef="USD" decimals="0">113000</us-gaap:DeferredTaxAssetsPropertyPlantAndEquipment>
  <us-gaap:DeferredTaxAssetsNet id="Tag277" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:DeferredTaxAssetsNet id="Tag278" contextRef="I2015-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:DeferredTaxAssetsPropertyPlantAndEquipment id="Tag279" contextRef="I2015-12-31" unitRef="USD" decimals="0">113000</us-gaap:DeferredTaxAssetsPropertyPlantAndEquipment>
  <us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts id="Tag280" contextRef="I2015-12-31" unitRef="USD" decimals="0">211000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts>
  <us-gaap:DeferredTaxAssetsOperatingLossCarryforwards id="Tag281" contextRef="I2015-12-31" unitRef="USD" decimals="0">23628000</us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
  <us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost id="Tag282" contextRef="I2015-12-31" unitRef="USD" decimals="0">1358000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost>
  <us-gaap:DeferredTaxAssetsTaxCreditCarryforwards id="Tag283" contextRef="I2015-12-31" unitRef="USD" decimals="0">1154000</us-gaap:DeferredTaxAssetsTaxCreditCarryforwards>
  <us-gaap:DeferredTaxAssetsOther id="Tag284" contextRef="I2015-12-31" unitRef="USD" decimals="0">15000</us-gaap:DeferredTaxAssetsOther>
  <us-gaap:DeferredTaxAssetsGross id="Tag285" contextRef="I2015-12-31" unitRef="USD" decimals="0">26479000</us-gaap:DeferredTaxAssetsGross>
  <us-gaap:DeferredTaxAssetsValuationAllowance id="Tag286" contextRef="I2015-12-31" unitRef="USD" decimals="0">26479000</us-gaap:DeferredTaxAssetsValuationAllowance>
  <us-gaap:OperatingLossCarryforwards id="Tag287" contextRef="I2015-12-31" unitRef="USD" decimals="0">67000000</us-gaap:OperatingLossCarryforwards>
  <us-gaap:TaxCreditCarryforwardAmount id="Tag288" contextRef="I2015-12-31" unitRef="USD" decimals="0">1154000</us-gaap:TaxCreditCarryforwardAmount>
  <us-gaap:IncomeTaxDisclosureTextBlock id="Tag289" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(5) &lt;/font&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Income Taxes&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;font style="font-size: 10pt;"&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 carry-forwards and deferred items have been fully reserved since it is not more likely than not that the Company will achieve profitable operations.&amp;#160;The difference between the total income taxes at the federal statutory rate for each of the years ended December 31, 2015, 2014 and 2013 and the fact that no income tax benefit was recorded in each of these three years is attributable to the change in the&amp;#160;valuation allowance recorded in each year.&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt;"&gt;The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2015 and 2014 are presented below.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 90%;"&gt;

&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; width: 80%; text-align: left;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt; Depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td align="right" style="font-family: 'Times New Roman'; font-size: 9pt; width: 10%; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;113,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td align="right" style="font-family: 'Times New Roman'; font-size: 9pt; width: 10%; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;113,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt; Allowance for bad debts&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 211,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 108,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&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 carry-forwards&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 23,628,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 25,469,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&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 nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 1,358,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 1,439,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&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 nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 1,154,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 1,031,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&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 nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;15,000&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;15,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&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 nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 26,479,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 28,175,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&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 nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;(26,479,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;(28,175,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; /* background-color: #c0c0c0; */ padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;br/&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;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;/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 &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 20px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;December 31, 2015, the Company had a net operating loss carry-forward for federal income tax purposes of approximately&lt;/font&gt;&amp;#160;$&lt;font&gt;67,000,000&lt;/font&gt;, &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 20px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;varying amounts of which will expire in each year from 2016 through 2035. Research and other credit carry-forwards of approximately&lt;/font&gt;&amp;#160;$&lt;font&gt;1,154,000&lt;/font&gt; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 20px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"&gt;are available to the Company to reduce income taxes payable in future years principally through 2035&lt;/font&gt;. The Company's ability to utilize its net operating loss carryforwards and its current year tax credits in future periods are subject to the 382 limitation.&amp;#160;The $&lt;font&gt;1,696,000&lt;/font&gt; decrease in the valuation allowance between the period ending December 31, 2015 and 2014 respectively is primarily due to the&amp;#160;&lt;font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;change in the applicable tax rate that is expected to be applied towards taxable income in periods in which the deferred tax asset or liability is expected to be settled or realized.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock id="Tag290" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 90%;"&gt;

&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; width: 80%; text-align: left;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt; Depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td align="right" style="font-family: 'Times New Roman'; font-size: 9pt; width: 10%; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;113,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td align="right" style="font-family: 'Times New Roman'; font-size: 9pt; width: 10%; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;113,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt; Allowance for bad debts&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 211,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 108,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&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 carry-forwards&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 23,628,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 25,469,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&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 nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 1,358,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 1,439,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&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 nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 1,154,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 1,031,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&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 nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;15,000&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;15,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&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 nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 26,479,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt; 28,175,000 &lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&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 nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;(26,479,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;(28,175,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; /* background-color: #c0c0c0; */ padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;br/&gt;&lt;/div&gt;</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
  <us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount id="Tag291" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="0">-1696000</us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount>
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  <us-gaap:OperatingLossCarryforwardsExpirationDate id="Tag294" contextRef="D2015-01-01_To_2015-12-31_LatestTaxYearMember">2035-12-31</us-gaap:OperatingLossCarryforwardsExpirationDate>
  <us-gaap:TaxCreditCarryforwardExpirationDate id="Tag295" contextRef="D2015-01-01_To_2015-12-31_LatestTaxYearMember">2035-12-31</us-gaap:TaxCreditCarryforwardExpirationDate>
  <us-gaap:TaxCreditCarryforwardExpirationDate id="Tag296" contextRef="D2015-01-01_To_2015-12-31_EarliestTaxYearMember">2016-12-31</us-gaap:TaxCreditCarryforwardExpirationDate>
  <us-gaap:OperatingLossCarryforwardsExpirationDate id="Tag297" contextRef="D2015-01-01_To_2015-12-31_EarliestTaxYearMember">2016-12-31</us-gaap:OperatingLossCarryforwardsExpirationDate>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues id="Tag298" contextRef="D2014-05-01_To_2014-05-31" unitRef="Shares" decimals="INF">750000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <us-gaap:ProceedsFromIssuanceOfCommonStock id="Tag299" contextRef="D2014-05-01_To_2014-05-31" unitRef="USD" decimals="0">3278250</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue id="Tag300" contextRef="D2013-01-01_To_2013-12-31_RestrictedStockMember" unitRef="USDPerShare" decimals="2">3.70</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod id="Tag301" contextRef="D2013-01-01_To_2013-12-31_RestrictedStockMember" unitRef="Shares" decimals="INF">282900</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
  <us-gaap:AllocatedShareBasedCompensationExpense id="Tag302" contextRef="D2013-01-01_To_2013-12-31_RestrictedStockMember" unitRef="USD" decimals="0">1131440</us-gaap:AllocatedShareBasedCompensationExpense>
  <us-gaap:AllocatedShareBasedCompensationExpense id="Tag303" contextRef="D2014-01-01_To_2014-12-31_RestrictedStockMember" unitRef="USD" decimals="0">526574</us-gaap:AllocatedShareBasedCompensationExpense>
  <us-gaap:AllocatedShareBasedCompensationExpense id="Tag304" contextRef="D2015-01-01_To_2015-12-31_RestrictedStockMember" unitRef="USD" decimals="0">231876</us-gaap:AllocatedShareBasedCompensationExpense>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber id="Tag305" contextRef="I2013-12-31_RestrictedStockMember" unitRef="Shares" decimals="INF">611692</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber id="Tag306" contextRef="I2014-12-31_RestrictedStockMember" unitRef="Shares" decimals="INF">62667</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod id="Tag307" contextRef="D2013-01-01_To_2013-12-31_RestrictedStockMember_DirectorMember" unitRef="Shares" decimals="INF">91500</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod id="Tag308" contextRef="D2013-01-01_To_2013-12-31_RestrictedStockMember_EmployeesMember" unitRef="Shares" decimals="INF">3400</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
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  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 id="Tag310" contextRef="D2013-01-01_To_2013-12-31_RestrictedStockMember_VestingRatablyMember">P36M</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
  <us-gaap:ProceedsFromWarrantExercises id="Tag311" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="0">478299</us-gaap:ProceedsFromWarrantExercises>
  <us-gaap:ProceedsFromStockOptionsExercised id="Tag312" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="0">304788</us-gaap:ProceedsFromStockOptionsExercised>
  <us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised id="Tag313" contextRef="D2014-01-01_To_2014-12-31" unitRef="Shares" decimals="INF">64800</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
  <us-gaap:ProceedsFromWarrantExercises id="Tag314" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="0">222500</us-gaap:ProceedsFromWarrantExercises>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue id="Tag315" contextRef="D2014-01-01_To_2014-12-31" unitRef="USDPerShare" decimals="2">2.30</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate id="Tag316" contextRef="D2014-01-01_To_2014-12-31" unitRef="Pure" decimals="2">0.50</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate id="Tag317" contextRef="D2014-01-01_To_2014-12-31" unitRef="Pure" decimals="4">0.0168</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 id="Tag318" contextRef="D2014-01-01_To_2014-12-31">P5Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>
  <us-gaap:ShareholdersEquityAndShareBasedPaymentsTextBlock id="Tag319" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;(6) &lt;font style="text-decoration: underline;"&gt;Shareholders' Equity&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (a) Common Stock and Warrants&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;During 2015 and 2014, the Company received proceeds of $&lt;font&gt;548,475&lt;/font&gt;&amp;#160;and $&lt;font&gt;304,788&lt;/font&gt;&amp;#160;in connection with the exercise of options and warrants representing &lt;font&gt;119,381&lt;/font&gt;&amp;#160;and&amp;#160;&lt;font&gt;64,800&lt;/font&gt;&amp;#160;shares of common stock, respectively.&lt;br/&gt;&amp;#160;&lt;br/&gt;&lt;/font&gt;&amp;#160; &amp;#160;&lt;font style="font-size: 10pt;"&gt; In May 2014, under an existing shelf registration statement, the Company sold &lt;font&gt;750,000&lt;/font&gt; shares of common stock to a current institutional shareholder, Kevin Douglas and his related parties. Net proceeds from the offering were $&lt;font&gt;3,278,250&lt;/font&gt; which the Company intends to use for working capital and general corporate purposes.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (b) &lt;font style="text-decoration: underline;"&gt;Options and Warrants&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (i) &lt;font style="text-decoration: underline;"&gt;Employee Options&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; In 2008, the shareholders approved the Company'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 &lt;font&gt;750,000&lt;/font&gt; shares of its common stock for issuance under this plan, and &lt;font&gt;173,942&lt;/font&gt;&amp;#160;options and other awards were available for issuance under this plan as of December 31, 2015.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; At the discretion of the Board of Directors, options expire in &lt;font&gt;ten&lt;/font&gt; 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 style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The &lt;font style="font-family: 'Times New Roman', serif;"&gt;Company granted &lt;font&gt;499,700&lt;/font&gt; fully vested options during 2013 and recorded&lt;/font&gt;&lt;font style="font-family: 'Times New Roman', serif;"&gt; share-based compensat&lt;font style="font-family: 'times new roman', times;"&gt;ion of $&lt;font&gt;1,431,620&lt;/font&gt;.&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times;"&gt;The Company granted &lt;font&gt;209,750&lt;/font&gt; fully vested options during 2014&lt;/font&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&amp;#160;and recorded share-based compensation of $&lt;font&gt;483,915&lt;/font&gt;. The Company granted &lt;font&gt;204,000&lt;/font&gt; fully vested options during 2015 and recorded share-based compensation of $&lt;font&gt;483,133&lt;/font&gt;.&amp;#160;The Company valued these grants using the Black-Scholes option pricing model with the following weighted average assumptions:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;div&gt;
&lt;div style="text-align: center;"&gt;
&lt;div align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 75%; margin-left: 0.1px;"&gt;

&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td valign="bottom" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt; 2015&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td valign="bottom" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 78%; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Fair value on grant date&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; width: 2%; text-align: left; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"&gt;&lt;font&gt;2.37&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; width: 2%; text-align: left; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;2.30&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; text-align: left; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;2.86&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Expected Dividend yield&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 13.3333px;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Expected volatility&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 13.3333px;"&gt;&lt;font&gt;50&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: left; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;50&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;64&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Risk free interest rate&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 13.3333px;"&gt;&lt;font&gt;1.80&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: left;"&gt;%&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1.68&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; padding: 0px; white-space: nowrap; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1.62&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Expected term of the option&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 13.3333px;"&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&amp;#160;&lt;br/&gt;&lt;font style="font-size: 10pt; background-color: #ffffff;"&gt;Activity in stock options is summarized below:&lt;/font&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Number of Shares&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;Weighted Average&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"&gt;Weighted Average Remaining&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;Subject to Option&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Contractual Term (Years)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Aggregate Intrinsic Value&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,117,899&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;9.03&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;3.7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;499,700&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: left; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.26&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(64,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;12.81&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(72,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;4.83&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,480,599&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;7.80&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.2&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td colspan="12" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 209,750 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 5.19 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (104,750 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 7.83 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (14,800 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 5.56 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 1,570,799 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 7.49 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.2&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td colspan="12" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 204,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 5.26 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (367,793 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 7.70 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; -&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; -&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 1,407,006 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 7.11 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;6.2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;232,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;br/&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;All options are exercisable at December 31, 2015.&lt;/font&gt;&lt;/p&gt;

&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;During 2015, 2014 and 2013, the Company received $&lt;font&gt;0&lt;/font&gt;, $&lt;font&gt;82,288&lt;/font&gt;&amp;#160;and $&lt;font&gt;322,475&lt;/font&gt;, respectively in proceeds from the exercise of options.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; (ii) &lt;font style="text-decoration: underline;"&gt;Warrants and No&lt;font style="font-size: 10pt;"&gt;n-&lt;/font&gt;&lt;/font&gt;&lt;font style="text-decoration: underline;"&gt;Employee Options&lt;/font&gt;&lt;font style="text-decoration: underline;"&gt;&lt;br/&gt;&lt;br/&gt;&lt;/font&gt;&amp;#160; &amp;#160; &amp;#160;Activity in warrants is summarized below:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;"&gt;

&lt;tr&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Number&amp;#160;of&amp;#160;Shares&amp;#160;Underlying&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Warrants&amp;#160;and&amp;#160;Non-&amp;#160;Employee&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Weighted Average&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Options Granted&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 80%; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,512,103&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;5.56&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(107,483&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;4.45&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(25,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;9.00&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,379,620&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.58&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(50,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;4.45&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;24,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;6.58&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,353,620&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.64&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(137,174&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;4.73&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(426,083&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;6.09&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;790,363&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.56&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font style="font-family: 'Times New Roman', serif;"&gt;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 &lt;font&gt;24&lt;/font&gt; to &lt;font&gt;59&lt;/font&gt; months. Non-employee &lt;font&gt;five&lt;/font&gt; year options covering &lt;font&gt;24,000&lt;/font&gt; shares were granted to consultants during 2014 that vest over a period of&amp;#160;&lt;font&gt;12&lt;/font&gt; months. These non-employee options are valued at fair value at the time that the related services are provided using the Black-Scholes option valuation model and marked to market quarterly using the Black-Scholes option valuation model. The Company incurred a charge to operations of $&lt;font&gt;10,007&lt;/font&gt;, $&lt;font&gt;32,428&lt;/font&gt;, and $&lt;font&gt;369,844&lt;/font&gt;, for 2015, 2014, and 2013, respectively in connection with these warrants and non-employee options.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;During 2015, 2014 and 2013, the Company received $&lt;font&gt;548,475&lt;/font&gt;, $&lt;font&gt;222,500&lt;/font&gt;&amp;#160;and $&lt;font&gt;478,299&lt;/font&gt;, respectively in proceeds from the exercise of warrants. &lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;Warrants and non-employee options generally expire from &lt;font&gt;five&lt;/font&gt; to &lt;font&gt;ten&lt;/font&gt; years from the date of issuance. At December 31, 2015, all warrants outstanding were exercisable.&lt;br/&gt;&amp;#160;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt;"&gt;(c) &lt;font style="text-decoration: underline;"&gt;Restricted Stock Grants&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &amp;#160;During 2015 and 2014, the Company did not issue&amp;#160;restricted stock to its directors and employees.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;During 2013, the Company granted &lt;font&gt;282,900&lt;/font&gt; shares of restricted stock to its directors and employees. Directors received &lt;font&gt;91,500&lt;/font&gt; of these shares of restricted common stock. All the shares granted to the directors, as well as &lt;font&gt;3,400&lt;/font&gt; shares granted to employees vested immediately upon grant. The remaining &lt;font&gt;188,000&lt;/font&gt; shares vest ratably over the &lt;font&gt;36&lt;/font&gt; months following grant. The market value per share on the date of grant was $&lt;font&gt;3.70&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;In connection with these grants, as well as prior grants that are not yet fully vested, the Company charged $&lt;font&gt;231,876&lt;/font&gt;, $&lt;font&gt;526,574&lt;/font&gt;, and $&lt;font&gt;1,131,440&lt;/font&gt;, to operations during 2015, 2014, and 2013, respectively. At December 31, 2015 all prior grants have vested. At December 31, 2014 and 2013, &lt;font&gt;62,667&lt;/font&gt;, and&amp;#160;&lt;font&gt;611,692&lt;/font&gt;, of these grants remain unvested&amp;#160;respectively. In addition, at December 31, 2015, all charges to operations relating to these grants have been recorded.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ShareholdersEquityAndShareBasedPaymentsTextBlock>
  <us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock id="Tag320" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Number of Shares&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;Weighted Average&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"&gt;Weighted Average Remaining&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="text-align: center; border-bottom: #000000 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;Subject to Option&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Contractual Term (Years)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Aggregate Intrinsic Value&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,117,899&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;9.03&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;3.7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: silver;"&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;499,700&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: left; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.26&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(64,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;12.81&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(72,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;4.83&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,480,599&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;7.80&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.2&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td colspan="12" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 209,750 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 5.19 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (104,750 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 7.83 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (14,800 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 5.56 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 1,570,799 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 7.49 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.2&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td colspan="12" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Granted&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 204,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 5.26 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (367,793 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 7.70 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; -&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; -&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 1,407,006 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 7.11 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;6.2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;232,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;

&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;"&gt;

&lt;tr&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Number&amp;#160;of&amp;#160;Shares&amp;#160;Underlying&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Warrants&amp;#160;and&amp;#160;Non-&amp;#160;Employee&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Weighted Average&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Options Granted&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"&gt;&lt;font style="font-size: 10pt;"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 80%; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,512,103&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;5.56&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(107,483&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;4.45&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(25,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;9.00&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,379,620&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.58&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(50,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;4.45&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;24,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;6.58&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1,353,620&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.64&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(137,174&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;4.73&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Terminated&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(426,083&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;6.09&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Issued&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Balance at December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;790,363&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5.56&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
  <us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock id="Tag321" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="text-align: center;"&gt;
&lt;div align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 75%; margin-left: 0.1px;"&gt;

&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td valign="bottom" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt; 2015&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td valign="bottom" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 78%; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Fair value on grant date&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; width: 2%; text-align: left; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"&gt;&lt;font&gt;2.37&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; width: 2%; text-align: left; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;2.30&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; text-align: left; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;2.86&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Expected Dividend yield&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 13.3333px;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Expected volatility&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 13.3333px;"&gt;&lt;font&gt;50&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: left; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;50&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;64&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Risk free interest rate&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 13.3333px;"&gt;&lt;font&gt;1.80&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: left;"&gt;%&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1.68&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; padding: 0px; white-space: nowrap; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;1.62&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;Expected term of the option&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 13.3333px;"&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;/td&gt;
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  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice id="Tag387" contextRef="D2013-01-01_To_2013-12-31_EmployeeStockOptionMember" unitRef="USDPerShare" decimals="2">5.26</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod id="Tag388" contextRef="D2013-01-01_To_2013-12-31_EmployeeStockOptionMember" unitRef="Shares" decimals="INF">64500</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod>
  <us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice id="Tag389" contextRef="D2013-01-01_To_2013-12-31_EmployeeStockOptionMember" unitRef="USDPerShare" decimals="2">12.81</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice>
  <us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised id="Tag390" contextRef="D2013-01-01_To_2013-12-31_EmployeeStockOptionMember" unitRef="Shares" decimals="INF">72500</us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
  <us-gaap:ProceedsFromStockOptionsExercised id="Tag391" contextRef="D2013-01-01_To_2013-12-31_EmployeeStockOptionMember" unitRef="USD" decimals="0">322475</us-gaap:ProceedsFromStockOptionsExercised>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber id="Tag392" contextRef="I2013-12-31_EmployeeStockOptionMember" unitRef="Shares" decimals="INF">1480599</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice id="Tag393" contextRef="I2013-12-31_EmployeeStockOptionMember" unitRef="USDPerShare" decimals="2">7.80</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber id="Tag394" contextRef="I2014-12-31_EmployeeStockOptionMember" unitRef="Shares" decimals="INF">1570799</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice id="Tag395" contextRef="I2014-12-31_EmployeeStockOptionMember" unitRef="USDPerShare" decimals="2">7.49</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber id="Tag396" contextRef="I2012-12-31_NonEmployeeStockOptionsAndWarrantsMember" unitRef="Shares" decimals="INF">1512103</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice id="Tag397" contextRef="I2012-12-31_NonEmployeeStockOptionsAndWarrantsMember" unitRef="USDPerShare" decimals="2">5.56</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber id="Tag398" contextRef="I2013-12-31_NonEmployeeStockOptionsAndWarrantsMember" unitRef="Shares" decimals="INF">1379620</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice id="Tag399" contextRef="I2013-12-31_NonEmployeeStockOptionsAndWarrantsMember" unitRef="USDPerShare" decimals="2">5.58</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue id="Tag400" contextRef="I2015-12-31_EmployeeStockOptionMember" unitRef="USD" decimals="0">232000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber id="Tag401" contextRef="I2015-12-31_EmployeeStockOptionMember" unitRef="Shares" decimals="INF">1407006</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice id="Tag402" contextRef="I2015-12-31_EmployeeStockOptionMember" unitRef="USDPerShare" decimals="2">7.11</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber id="Tag403" contextRef="I2014-12-31_NonEmployeeStockOptionsAndWarrantsMember" unitRef="Shares" decimals="INF">1353620</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
  <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice id="Tag404" contextRef="I2014-12-31_NonEmployeeStockOptionsAndWarrantsMember" unitRef="USDPerShare" decimals="2">5.64</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 id="Tag405" contextRef="D2012-01-01_To_2012-12-31_EmployeeStockOptionMember">P3Y8M12D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
  <refr:PercentageOfRoyaltyRevenueOnNetSales id="Tag406" contextRef="D2015-01-01_To_2015-12-31_MinimumMember" unitRef="Pure" decimals="2">0.05</refr:PercentageOfRoyaltyRevenueOnNetSales>
  <refr:PercentageOfRoyaltyRevenueOnNetSales id="Tag407" contextRef="D2015-01-01_To_2015-12-31_MaximumMember" unitRef="Pure" decimals="2">0.15</refr:PercentageOfRoyaltyRevenueOnNetSales>
  <refr:LicenseAndOtherAgreementTextBlock id="Tag408" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;&lt;div&gt;&lt;p align="justify"&gt;&lt;font size="2" style=" font-family: 'Times New Roman';"&gt;(7) &lt;/font&gt;&lt;font style=" text-decoration: underline;"&gt;&lt;font size="2" style=" font-family: 'Times New Roman';"&gt;License and Other Agreements&lt;/font&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'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 &lt;font&gt;5&lt;/font&gt;-&lt;font&gt;15&lt;/font&gt;% 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' 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; &lt;/div&gt; &lt;/div&gt;</refr:LicenseAndOtherAgreementTextBlock>
  <us-gaap:CommitmentsDisclosureTextBlock id="Tag409" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div&gt;
&lt;p align="justify"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;(8) &lt;/font&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Commitments&lt;/font&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 an employment agreement with three of its officers which provides for an annual base salary of $&lt;font&gt;450,000&lt;/font&gt;, $&lt;font&gt;402,000&lt;/font&gt; and $&lt;font&gt;255,000&lt;/font&gt; respectively for calendar year 2016. Each of these employment agreements have an evergreen provision that extend the term by one year on the anniversary date unless either the Company or the employee has given notice that they will not be renewing the agreement upon the expiration of its term.&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 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 2015,&amp;#160;2014, or&amp;#160;2013.&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;The Company occupies premises under an operating lease agreement which expires on March 31, 2025. As of December 31, 2015, the approximate minimum annual future rental commitments under lease agreements for the next five years are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;div&gt;
&lt;div style="display: block;" align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 20%; margin-left: 0.1px; margin-right: 0.1px;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td align="left" style="border-left-style: none; border-left-color: #000000; border-right-style: none; border-right-color: #000000; border-top-style: none; border-top-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 60px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;Year&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-left-style: none; border-left-color: #000000; border-right-style: none; border-right-color: #000000; border-top-style: none; border-top-color: #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt;
&lt;td align="right" style="border-left-style: none; border-left-color: #000000; border-right-style: none; border-right-color: #000000; border-top-style: none; border-top-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 40px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 60%; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; width: 40%; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;174,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;2017&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;180,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;2018&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;186,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;2019&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;191,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;2020&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;197,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Thereafter:&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;905,000 &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;br/&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;Rent expense, including other occupancy related expenses, amounted to approximately $&lt;font&gt;181,000&lt;/font&gt;, $&lt;font&gt;173,000&lt;/font&gt;, and $&lt;font&gt;187,000&lt;/font&gt;, for 2015, 2014, and 2013, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:CommitmentsDisclosureTextBlock>
  <us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock id="Tag410" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;" align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 20%; margin-left: 0.1px; margin-right: 0.1px;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td align="left" style="border-left-style: none; border-left-color: #000000; border-right-style: none; border-right-color: #000000; border-top-style: none; border-top-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 60px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;Year&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 20px;"&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border-left-style: none; border-left-color: #000000; border-right-style: none; border-right-color: #000000; border-top-style: none; border-top-color: #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt;
&lt;td align="right" style="border-left-style: none; border-left-color: #000000; border-right-style: none; border-right-color: #000000; border-top-style: none; border-top-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 40px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 60%; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; width: 40%; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;174,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;2017&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;180,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;2018&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;186,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;2019&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;191,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;2020&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;197,000 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Thereafter:&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"&gt;&lt;font&gt;905,000 &lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
  <us-gaap:OperatingLeasesRentExpenseNet id="Tag411" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="0">173000</us-gaap:OperatingLeasesRentExpenseNet>
  <us-gaap:OperatingLeasesRentExpenseNet id="Tag412" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="0">187000</us-gaap:OperatingLeasesRentExpenseNet>
  <us-gaap:PurchaseCommitmentRemainingMinimumAmountCommitted id="Tag413" contextRef="I2015-12-31" unitRef="USD" decimals="0">450000</us-gaap:PurchaseCommitmentRemainingMinimumAmountCommitted>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent id="Tag414" contextRef="I2015-12-31" unitRef="USD" decimals="0">174000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears id="Tag415" contextRef="I2015-12-31" unitRef="USD" decimals="0">180000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears id="Tag416" contextRef="I2015-12-31" unitRef="USD" decimals="0">186000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears id="Tag417" contextRef="I2015-12-31" unitRef="USD" decimals="0">191000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears id="Tag418" contextRef="I2015-12-31" unitRef="USD" decimals="0">197000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears>
  <us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter id="Tag419" contextRef="I2015-12-31" unitRef="USD" decimals="0">905000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter>
  <us-gaap:LeaseExpirationDate1 id="Tag420" contextRef="D2015-01-01_To_2015-12-31">2025-03-31</us-gaap:LeaseExpirationDate1>
  <us-gaap:OperatingLeasesRentExpenseNet id="Tag421" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="0">181000</us-gaap:OperatingLeasesRentExpenseNet>
  <refr:RightsPlanDisclosureTextBlock id="Tag422" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font size="2" style=" font-family: 'Times New Roman';"&gt;(&lt;font&gt;9&lt;/font&gt;) &lt;/font&gt;&lt;font style=" text-decoration: underline;"&gt;&lt;font size="2" style=" font-family: 'Times New Roman';"&gt;Rights Plan&lt;/font&gt;&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;In February 2013, the Company's Board of Directors adopted a Stockholders' Rights Plan (the &amp;#147;Rights Plan&amp;#148;) and declared a dividend distribution of &lt;font&gt;one&lt;/font&gt; right (a &amp;#147;Right&amp;#148;) for each outstanding share of Company common stock to stockholders of record at the close of business on March 3, 2003 (&amp;#147;Record Time&amp;#148;) and authorized the issuance of &lt;font&gt;one&lt;/font&gt; Right in respect of each share of Common Stock issued after the Record Time and prior to the Separation Time.&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;&amp;#147;Separation Time&amp;#148; shall mean the earlier of the Close of Business on the tenth Business Day (or such later date as the Board of Directors may from time to time fix by resolution adopted prior to the Separation Time that otherwise would have occurred) following but not including (i) the date on which any Person commences a tender or exchange offer that, if consummated, would result in such Person's becoming an Acquiring Person, and (ii) the date of the first event causing a Flip-in Date to occur; provided that if any tender or exchange offer referred to in clause (i) of this paragraph is cancelled, terminated or otherwise withdrawn prior to the Separation Time without the purchase of any shares of Common Stock pursuant thereto, such offer shall be deemed, for purposes of this paragraph, never to have been made.&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;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, &lt;font&gt;15&lt;/font&gt;% 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 $&lt;font&gt;80&lt;/font&gt; worth of common stock for $&lt;font&gt;40&lt;/font&gt;. If the Company is merged into, or &lt;font&gt;50&lt;/font&gt;% 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 $&lt;font&gt;80&lt;/font&gt; worth of common stock of the acquiring company for $&lt;font&gt;40&lt;/font&gt;. The Rights will expire at the close of business on February 11, 2023, unless the Rights Plan is extended by the Company's Board of Directors or unless the Rights are earlier redeemed by the Company at a price of $&lt;font&gt;&lt;font&gt;.0001&lt;/font&gt;&lt;/font&gt; per Right. The Rights are not exercisable during the time when they are redeemable by the Company.&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;The above description highlights some of the features of the Company'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.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</refr:RightsPlanDisclosureTextBlock>
  <refr:PercentageOfAcquisitionThresholdInRightsAgreement id="Tag423" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="2">0.15</refr:PercentageOfAcquisitionThresholdInRightsAgreement>
  <refr:ClassOfWarrantOrRightAmountOfStockCovered id="Tag424" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="0">80</refr:ClassOfWarrantOrRightAmountOfStockCovered>
  <refr:ClassOfWarrantOrRightControlThreshold id="Tag425" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="2">0.50</refr:ClassOfWarrantOrRightControlThreshold>
  <refr:ClassOfWarrantOrRightRedemptionPrice id="Tag426" contextRef="D2015-01-01_To_2015-12-31" unitRef="USDPerShare" decimals="4">0.0001</refr:ClassOfWarrantOrRightRedemptionPrice>
  <us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 id="Tag427" contextRef="I2015-12-31" unitRef="USDPerShare" decimals="0">40</us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1>
  <us-gaap:LicensesRevenue id="Tag428" contextRef="D2015-01-01_To_2015-03-31" unitRef="USD" decimals="0">379398</us-gaap:LicensesRevenue>
  <us-gaap:OperatingIncomeLoss id="Tag429" contextRef="D2015-01-01_To_2015-03-31" unitRef="USD" decimals="0">-1227427</us-gaap:OperatingIncomeLoss>
  <us-gaap:NetIncomeLoss id="Tag430" contextRef="D2015-01-01_To_2015-03-31" unitRef="USD" decimals="0">-1216211</us-gaap:NetIncomeLoss>
  <us-gaap:EarningsPerShareBasicAndDiluted id="Tag431" contextRef="D2015-01-01_To_2015-03-31" unitRef="USDPerShare" decimals="2">-0.05</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareBasicAndDiluted id="Tag432" contextRef="D2015-04-01_To_2015-06-30" unitRef="USDPerShare" decimals="2">-0.02</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:NetIncomeLoss id="Tag433" contextRef="D2015-04-01_To_2015-06-30" unitRef="USD" decimals="0">-481287</us-gaap:NetIncomeLoss>
  <us-gaap:OperatingIncomeLoss id="Tag434" contextRef="D2015-04-01_To_2015-06-30" unitRef="USD" decimals="0">-492751</us-gaap:OperatingIncomeLoss>
  <us-gaap:LicensesRevenue id="Tag435" contextRef="D2015-04-01_To_2015-06-30" unitRef="USD" decimals="0">803494</us-gaap:LicensesRevenue>
  <us-gaap:LicensesRevenue id="Tag436" contextRef="D2015-07-01_To_2015-09-30" unitRef="USD" decimals="0">445846</us-gaap:LicensesRevenue>
  <us-gaap:OperatingIncomeLoss id="Tag437" contextRef="D2015-07-01_To_2015-09-30" unitRef="USD" decimals="0">-766725</us-gaap:OperatingIncomeLoss>
  <us-gaap:NetIncomeLoss id="Tag438" contextRef="D2015-07-01_To_2015-09-30" unitRef="USD" decimals="0">-757320</us-gaap:NetIncomeLoss>
  <us-gaap:EarningsPerShareBasicAndDiluted id="Tag439" contextRef="D2015-07-01_To_2015-09-30" unitRef="USDPerShare" decimals="2">-0.03</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareBasicAndDiluted id="Tag440" contextRef="D2015-10-01_To_2015-12-31" unitRef="USDPerShare" decimals="2">-0.08</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:NetIncomeLoss id="Tag441" contextRef="D2015-10-01_To_2015-12-31" unitRef="USD" decimals="0">-1825038</us-gaap:NetIncomeLoss>
  <us-gaap:OperatingIncomeLoss id="Tag442" contextRef="D2015-10-01_To_2015-12-31" unitRef="USD" decimals="0">-1836272</us-gaap:OperatingIncomeLoss>
  <us-gaap:LicensesRevenue id="Tag443" contextRef="D2015-10-01_To_2015-12-31" unitRef="USD" decimals="0">378744</us-gaap:LicensesRevenue>
  <us-gaap:ProvisionForDoubtfulAccounts id="Tag444" contextRef="D2015-10-01_To_2015-12-31" unitRef="USD" decimals="0">324000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:AllocatedShareBasedCompensationExpense id="Tag445" contextRef="D2015-10-01_To_2015-12-31" unitRef="USD" decimals="0">483000</us-gaap:AllocatedShareBasedCompensationExpense>
  <us-gaap:LicensesRevenue id="Tag446" contextRef="D2014-01-01_To_2014-03-31" unitRef="USD" decimals="0">308348</us-gaap:LicensesRevenue>
  <us-gaap:EarningsPerShareBasicAndDiluted id="Tag447" contextRef="D2014-01-01_To_2014-03-31" unitRef="USDPerShare" decimals="2">-0.05</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:OperatingIncomeLoss id="Tag448" contextRef="D2014-01-01_To_2014-03-31" unitRef="USD" decimals="0">-1178626</us-gaap:OperatingIncomeLoss>
  <us-gaap:NetIncomeLoss id="Tag449" contextRef="D2014-01-01_To_2014-03-31" unitRef="USD" decimals="0">-1169985</us-gaap:NetIncomeLoss>
  <us-gaap:NetIncomeLoss id="Tag450" contextRef="D2014-04-01_To_2014-06-30" unitRef="USD" decimals="0">-1141858</us-gaap:NetIncomeLoss>
  <us-gaap:OperatingIncomeLoss id="Tag451" contextRef="D2014-04-01_To_2014-06-30" unitRef="USD" decimals="0">-1150453</us-gaap:OperatingIncomeLoss>
  <us-gaap:EarningsPerShareBasicAndDiluted id="Tag452" contextRef="D2014-04-01_To_2014-06-30" unitRef="USDPerShare" decimals="2">-0.05</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:LicensesRevenue id="Tag453" contextRef="D2014-04-01_To_2014-06-30" unitRef="USD" decimals="0">395619</us-gaap:LicensesRevenue>
  <us-gaap:LicensesRevenue id="Tag454" contextRef="D2014-07-01_To_2014-09-30" unitRef="USD" decimals="0">452937</us-gaap:LicensesRevenue>
  <us-gaap:EarningsPerShareBasicAndDiluted id="Tag455" contextRef="D2014-07-01_To_2014-09-30" unitRef="USDPerShare" decimals="2">-0.03</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:OperatingIncomeLoss id="Tag456" contextRef="D2014-07-01_To_2014-09-30" unitRef="USD" decimals="0">-649444</us-gaap:OperatingIncomeLoss>
  <us-gaap:NetIncomeLoss id="Tag457" contextRef="D2014-07-01_To_2014-09-30" unitRef="USD" decimals="0">-639806</us-gaap:NetIncomeLoss>
  <us-gaap:NetIncomeLoss id="Tag458" contextRef="D2014-10-01_To_2014-12-31" unitRef="USD" decimals="0">-1462073</us-gaap:NetIncomeLoss>
  <us-gaap:OperatingIncomeLoss id="Tag459" contextRef="D2014-10-01_To_2014-12-31" unitRef="USD" decimals="0">-1470360</us-gaap:OperatingIncomeLoss>
  <us-gaap:EarningsPerShareBasicAndDiluted id="Tag460" contextRef="D2014-10-01_To_2014-12-31" unitRef="USDPerShare" decimals="2">-0.06</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:AllocatedShareBasedCompensationExpense id="Tag461" contextRef="D2014-10-01_To_2014-12-31" unitRef="USD" decimals="0">616000</us-gaap:AllocatedShareBasedCompensationExpense>
  <us-gaap:LicensesRevenue id="Tag462" contextRef="D2014-10-01_To_2014-12-31" unitRef="USD" decimals="0">441895</us-gaap:LicensesRevenue>
  <us-gaap:QuarterlyFinancialInformationTextBlock id="Tag463" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p align="justify"&gt;&lt;font style="font-size: 10pt;"&gt;(10) Selected Quarterly Financial Data (Unaudited)&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 100%;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="15" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;First&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;Second&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; Third&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;Fourth (2)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bababa;"&gt;
&lt;td valign="bottom" align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;Fee Income&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 379,398 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 803,494 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 445,846 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 378,744&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Operating loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,227,427 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (492,751 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (766,725 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,836,272&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bababa;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;Net loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,216,211 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (481,287 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (757,320 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,825,038&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Basic and diluted net loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bababa;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&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 nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(0.05&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(0.02&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(0.03&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(0.08&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;font style="font-size: 10pt;"&gt;&lt;br/&gt; &lt;/font&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 100%;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="15" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;First&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;Second&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;Third&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;Fourth (2)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bababa;"&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; text-align: left; width: 60%; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;Fee income&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 308,348 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 395,619 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 452,937 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 441,895 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;Operating loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (1,178,626&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (1,150,453 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (649,444 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,470,360 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bababa;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;Net loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (1,169,985&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 0px; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (1,141,858 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 0px; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (639,806 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,462,073 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;Basic and diluted net loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&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 nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;(0.05&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;(0.05&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;(0.03&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(0.06&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p&gt;&lt;font style="font-size: 10pt;"&gt;____________________ &amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 100%; margin-left: 0px;"&gt;

&lt;tr&gt;
&lt;td nowrap="nowrap" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 3%; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: right; vertical-align: top; width: 3%;"&gt;&lt;font style="font-size: 10pt;"&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; width: 94%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;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;font style="font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/div&gt;
&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td nowrap="nowrap" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 3%; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: right; vertical-align: top; width: 3%;"&gt;&lt;font style="font-size: 10pt;"&gt;(2)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; width: 94%;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;The Company incurred higher costs in the fourth quarter of 2015 and 2014 primarily due to: (i) $&lt;font&gt;483,000&lt;/font&gt;&amp;#160;and &lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;616,000&lt;/font&gt;&lt;/font&gt;&amp;#160;of stock and option compensation charges in 2015 and 2014, respectively relating to common stock and options granted to directors and employees, and (ii) $&lt;font&gt;324,000&lt;/font&gt; of bad debt&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;expense in the fourth quarter of 2015.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;&lt;/font&gt; &lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
  <us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock id="Tag464" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 100%;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="15" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;First&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;Second&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; Third&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;Fourth (2)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bababa;"&gt;
&lt;td valign="bottom" align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;Fee Income&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 379,398 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 803,494 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 445,846 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 378,744&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Operating loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,227,427 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (492,751 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (766,725 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,836,272&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bababa;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;Net loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,216,211 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (481,287 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (757,320 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,825,038&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Basic and diluted net loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bababa;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&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 nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(0.05&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(0.02&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(0.03&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(0.08&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;font style="font-size: 10pt;"&gt;&lt;br/&gt; &lt;/font&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 100%;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="15" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="text-decoration: underline;"&gt;&lt;font style="font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;First&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;Second&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;Third&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;Fourth (2)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bababa;"&gt;
&lt;td align="left" valign="bottom" style="font-family: 'Times New Roman'; text-align: left; width: 60%; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;Fee income&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 308,348 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 395,619 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 452,937 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; 441,895 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;Operating loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (1,178,626&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (1,150,453 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (649,444 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,470,360 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #bababa;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;Net loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (1,169,985&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 0px; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (1,141,858 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 0px; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt; (639,806 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; (1,462,073 &lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;Basic and diluted net loss&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&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 nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;(0.05&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;(0.05&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;)&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;(0.03&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;(0.06&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p&gt;&lt;font style="font-size: 10pt;"&gt;____________________ &amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 100%; margin-left: 0px;"&gt;

&lt;tr&gt;
&lt;td nowrap="nowrap" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 3%; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: right; vertical-align: top; width: 3%;"&gt;&lt;font style="font-size: 10pt;"&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; width: 94%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;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;font style="font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/div&gt;
&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td nowrap="nowrap" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 3%; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: right; vertical-align: top; width: 3%;"&gt;&lt;font style="font-size: 10pt;"&gt;(2)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; width: 94%;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;The Company incurred higher costs in the fourth quarter of 2015 and 2014 primarily due to: (i) $&lt;font&gt;483,000&lt;/font&gt;&amp;#160;and &lt;font style="font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;616,000&lt;/font&gt;&lt;/font&gt;&amp;#160;of stock and option compensation charges in 2015 and 2014, respectively relating to common stock and options granted to directors and employees, and (ii) $&lt;font&gt;324,000&lt;/font&gt; of bad debt&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;expense in the fourth quarter of 2015.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;&lt;/font&gt; &lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock>
  <us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock id="Tag465" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div&gt;
&lt;p align="center"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;SCHEDULE II&lt;/font&gt;&lt;/p&gt;
&lt;p align="center"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;RESEARCH FRONTIERS INCORPORATED&lt;br/&gt; VALUATION AND QUALIFYING ACCOUNTS&lt;br/&gt; Years ended December 31, 2015, 2014, and 2013&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;"&gt;

&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="3" align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Balance at&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="3" align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Charged&amp;#160;to&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="3" align="center" valign="bottom" style="text-align: center; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" style="text-align: center; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="3" align="center" valign="bottom" style="text-align: center; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="3" align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;beginning&amp;#160;of&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="3" align="center" valign="bottom" style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;costs&amp;#160;and&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="3" align="center" valign="bottom" style="text-align: center; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" style="text-align: center; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="text-align: center; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="3" align="center" valign="bottom" style="text-align: center; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;period&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;expenses&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="4" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Deductions&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="font-family: 'times new roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" colspan="3" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Balance&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Description&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="3" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="vertical-align: top; text-align: left; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="vertical-align: top; text-align: left; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="vertical-align: top; text-align: left; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="vertical-align: top; text-align: left; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="vertical-align: top; text-align: left; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="vertical-align: top; text-align: left; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="vertical-align: top; text-align: left; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" style="vertical-align: top; text-align: left; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="vertical-align: top; text-align: left; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="3" align="center" valign="bottom" style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;Allowance for uncollectible&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="3" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #ffffff;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;royalty receivables:&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="3" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td nowrap="nowrap" colspan="19" align="left" valign="bottom" style="vertical-align: top; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td valign="bottom" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 60%; background-color: #c0c0c0;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;305,171&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;324,286&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td colspan="2" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;629,457&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #c0c0c0;"&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; padding-right: 5px; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="1" align="right" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; padding-right: 5px; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr valign="bottom"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;December 31, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;173,921&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;131,250&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;305,171&lt;/font&gt;&lt;/td&gt;
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&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: top; text-align: left; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; padding-right: 5px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap" colspan="1" align="right" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; padding-right: 5px; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;
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&lt;tr valign="bottom" style="background-color: #c0c0c0;"&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&lt;font size="2" style="font-family: 'Times New Roman';"&gt;December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;92,723&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;81,198&lt;/font&gt;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;$&lt;/td&gt;
&lt;td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"&gt;&lt;font&gt;173,921&lt;/font&gt;&lt;/td&gt;
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The Company incurred higher costs in the fourth quarter of 2015 and 2014 primarily due to: (i) $483,000 and $616,000 of stock and option compensation charges in 2015 and 2014, respectively relating to common stock and options granted to directors and employees, and (ii) $324,000 of bad debt
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
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<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>refr-20151231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by DG3, Powered by IRIS Carbon-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" />
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_DepositsAndOtherAssetsNonCurrent" xlink:label="refr_DepositsAndOtherAssetsNonCurrent" xlink:title="refr_DepositsAndOtherAssetsNonCurrent" />
    <link:label xlink:type="resource" xlink:label="label_refr_DepositsAndOtherAssetsNonCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_DepositsAndOtherAssetsNonCurrent" xml:lang="en-US" id="label_refr_DepositsAndOtherAssetsNonCurrent">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).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_DepositsAndOtherAssetsNonCurrent" xlink:to="label_refr_DepositsAndOtherAssetsNonCurrent" xlink:title="Label : refr_DepositsAndOtherAssetsNonCurrent to label_refr_DepositsAndOtherAssetsNonCurrent" />
    <link:label xlink:type="resource" xlink:label="label_refr_DepositsAndOtherAssetsNonCurrent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_DepositsAndOtherAssetsNonCurrent_1" xml:lang="en-US" id="label_refr_DepositsAndOtherAssetsNonCurrent_1">Deposits and Other Assets, Non Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_DepositsAndOtherAssetsNonCurrent" xlink:to="label_refr_DepositsAndOtherAssetsNonCurrent_1" xlink:title="Label : refr_DepositsAndOtherAssetsNonCurrent to label_refr_DepositsAndOtherAssetsNonCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_DepositsAndOtherAssetsNonCurrent_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_DepositsAndOtherAssetsNonCurrent_2" xml:lang="en-US" id="label_refr_DepositsAndOtherAssetsNonCurrent_2">Deposits and other assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_DepositsAndOtherAssetsNonCurrent" xlink:to="label_refr_DepositsAndOtherAssetsNonCurrent_2" xlink:title="Label : refr_DepositsAndOtherAssetsNonCurrent to label_refr_DepositsAndOtherAssetsNonCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_BusinessAbstract" xlink:label="refr_BusinessAbstract" xlink:title="refr_BusinessAbstract" />
    <link:label xlink:type="resource" xlink:label="label_refr_BusinessAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_BusinessAbstract" xml:lang="en-US" id="label_refr_BusinessAbstract">Business and Basis for Presentation [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_BusinessAbstract" xlink:to="label_refr_BusinessAbstract" xlink:title="Label : refr_BusinessAbstract to label_refr_BusinessAbstract" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_CertificateOfDepositsFiveMember" xlink:label="refr_CertificateOfDepositsFiveMember" xlink:title="refr_CertificateOfDepositsFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsFiveMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsFiveMember">Certificate Of Deposits Five [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsFiveMember" xlink:to="label_refr_CertificateOfDepositsFiveMember" xlink:title="Label : refr_CertificateOfDepositsFiveMember to label_refr_CertificateOfDepositsFiveMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_CertificateOfDepositsFourMember" xlink:label="refr_CertificateOfDepositsFourMember" xlink:title="refr_CertificateOfDepositsFourMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsFourMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsFourMember">Certificate Of Deposits Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsFourMember" xlink:to="label_refr_CertificateOfDepositsFourMember" xlink:title="Label : refr_CertificateOfDepositsFourMember to label_refr_CertificateOfDepositsFourMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_CertificateOfDepositsOneMember" xlink:label="refr_CertificateOfDepositsOneMember" xlink:title="refr_CertificateOfDepositsOneMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsOneMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsOneMember">Certificate Of Deposits One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsOneMember" xlink:to="label_refr_CertificateOfDepositsOneMember" xlink:title="Label : refr_CertificateOfDepositsOneMember to label_refr_CertificateOfDepositsOneMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_CertificateOfDepositsThreeMember" xlink:label="refr_CertificateOfDepositsThreeMember" xlink:title="refr_CertificateOfDepositsThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsThreeMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsThreeMember">Certificate Of Deposits Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsThreeMember" xlink:to="label_refr_CertificateOfDepositsThreeMember" xlink:title="Label : refr_CertificateOfDepositsThreeMember to label_refr_CertificateOfDepositsThreeMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_CertificateOfDepositsTwoMember" xlink:label="refr_CertificateOfDepositsTwoMember" xlink:title="refr_CertificateOfDepositsTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsTwoMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsTwoMember">Certificate Of Deposits Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsTwoMember" xlink:to="label_refr_CertificateOfDepositsTwoMember" xlink:title="Label : refr_CertificateOfDepositsTwoMember to label_refr_CertificateOfDepositsTwoMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_ClassOfWarrantOrRightAmountOfStockCovered" xlink:label="refr_ClassOfWarrantOrRightAmountOfStockCovered" xlink:title="refr_ClassOfWarrantOrRightAmountOfStockCovered" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightAmountOfStockCovered" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_ClassOfWarrantOrRightAmountOfStockCovered" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightAmountOfStockCovered">Class Of Warrant Or Right, Amount Of Stock Covered.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightAmountOfStockCovered" xlink:to="label_refr_ClassOfWarrantOrRightAmountOfStockCovered" xlink:title="Label : refr_ClassOfWarrantOrRightAmountOfStockCovered to label_refr_ClassOfWarrantOrRightAmountOfStockCovered" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightAmountOfStockCovered_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_ClassOfWarrantOrRightAmountOfStockCovered_1" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightAmountOfStockCovered_1">Class Of Warrant Or Right Amount Of Stock Covered</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightAmountOfStockCovered" xlink:to="label_refr_ClassOfWarrantOrRightAmountOfStockCovered_1" xlink:title="Label : refr_ClassOfWarrantOrRightAmountOfStockCovered to label_refr_ClassOfWarrantOrRightAmountOfStockCovered_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightAmountOfStockCovered_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_ClassOfWarrantOrRightAmountOfStockCovered_2" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightAmountOfStockCovered_2">Value of stock covered by each right</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightAmountOfStockCovered" xlink:to="label_refr_ClassOfWarrantOrRightAmountOfStockCovered_2" xlink:title="Label : refr_ClassOfWarrantOrRightAmountOfStockCovered to label_refr_ClassOfWarrantOrRightAmountOfStockCovered_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_ClassOfWarrantOrRightControlThreshold" xlink:label="refr_ClassOfWarrantOrRightControlThreshold" xlink:title="refr_ClassOfWarrantOrRightControlThreshold" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightControlThreshold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_ClassOfWarrantOrRightControlThreshold" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightControlThreshold">Class Of Warrant Or Right, Control Threshold.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightControlThreshold" xlink:to="label_refr_ClassOfWarrantOrRightControlThreshold" xlink:title="Label : refr_ClassOfWarrantOrRightControlThreshold to label_refr_ClassOfWarrantOrRightControlThreshold" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightControlThreshold_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_ClassOfWarrantOrRightControlThreshold_1" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightControlThreshold_1">Class Of Warrant Or Right Control Threshold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightControlThreshold" xlink:to="label_refr_ClassOfWarrantOrRightControlThreshold_1" xlink:title="Label : refr_ClassOfWarrantOrRightControlThreshold to label_refr_ClassOfWarrantOrRightControlThreshold_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightControlThreshold_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_ClassOfWarrantOrRightControlThreshold_2" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightControlThreshold_2">Threshold for change in control</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightControlThreshold" xlink:to="label_refr_ClassOfWarrantOrRightControlThreshold_2" xlink:title="Label : refr_ClassOfWarrantOrRightControlThreshold to label_refr_ClassOfWarrantOrRightControlThreshold_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice" xlink:label="refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice" xlink:title="refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice">Class Of Warrant Or Right Exercise Price Of Warrants Or Rights As Percentage Of Offering Price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice" xlink:to="label_refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice" xlink:title="Label : refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice to label_refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice_1" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice_1">Exercise price of warrants, as a percentage of offering price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice" xlink:to="label_refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice_1" xlink:title="Label : refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice to label_refr_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsAsPercentageOfOfferingPrice_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" xlink:title="dei_AmendmentDescription" />
    <link:label xlink:type="resource" xlink:label="label_dei_AmendmentDescription" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_AmendmentDescription" xml:lang="en-US" id="label_dei_AmendmentDescription">Amendment Description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="label_dei_AmendmentDescription" xlink:title="Label : dei_AmendmentDescription to label_dei_AmendmentDescription" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_ClassOfWarrantOrRightRedemptionPrice" xlink:label="refr_ClassOfWarrantOrRightRedemptionPrice" xlink:title="refr_ClassOfWarrantOrRightRedemptionPrice" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightRedemptionPrice" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_ClassOfWarrantOrRightRedemptionPrice" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightRedemptionPrice">Class Of Warrant Or Right, Redemption Price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightRedemptionPrice" xlink:to="label_refr_ClassOfWarrantOrRightRedemptionPrice" xlink:title="Label : refr_ClassOfWarrantOrRightRedemptionPrice to label_refr_ClassOfWarrantOrRightRedemptionPrice" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightRedemptionPrice_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_ClassOfWarrantOrRightRedemptionPrice_1" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightRedemptionPrice_1">Class Of Warrant Or Right Redemption Price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightRedemptionPrice" xlink:to="label_refr_ClassOfWarrantOrRightRedemptionPrice_1" xlink:title="Label : refr_ClassOfWarrantOrRightRedemptionPrice to label_refr_ClassOfWarrantOrRightRedemptionPrice_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightRedemptionPrice_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_ClassOfWarrantOrRightRedemptionPrice_2" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightRedemptionPrice_2">Redemption price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightRedemptionPrice" xlink:to="label_refr_ClassOfWarrantOrRightRedemptionPrice_2" xlink:title="Label : refr_ClassOfWarrantOrRightRedemptionPrice to label_refr_ClassOfWarrantOrRightRedemptionPrice_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:title="dei_AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="label_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_AmendmentFlag" xml:lang="en-US" id="label_dei_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="label_dei_AmendmentFlag" xlink:title="Label : dei_AmendmentFlag to label_dei_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_ClassOfWarrantOrRightTerm" xlink:label="refr_ClassOfWarrantOrRightTerm" xlink:title="refr_ClassOfWarrantOrRightTerm" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_ClassOfWarrantOrRightTerm" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightTerm">Class Of Warrant Or Right, Term.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightTerm" xlink:to="label_refr_ClassOfWarrantOrRightTerm" xlink:title="Label : refr_ClassOfWarrantOrRightTerm to label_refr_ClassOfWarrantOrRightTerm" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightTerm_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_ClassOfWarrantOrRightTerm_1" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightTerm_1">Class Of Warrant Or Right Term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightTerm" xlink:to="label_refr_ClassOfWarrantOrRightTerm_1" xlink:title="Label : refr_ClassOfWarrantOrRightTerm to label_refr_ClassOfWarrantOrRightTerm_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_ClassOfWarrantOrRightTerm_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_refr_ClassOfWarrantOrRightTerm_2" xml:lang="en-US" id="label_refr_ClassOfWarrantOrRightTerm_2">Term of warrants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ClassOfWarrantOrRightTerm" xlink:to="label_refr_ClassOfWarrantOrRightTerm_2" xlink:title="Label : refr_ClassOfWarrantOrRightTerm to label_refr_ClassOfWarrantOrRightTerm_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_ConsultantMember" xlink:label="refr_ConsultantMember" xlink:title="refr_ConsultantMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_ConsultantMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_ConsultantMember" xml:lang="en-US" id="label_refr_ConsultantMember">Consultant [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ConsultantMember" xlink:to="label_refr_ConsultantMember" xlink:title="Label : refr_ConsultantMember to label_refr_ConsultantMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_DocumentAndEntityInformationAbstract" xlink:label="refr_DocumentAndEntityInformationAbstract" xlink:title="refr_DocumentAndEntityInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_refr_DocumentAndEntityInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_DocumentAndEntityInformationAbstract" xml:lang="en-US" id="label_refr_DocumentAndEntityInformationAbstract">Document and Entity Information.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_DocumentAndEntityInformationAbstract" xlink:to="label_refr_DocumentAndEntityInformationAbstract" xlink:title="Label : refr_DocumentAndEntityInformationAbstract to label_refr_DocumentAndEntityInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_refr_DocumentAndEntityInformationAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_DocumentAndEntityInformationAbstract_1" xml:lang="en-US" id="label_refr_DocumentAndEntityInformationAbstract_1">Document and Entity Information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_DocumentAndEntityInformationAbstract" xlink:to="label_refr_DocumentAndEntityInformationAbstract_1" xlink:title="Label : refr_DocumentAndEntityInformationAbstract to label_refr_DocumentAndEntityInformationAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentAxis" xlink:label="invest_InvestmentAxis" xlink:title="invest_InvestmentAxis" />
    <link:label xlink:type="resource" xlink:label="label_invest_InvestmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_invest_InvestmentAxis" xml:lang="en-US" id="label_invest_InvestmentAxis">Investment [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentAxis" xlink:to="label_invest_InvestmentAxis" xlink:title="Label : invest_InvestmentAxis to label_invest_InvestmentAxis" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_EmployeeMember" xlink:label="refr_EmployeeMember" xlink:title="refr_EmployeeMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_EmployeeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_EmployeeMember" xml:lang="en-US" id="label_refr_EmployeeMember">Employee [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_EmployeeMember" xlink:to="label_refr_EmployeeMember" xlink:title="Label : refr_EmployeeMember to label_refr_EmployeeMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_EmployeeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_EmployeeMember_1" xml:lang="en-US" id="label_refr_EmployeeMember_1">Employee [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_EmployeeMember" xlink:to="label_refr_EmployeeMember_1" xlink:title="Label : refr_EmployeeMember to label_refr_EmployeeMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentDomain" xlink:label="invest_InvestmentDomain" xlink:title="invest_InvestmentDomain" />
    <link:label xlink:type="resource" xlink:label="label_invest_InvestmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_invest_InvestmentDomain" xml:lang="en-US" id="label_invest_InvestmentDomain">Investment [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentDomain" xlink:to="label_invest_InvestmentDomain" xlink:title="Label : invest_InvestmentDomain to label_invest_InvestmentDomain" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_EmployeesMember" xlink:label="refr_EmployeesMember" xlink:title="refr_EmployeesMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_EmployeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_EmployeesMember" xml:lang="en-US" id="label_refr_EmployeesMember">Employees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_EmployeesMember" xlink:to="label_refr_EmployeesMember" xlink:title="Label : refr_EmployeesMember to label_refr_EmployeesMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_EmploymentAgreementOneMember" xlink:label="refr_EmploymentAgreementOneMember" xlink:title="refr_EmploymentAgreementOneMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_EmploymentAgreementOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_EmploymentAgreementOneMember" xml:lang="en-US" id="label_refr_EmploymentAgreementOneMember">Employment Agreement One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_EmploymentAgreementOneMember" xlink:to="label_refr_EmploymentAgreementOneMember" xlink:title="Label : refr_EmploymentAgreementOneMember to label_refr_EmploymentAgreementOneMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_EmploymentAgreementOneMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_EmploymentAgreementOneMember_1" xml:lang="en-US" id="label_refr_EmploymentAgreementOneMember_1">Employment Agreement One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_EmploymentAgreementOneMember" xlink:to="label_refr_EmploymentAgreementOneMember_1" xlink:title="Label : refr_EmploymentAgreementOneMember to label_refr_EmploymentAgreementOneMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_EmploymentAgreementThreeMember" xlink:label="refr_EmploymentAgreementThreeMember" xlink:title="refr_EmploymentAgreementThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_EmploymentAgreementThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_EmploymentAgreementThreeMember" xml:lang="en-US" id="label_refr_EmploymentAgreementThreeMember">Employment Agreement Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_EmploymentAgreementThreeMember" xlink:to="label_refr_EmploymentAgreementThreeMember" xlink:title="Label : refr_EmploymentAgreementThreeMember to label_refr_EmploymentAgreementThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_EmploymentAgreementThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_EmploymentAgreementThreeMember_1" xml:lang="en-US" id="label_refr_EmploymentAgreementThreeMember_1">Employment Agreement Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_EmploymentAgreementThreeMember" xlink:to="label_refr_EmploymentAgreementThreeMember_1" xlink:title="Label : refr_EmploymentAgreementThreeMember to label_refr_EmploymentAgreementThreeMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_EmploymentAgreementTwoMember" xlink:label="refr_EmploymentAgreementTwoMember" xlink:title="refr_EmploymentAgreementTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_EmploymentAgreementTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_EmploymentAgreementTwoMember" xml:lang="en-US" id="label_refr_EmploymentAgreementTwoMember">Employment Agreement Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_EmploymentAgreementTwoMember" xlink:to="label_refr_EmploymentAgreementTwoMember" xlink:title="Label : refr_EmploymentAgreementTwoMember to label_refr_EmploymentAgreementTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_EmploymentAgreementTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_EmploymentAgreementTwoMember_1" xml:lang="en-US" id="label_refr_EmploymentAgreementTwoMember_1">Employment Agreement Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_EmploymentAgreementTwoMember" xlink:to="label_refr_EmploymentAgreementTwoMember_1" xlink:title="Label : refr_EmploymentAgreementTwoMember to label_refr_EmploymentAgreementTwoMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_JulyAndAugustInvestorWarrantsMember" xlink:label="refr_JulyAndAugustInvestorWarrantsMember" xlink:title="refr_JulyAndAugustInvestorWarrantsMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_JulyAndAugustInvestorWarrantsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_JulyAndAugustInvestorWarrantsMember" xml:lang="en-US" id="label_refr_JulyAndAugustInvestorWarrantsMember">July and August Investor Warrants [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_JulyAndAugustInvestorWarrantsMember" xlink:to="label_refr_JulyAndAugustInvestorWarrantsMember" xlink:title="Label : refr_JulyAndAugustInvestorWarrantsMember to label_refr_JulyAndAugustInvestorWarrantsMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_JulyAndAugustInvestorWarrantsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_JulyAndAugustInvestorWarrantsMember_1" xml:lang="en-US" id="label_refr_JulyAndAugustInvestorWarrantsMember_1">July and August Investor Warrants [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_JulyAndAugustInvestorWarrantsMember" xlink:to="label_refr_JulyAndAugustInvestorWarrantsMember_1" xlink:title="Label : refr_JulyAndAugustInvestorWarrantsMember to label_refr_JulyAndAugustInvestorWarrantsMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_LicenseAndOtherAgreementsAbstract" xlink:label="refr_LicenseAndOtherAgreementsAbstract" xlink:title="refr_LicenseAndOtherAgreementsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseAndOtherAgreementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseAndOtherAgreementsAbstract" xml:lang="en-US" id="label_refr_LicenseAndOtherAgreementsAbstract">License and Other Agreements [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseAndOtherAgreementsAbstract" xlink:to="label_refr_LicenseAndOtherAgreementsAbstract" xlink:title="Label : refr_LicenseAndOtherAgreementsAbstract to label_refr_LicenseAndOtherAgreementsAbstract" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_LicenseAndOtherAgreementTextBlock" xlink:label="refr_LicenseAndOtherAgreementTextBlock" xlink:title="refr_LicenseAndOtherAgreementTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseAndOtherAgreementTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseAndOtherAgreementTextBlock" xml:lang="en-US" id="label_refr_LicenseAndOtherAgreementTextBlock">License And Other Agreement [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseAndOtherAgreementTextBlock" xlink:to="label_refr_LicenseAndOtherAgreementTextBlock" xlink:title="Label : refr_LicenseAndOtherAgreementTextBlock to label_refr_LicenseAndOtherAgreementTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseAndOtherAgreementTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_LicenseAndOtherAgreementTextBlock_1" xml:lang="en-US" id="label_refr_LicenseAndOtherAgreementTextBlock_1">License and Other Agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseAndOtherAgreementTextBlock" xlink:to="label_refr_LicenseAndOtherAgreementTextBlock_1" xlink:title="Label : refr_LicenseAndOtherAgreementTextBlock to label_refr_LicenseAndOtherAgreementTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_LicenseeFiveMember" xlink:label="refr_LicenseeFiveMember" xlink:title="refr_LicenseeFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeFiveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_LicenseeFiveMember" xml:lang="en-US" id="label_refr_LicenseeFiveMember">Licensee Five [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeFiveMember" xlink:to="label_refr_LicenseeFiveMember" xlink:title="Label : refr_LicenseeFiveMember to label_refr_LicenseeFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeFiveMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseeFiveMember_1" xml:lang="en-US" id="label_refr_LicenseeFiveMember_1">Licensee Five [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeFiveMember" xlink:to="label_refr_LicenseeFiveMember_1" xlink:title="Label : refr_LicenseeFiveMember to label_refr_LicenseeFiveMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_LicenseeFourMember" xlink:label="refr_LicenseeFourMember" xlink:title="refr_LicenseeFourMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseeFourMember" xml:lang="en-US" id="label_refr_LicenseeFourMember">Licensee Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeFourMember" xlink:to="label_refr_LicenseeFourMember" xlink:title="Label : refr_LicenseeFourMember to label_refr_LicenseeFourMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_LicenseeOneMember" xlink:label="refr_LicenseeOneMember" xlink:title="refr_LicenseeOneMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseeOneMember" xml:lang="en-US" id="label_refr_LicenseeOneMember">Licensee One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeOneMember" xlink:to="label_refr_LicenseeOneMember" xlink:title="Label : refr_LicenseeOneMember to label_refr_LicenseeOneMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_LicenseeThreeMember" xlink:label="refr_LicenseeThreeMember" xlink:title="refr_LicenseeThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseeThreeMember" xml:lang="en-US" id="label_refr_LicenseeThreeMember">Licensee Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeThreeMember" xlink:to="label_refr_LicenseeThreeMember" xlink:title="Label : refr_LicenseeThreeMember to label_refr_LicenseeThreeMember" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_LicenseeTwoMember" xlink:label="refr_LicenseeTwoMember" xlink:title="refr_LicenseeTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseeTwoMember" xml:lang="en-US" id="label_refr_LicenseeTwoMember">Licensee Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeTwoMember" xlink:to="label_refr_LicenseeTwoMember" xlink:title="Label : refr_LicenseeTwoMember to label_refr_LicenseeTwoMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:title="dei_CurrentFiscalYearEndDate" />
    <link:label xlink:type="resource" xlink:label="label_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_CurrentFiscalYearEndDate" xml:lang="en-US" id="label_dei_CurrentFiscalYearEndDate">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="label_dei_CurrentFiscalYearEndDate" xlink:title="Label : dei_CurrentFiscalYearEndDate to label_dei_CurrentFiscalYearEndDate" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_NonEmployeeStockOptionsAndWarrantsMember" xlink:label="refr_NonEmployeeStockOptionsAndWarrantsMember" xlink:title="refr_NonEmployeeStockOptionsAndWarrantsMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_NonEmployeeStockOptionsAndWarrantsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_NonEmployeeStockOptionsAndWarrantsMember" xml:lang="en-US" id="label_refr_NonEmployeeStockOptionsAndWarrantsMember">Exercised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NonEmployeeStockOptionsAndWarrantsMember" xlink:to="label_refr_NonEmployeeStockOptionsAndWarrantsMember" xlink:title="Label : refr_NonEmployeeStockOptionsAndWarrantsMember to label_refr_NonEmployeeStockOptionsAndWarrantsMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_NonEmployeeStockOptionsAndWarrantsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_NonEmployeeStockOptionsAndWarrantsMember_1" xml:lang="en-US" id="label_refr_NonEmployeeStockOptionsAndWarrantsMember_1">Non-Employee Stock Options and Warrants [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NonEmployeeStockOptionsAndWarrantsMember" xlink:to="label_refr_NonEmployeeStockOptionsAndWarrantsMember_1" xlink:title="Label : refr_NonEmployeeStockOptionsAndWarrantsMember to label_refr_NonEmployeeStockOptionsAndWarrantsMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_NoteReceivableConversionRate" xlink:label="refr_NoteReceivableConversionRate" xlink:title="refr_NoteReceivableConversionRate" />
    <link:label xlink:type="resource" xlink:label="label_refr_NoteReceivableConversionRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_NoteReceivableConversionRate" xml:lang="en-US" id="label_refr_NoteReceivableConversionRate">Note Receivable, Conversion Rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NoteReceivableConversionRate" xlink:to="label_refr_NoteReceivableConversionRate" xlink:title="Label : refr_NoteReceivableConversionRate to label_refr_NoteReceivableConversionRate" />
    <link:label xlink:type="resource" xlink:label="label_refr_NoteReceivableConversionRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_NoteReceivableConversionRate_1" xml:lang="en-US" id="label_refr_NoteReceivableConversionRate_1">Note Receivable Conversion Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NoteReceivableConversionRate" xlink:to="label_refr_NoteReceivableConversionRate_1" xlink:title="Label : refr_NoteReceivableConversionRate to label_refr_NoteReceivableConversionRate_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_NoteReceivableConversionRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_refr_NoteReceivableConversionRate_2" xml:lang="en-US" id="label_refr_NoteReceivableConversionRate_2">Conversion price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NoteReceivableConversionRate" xlink:to="label_refr_NoteReceivableConversionRate_2" xlink:title="Label : refr_NoteReceivableConversionRate to label_refr_NoteReceivableConversionRate_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_NoteReceivableMaturityDate" xlink:label="refr_NoteReceivableMaturityDate" xlink:title="refr_NoteReceivableMaturityDate" />
    <link:label xlink:type="resource" xlink:label="label_refr_NoteReceivableMaturityDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_NoteReceivableMaturityDate" xml:lang="en-US" id="label_refr_NoteReceivableMaturityDate">Note Receivable, Maturity Date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NoteReceivableMaturityDate" xlink:to="label_refr_NoteReceivableMaturityDate" xlink:title="Label : refr_NoteReceivableMaturityDate to label_refr_NoteReceivableMaturityDate" />
    <link:label xlink:type="resource" xlink:label="label_refr_NoteReceivableMaturityDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_NoteReceivableMaturityDate_1" xml:lang="en-US" id="label_refr_NoteReceivableMaturityDate_1">Note Receivable, Maturity Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NoteReceivableMaturityDate" xlink:to="label_refr_NoteReceivableMaturityDate_1" xlink:title="Label : refr_NoteReceivableMaturityDate to label_refr_NoteReceivableMaturityDate_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_NoteReceivableMaturityDate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_refr_NoteReceivableMaturityDate_2" xml:lang="en-US" id="label_refr_NoteReceivableMaturityDate_2">Maturity date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NoteReceivableMaturityDate" xlink:to="label_refr_NoteReceivableMaturityDate_2" xlink:title="Label : refr_NoteReceivableMaturityDate to label_refr_NoteReceivableMaturityDate_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_NoteReceivableStatedInterestRate" xlink:label="refr_NoteReceivableStatedInterestRate" xlink:title="refr_NoteReceivableStatedInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_refr_NoteReceivableStatedInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_NoteReceivableStatedInterestRate" xml:lang="en-US" id="label_refr_NoteReceivableStatedInterestRate">Note Receivable, Stated Interest Rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NoteReceivableStatedInterestRate" xlink:to="label_refr_NoteReceivableStatedInterestRate" xlink:title="Label : refr_NoteReceivableStatedInterestRate to label_refr_NoteReceivableStatedInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_refr_NoteReceivableStatedInterestRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_NoteReceivableStatedInterestRate_1" xml:lang="en-US" id="label_refr_NoteReceivableStatedInterestRate_1">Note Receivable Stated Interest Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NoteReceivableStatedInterestRate" xlink:to="label_refr_NoteReceivableStatedInterestRate_1" xlink:title="Label : refr_NoteReceivableStatedInterestRate to label_refr_NoteReceivableStatedInterestRate_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_NoteReceivableStatedInterestRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_refr_NoteReceivableStatedInterestRate_2" xml:lang="en-US" id="label_refr_NoteReceivableStatedInterestRate_2">Stated interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_NoteReceivableStatedInterestRate" xlink:to="label_refr_NoteReceivableStatedInterestRate_2" xlink:title="Label : refr_NoteReceivableStatedInterestRate to label_refr_NoteReceivableStatedInterestRate_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_OctoberInvestorWarrantsMember" xlink:label="refr_OctoberInvestorWarrantsMember" xlink:title="refr_OctoberInvestorWarrantsMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_OctoberInvestorWarrantsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_OctoberInvestorWarrantsMember" xml:lang="en-US" id="label_refr_OctoberInvestorWarrantsMember">October Investor Warrants [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_OctoberInvestorWarrantsMember" xlink:to="label_refr_OctoberInvestorWarrantsMember" xlink:title="Label : refr_OctoberInvestorWarrantsMember to label_refr_OctoberInvestorWarrantsMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_OctoberInvestorWarrantsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_OctoberInvestorWarrantsMember_1" xml:lang="en-US" id="label_refr_OctoberInvestorWarrantsMember_1">October Investor Warrants [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_OctoberInvestorWarrantsMember" xlink:to="label_refr_OctoberInvestorWarrantsMember_1" xlink:title="Label : refr_OctoberInvestorWarrantsMember to label_refr_OctoberInvestorWarrantsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentMaturityDate1" xlink:label="invest_InvestmentMaturityDate1" xlink:title="invest_InvestmentMaturityDate1" />
    <link:label xlink:type="resource" xlink:label="label_invest_InvestmentMaturityDate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_invest_InvestmentMaturityDate1" xml:lang="en-US" id="label_invest_InvestmentMaturityDate1">Investment Maturity Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentMaturityDate1" xlink:to="label_invest_InvestmentMaturityDate1" xlink:title="Label : invest_InvestmentMaturityDate1 to label_invest_InvestmentMaturityDate1" />
    <link:label xlink:type="resource" xlink:label="label_invest_InvestmentMaturityDate1_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_invest_InvestmentMaturityDate1_1" xml:lang="en-US" id="label_invest_InvestmentMaturityDate1_1">Maturity Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentMaturityDate1" xlink:to="label_invest_InvestmentMaturityDate1_1" xlink:title="Label : invest_InvestmentMaturityDate1 to label_invest_InvestmentMaturityDate1_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_PercentageOfAcquisitionThresholdInRightsAgreement" xlink:label="refr_PercentageOfAcquisitionThresholdInRightsAgreement" xlink:title="refr_PercentageOfAcquisitionThresholdInRightsAgreement" />
    <link:label xlink:type="resource" xlink:label="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement" xml:lang="en-US" id="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement">Percentage of acquisition threshold in rights agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_PercentageOfAcquisitionThresholdInRightsAgreement" xlink:to="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement" xlink:title="Label : refr_PercentageOfAcquisitionThresholdInRightsAgreement to label_refr_PercentageOfAcquisitionThresholdInRightsAgreement" />
    <link:label xlink:type="resource" xlink:label="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement_1" xml:lang="en-US" id="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement_1">Percentage Of Acquisition Threshold In Rights Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_PercentageOfAcquisitionThresholdInRightsAgreement" xlink:to="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement_1" xlink:title="Label : refr_PercentageOfAcquisitionThresholdInRightsAgreement to label_refr_PercentageOfAcquisitionThresholdInRightsAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement_2" xml:lang="en-US" id="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement_2">Percentage of acquisition threshold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_PercentageOfAcquisitionThresholdInRightsAgreement" xlink:to="label_refr_PercentageOfAcquisitionThresholdInRightsAgreement_2" xlink:title="Label : refr_PercentageOfAcquisitionThresholdInRightsAgreement to label_refr_PercentageOfAcquisitionThresholdInRightsAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_PercentageOfRoyaltyRevenueOnNetSales" xlink:label="refr_PercentageOfRoyaltyRevenueOnNetSales" xlink:title="refr_PercentageOfRoyaltyRevenueOnNetSales" />
    <link:label xlink:type="resource" xlink:label="label_refr_PercentageOfRoyaltyRevenueOnNetSales" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_PercentageOfRoyaltyRevenueOnNetSales" xml:lang="en-US" id="label_refr_PercentageOfRoyaltyRevenueOnNetSales">Percentage of royalty revenue on net sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_PercentageOfRoyaltyRevenueOnNetSales" xlink:to="label_refr_PercentageOfRoyaltyRevenueOnNetSales" xlink:title="Label : refr_PercentageOfRoyaltyRevenueOnNetSales to label_refr_PercentageOfRoyaltyRevenueOnNetSales" />
    <link:label xlink:type="resource" xlink:label="label_refr_PercentageOfRoyaltyRevenueOnNetSales_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_PercentageOfRoyaltyRevenueOnNetSales_1" xml:lang="en-US" id="label_refr_PercentageOfRoyaltyRevenueOnNetSales_1">Percentage Of Royalty Revenue On Net Sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_PercentageOfRoyaltyRevenueOnNetSales" xlink:to="label_refr_PercentageOfRoyaltyRevenueOnNetSales_1" xlink:title="Label : refr_PercentageOfRoyaltyRevenueOnNetSales to label_refr_PercentageOfRoyaltyRevenueOnNetSales_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_PercentageOfRoyaltyRevenueOnNetSales_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_PercentageOfRoyaltyRevenueOnNetSales_2" xml:lang="en-US" id="label_refr_PercentageOfRoyaltyRevenueOnNetSales_2">Percentage Of Royalty Revenue On Net Sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_PercentageOfRoyaltyRevenueOnNetSales" xlink:to="label_refr_PercentageOfRoyaltyRevenueOnNetSales_2" xlink:title="Label : refr_PercentageOfRoyaltyRevenueOnNetSales to label_refr_PercentageOfRoyaltyRevenueOnNetSales_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_RightsPlanDisclosureTextBlock" xlink:label="refr_RightsPlanDisclosureTextBlock" xlink:title="refr_RightsPlanDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_refr_RightsPlanDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_RightsPlanDisclosureTextBlock" xml:lang="en-US" id="label_refr_RightsPlanDisclosureTextBlock">Rights Plan Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_RightsPlanDisclosureTextBlock" xlink:to="label_refr_RightsPlanDisclosureTextBlock" xlink:title="Label : refr_RightsPlanDisclosureTextBlock to label_refr_RightsPlanDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_refr_RightsPlanDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_RightsPlanDisclosureTextBlock_1" xml:lang="en-US" id="label_refr_RightsPlanDisclosureTextBlock_1">Rights Plan Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_RightsPlanDisclosureTextBlock" xlink:to="label_refr_RightsPlanDisclosureTextBlock_1" xlink:title="Label : refr_RightsPlanDisclosureTextBlock to label_refr_RightsPlanDisclosureTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_RightsPlanDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_RightsPlanDisclosureTextBlock_2" xml:lang="en-US" id="label_refr_RightsPlanDisclosureTextBlock_2">Rights Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_RightsPlanDisclosureTextBlock" xlink:to="label_refr_RightsPlanDisclosureTextBlock_2" xlink:title="Label : refr_RightsPlanDisclosureTextBlock to label_refr_RightsPlanDisclosureTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_RightsPlanMember" xlink:label="refr_RightsPlanMember" xlink:title="refr_RightsPlanMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_RightsPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_RightsPlanMember" xml:lang="en-US" id="label_refr_RightsPlanMember">Rights Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_RightsPlanMember" xlink:to="label_refr_RightsPlanMember" xlink:title="Label : refr_RightsPlanMember to label_refr_RightsPlanMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_RightsPlanMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_RightsPlanMember_1" xml:lang="en-US" id="label_refr_RightsPlanMember_1">Rights Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_RightsPlanMember" xlink:to="label_refr_RightsPlanMember_1" xlink:title="Label : refr_RightsPlanMember to label_refr_RightsPlanMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue" xlink:label="refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue" xlink:title="refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue" />
    <link:label xlink:type="resource" xlink:label="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue" xml:lang="en-US" id="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue">Fair value of options exercised during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue" xlink:to="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue" xlink:title="Label : refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue to label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue" />
    <link:label xlink:type="resource" xlink:label="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue_1" xml:lang="en-US" id="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue_1">Share Based Compensation Arrangement By Share Based Payment Award Exercises During Period Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue" xlink:to="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue_1" xlink:title="Label : refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue to label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue_2" xml:lang="en-US" id="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue_2">Fair market value of options exercised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue" xlink:to="label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue_2" xlink:title="Label : refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue to label_refr_ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisesDuringPeriodFairValue_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:title="dei_DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentPeriodEndDate" xml:lang="en-US" id="label_dei_DocumentPeriodEndDate">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="label_dei_DocumentPeriodEndDate" xlink:title="Label : dei_DocumentPeriodEndDate to label_dei_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_VestingImmediatelyMember" xlink:label="refr_VestingImmediatelyMember" xlink:title="refr_VestingImmediatelyMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_VestingImmediatelyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_VestingImmediatelyMember" xml:lang="en-US" id="label_refr_VestingImmediatelyMember">Vesting Immediately [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_VestingImmediatelyMember" xlink:to="label_refr_VestingImmediatelyMember" xlink:title="Label : refr_VestingImmediatelyMember to label_refr_VestingImmediatelyMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_VestingImmediatelyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_VestingImmediatelyMember_1" xml:lang="en-US" id="label_refr_VestingImmediatelyMember_1">Vesting Immediately [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_VestingImmediatelyMember" xlink:to="label_refr_VestingImmediatelyMember_1" xlink:title="Label : refr_VestingImmediatelyMember to label_refr_VestingImmediatelyMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_VestingRatablyMember" xlink:label="refr_VestingRatablyMember" xlink:title="refr_VestingRatablyMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_VestingRatablyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_VestingRatablyMember" xml:lang="en-US" id="label_refr_VestingRatablyMember">Vesting Ratably [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_VestingRatablyMember" xlink:to="label_refr_VestingRatablyMember" xlink:title="Label : refr_VestingRatablyMember to label_refr_VestingRatablyMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_VestingRatablyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_VestingRatablyMember_1" xml:lang="en-US" id="label_refr_VestingRatablyMember_1">Vesting Ratably [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_VestingRatablyMember" xlink:to="label_refr_VestingRatablyMember_1" xlink:title="Label : refr_VestingRatablyMember to label_refr_VestingRatablyMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_LicenseeSixMember" xlink:label="refr_LicenseeSixMember" xlink:title="refr_LicenseeSixMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeSixMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_LicenseeSixMember" xml:lang="en-US" id="label_refr_LicenseeSixMember">Licensee Six [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeSixMember" xlink:to="label_refr_LicenseeSixMember" xlink:title="Label : refr_LicenseeSixMember to label_refr_LicenseeSixMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LicenseeSixMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LicenseeSixMember_1" xml:lang="en-US" id="label_refr_LicenseeSixMember_1">Licensee Six [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LicenseeSixMember" xlink:to="label_refr_LicenseeSixMember_1" xlink:title="Label : refr_LicenseeSixMember to label_refr_LicenseeSixMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="us-gaap_AwardTypeAxis" xlink:title="us-gaap_AwardTypeAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AwardTypeAxis" xml:lang="en-US" id="label_us-gaap_AwardTypeAxis">Award Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="label_us-gaap_AwardTypeAxis" xlink:title="Label : us-gaap_AwardTypeAxis to label_us-gaap_AwardTypeAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AwardTypeAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AwardTypeAxis_1" xml:lang="en-US" id="label_us-gaap_AwardTypeAxis_1">Award Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="label_us-gaap_AwardTypeAxis_1" xlink:title="Label : us-gaap_AwardTypeAxis to label_us-gaap_AwardTypeAxis_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_CertificateOfDepositsSixMember" xlink:label="refr_CertificateOfDepositsSixMember" xlink:title="refr_CertificateOfDepositsSixMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsSixMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_CertificateOfDepositsSixMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsSixMember">Certificate Of Deposits Six [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsSixMember" xlink:to="label_refr_CertificateOfDepositsSixMember" xlink:title="Label : refr_CertificateOfDepositsSixMember to label_refr_CertificateOfDepositsSixMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsSixMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsSixMember_1" xml:lang="en-US" id="label_refr_CertificateOfDepositsSixMember_1">Certificate Of Deposits Six [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsSixMember" xlink:to="label_refr_CertificateOfDepositsSixMember_1" xlink:title="Label : refr_CertificateOfDepositsSixMember to label_refr_CertificateOfDepositsSixMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_CertificateOfDepositsSevenMember" xlink:label="refr_CertificateOfDepositsSevenMember" xlink:title="refr_CertificateOfDepositsSevenMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsSevenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_CertificateOfDepositsSevenMember" xml:lang="en-US" id="label_refr_CertificateOfDepositsSevenMember">Certificate of Deposits Seven [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsSevenMember" xlink:to="label_refr_CertificateOfDepositsSevenMember" xlink:title="Label : refr_CertificateOfDepositsSevenMember to label_refr_CertificateOfDepositsSevenMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_CertificateOfDepositsSevenMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_CertificateOfDepositsSevenMember_1" xml:lang="en-US" id="label_refr_CertificateOfDepositsSevenMember_1">Certificate of Deposits Seven [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_CertificateOfDepositsSevenMember" xlink:to="label_refr_CertificateOfDepositsSevenMember_1" xlink:title="Label : refr_CertificateOfDepositsSevenMember to label_refr_CertificateOfDepositsSevenMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_LargeArchitecturalGlassProjectMember" xlink:label="refr_LargeArchitecturalGlassProjectMember" xlink:title="refr_LargeArchitecturalGlassProjectMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LargeArchitecturalGlassProjectMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_LargeArchitecturalGlassProjectMember" xml:lang="en-US" id="label_refr_LargeArchitecturalGlassProjectMember">Large Architectural Glass Project Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LargeArchitecturalGlassProjectMember" xlink:to="label_refr_LargeArchitecturalGlassProjectMember" xlink:title="Label : refr_LargeArchitecturalGlassProjectMember to label_refr_LargeArchitecturalGlassProjectMember" />
    <link:label xlink:type="resource" xlink:label="label_refr_LargeArchitecturalGlassProjectMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_LargeArchitecturalGlassProjectMember_1" xml:lang="en-US" id="label_refr_LargeArchitecturalGlassProjectMember_1">Large Architectural Glass Project [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_LargeArchitecturalGlassProjectMember" xlink:to="label_refr_LargeArchitecturalGlassProjectMember_1" xlink:title="Label : refr_LargeArchitecturalGlassProjectMember to label_refr_LargeArchitecturalGlassProjectMember_1" />
    <link:loc xlink:type="locator" xlink:href="refr-20151231.xsd#refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" xlink:label="refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" xlink:title="refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" xml:lang="en-US" id="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock">Disclosure of accounting policy for restricted stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" xlink:to="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" xlink:title="Label : refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock to label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_1" xml:lang="en-US" id="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_1">Share-based Compensation, Restricted Stock Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" xlink:to="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_1" xlink:title="Label : refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock to label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_2" xml:lang="en-US" id="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_2">Restricted Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" xlink:to="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_2" xlink:title="Label : refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock to label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_2" />
    <link:label xlink:type="resource" xlink:label="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_3" xml:lang="en-US" id="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_3">Restricted Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock" xlink:to="label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_3" xlink:title="Label : refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock to label_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:title="dei_EntityWellKnownSeasonedIssuer" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US" id="label_dei_EntityWellKnownSeasonedIssuer">Entity Well-known Seasoned Issuer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="label_dei_EntityWellKnownSeasonedIssuer" xlink:title="Label : dei_EntityWellKnownSeasonedIssuer to label_dei_EntityWellKnownSeasonedIssuer" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" xlink:title="dei_EntityVoluntaryFilers" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityVoluntaryFilers" xml:lang="en-US" id="label_dei_EntityVoluntaryFilers">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="label_dei_EntityVoluntaryFilers" xlink:title="Label : dei_EntityVoluntaryFilers to label_dei_EntityVoluntaryFilers" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" xlink:title="dei_EntityCurrentReportingStatus" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCurrentReportingStatus" xml:lang="en-US" id="label_dei_EntityCurrentReportingStatus">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="label_dei_EntityCurrentReportingStatus" xlink:title="Label : dei_EntityCurrentReportingStatus to label_dei_EntityCurrentReportingStatus" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xlink:title="dei_EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityFilerCategory" xml:lang="en-US" id="label_dei_EntityFilerCategory">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="label_dei_EntityFilerCategory" xlink:title="Label : dei_EntityFilerCategory to label_dei_EntityFilerCategory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" xlink:title="dei_EntityPublicFloat" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityPublicFloat" xml:lang="en-US" id="label_dei_EntityPublicFloat">Entity Public Float</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="label_dei_EntityPublicFloat" xlink:title="Label : dei_EntityPublicFloat to label_dei_EntityPublicFloat" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:title="dei_EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityRegistrantName" xml:lang="en-US" id="label_dei_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="label_dei_EntityRegistrantName" xlink:title="Label : dei_EntityRegistrantName to label_dei_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:title="dei_EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCentralIndexKey" xml:lang="en-US" id="label_dei_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="label_dei_EntityCentralIndexKey" xlink:title="Label : dei_EntityCentralIndexKey to label_dei_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:title="dei_EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US" id="label_dei_EntityCommonStockSharesOutstanding">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="label_dei_EntityCommonStockSharesOutstanding" xlink:title="Label : dei_EntityCommonStockSharesOutstanding to label_dei_EntityCommonStockSharesOutstanding" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xlink:title="dei_DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentFiscalYearFocus" xml:lang="en-US" id="label_dei_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="label_dei_DocumentFiscalYearFocus" xlink:title="Label : dei_DocumentFiscalYearFocus to label_dei_DocumentFiscalYearFocus" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:title="dei_DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentFiscalPeriodFocus" xml:lang="en-US" id="label_dei_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="label_dei_DocumentFiscalPeriodFocus" xlink:title="Label : dei_DocumentFiscalPeriodFocus to label_dei_DocumentFiscalPeriodFocus" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:title="dei_DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentType" xml:lang="en-US" id="label_dei_DocumentType">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="label_dei_DocumentType" xlink:title="Label : dei_DocumentType to label_dei_DocumentType" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:title="us-gaap_AccountingPoliciesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US" id="label_us-gaap_AccountingPoliciesAbstract">Summary of Significant Accounting Policies [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="label_us-gaap_AccountingPoliciesAbstract" xlink:title="Label : us-gaap_AccountingPoliciesAbstract to label_us-gaap_AccountingPoliciesAbstract" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_CashAndCashEquivalentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CashAndCashEquivalentsAbstract" xml:lang="en-US" id="label_us-gaap_CashAndCashEquivalentsAbstract">Cash and Cash Equivalents [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertificatesOfDepositMember" xlink:label="us-gaap_CertificatesOfDepositMember" xlink:title="us-gaap_CertificatesOfDepositMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CertificatesOfDepositMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CertificatesOfDepositMember" xml:lang="en-US" id="label_us-gaap_CertificatesOfDepositMember">Certificates of Deposit [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CertificatesOfDepositMember" xlink:to="label_us-gaap_CertificatesOfDepositMember" xlink:title="Label : us-gaap_CertificatesOfDepositMember to label_us-gaap_CertificatesOfDepositMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:label="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:title="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:to="label_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:title="Label : us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 to label_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:to="label_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_1" xlink:title="Label : us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 to label_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:to="label_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_2" xlink:title="Label : us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 to label_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_2" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ClassOfWarrantOrRightDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ClassOfWarrantOrRightDomain" xml:lang="en-US" id="label_us-gaap_ClassOfWarrantOrRightDomain">Class of Warrant or Right [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightDomain" xlink:to="label_us-gaap_ClassOfWarrantOrRightDomain" xlink:title="Label : us-gaap_ClassOfWarrantOrRightDomain to label_us-gaap_ClassOfWarrantOrRightDomain" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ClassOfWarrantOrRightAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ClassOfWarrantOrRightAxis" xml:lang="en-US" id="label_us-gaap_ClassOfWarrantOrRightAxis">Class of Warrant or Right [Axis]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ClassOfWarrantOrRightLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ClassOfWarrantOrRightLineItems" xml:lang="en-US" id="label_us-gaap_ClassOfWarrantOrRightLineItems">Class of Warrant or Right [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightLineItems" xlink:to="label_us-gaap_ClassOfWarrantOrRightLineItems" xlink:title="Label : us-gaap_ClassOfWarrantOrRightLineItems to label_us-gaap_ClassOfWarrantOrRightLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ClassOfWarrantOrRightTable" xlink:label="us-gaap_ClassOfWarrantOrRightTable" xlink:title="us-gaap_ClassOfWarrantOrRightTable" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ClassOfWarrantOrRightTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ClassOfWarrantOrRightTable" xml:lang="en-US" id="label_us-gaap_ClassOfWarrantOrRightTable">Class of Warrant or Right [Table]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="label_us-gaap_CommonStockSharesIssued" xlink:title="Label : us-gaap_CommonStockSharesIssued to label_us-gaap_CommonStockSharesIssued" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="label_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:title="Label : us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations to label_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_NetIncomeLoss_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_NetIncomeLoss_1" xml:lang="en-US" id="label_us-gaap_NetIncomeLoss_1">Net Income (Loss) Attributable To Parent</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="label_us-gaap_NetIncomeLoss_2" xlink:title="Label : us-gaap_NetIncomeLoss to label_us-gaap_NetIncomeLoss_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_NetIncomeLoss_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_NetIncomeLoss_3" xml:lang="en-US" id="label_us-gaap_NetIncomeLoss_3">Net loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="label_us-gaap_NetIncomeLoss_3" xlink:title="Label : us-gaap_NetIncomeLoss to label_us-gaap_NetIncomeLoss_3" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_NetIncomeLoss_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_NetIncomeLoss_4" xml:lang="en-US" id="label_us-gaap_NetIncomeLoss_4">Net Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="label_us-gaap_NetIncomeLoss_4" xlink:title="Label : us-gaap_NetIncomeLoss to label_us-gaap_NetIncomeLoss_4" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:title="Label : us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent to label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLossCarryforwardsLineItems" xlink:label="us-gaap_OperatingLossCarryforwardsLineItems" xlink:title="us-gaap_OperatingLossCarryforwardsLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:to="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:title="Label : us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears to label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_1" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_1">2019</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLossCarryforwards" xlink:to="label_us-gaap_OperatingLossCarryforwards" xlink:title="Label : us-gaap_OperatingLossCarryforwards to label_us-gaap_OperatingLossCarryforwards" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:title="Label : us-gaap_PrepaidExpenseAndOtherAssetsCurrent to label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_1" xlink:title="Label : us-gaap_PrepaidExpenseAndOtherAssetsCurrent to label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PurchaseCommitmentRemainingMinimumAmountCommitted" xlink:to="label_us-gaap_PurchaseCommitmentRemainingMinimumAmountCommitted_1" xlink:title="Label : us-gaap_PurchaseCommitmentRemainingMinimumAmountCommitted to label_us-gaap_PurchaseCommitmentRemainingMinimumAmountCommitted_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_QuarterlyFinancialInformationTextBlock" xml:lang="en-US" id="label_us-gaap_QuarterlyFinancialInformationTextBlock">Quarterly Financial Information [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_QuarterlyFinancialInformationTextBlock" xlink:to="label_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:title="Label : us-gaap_QuarterlyFinancialInformationTextBlock to label_us-gaap_QuarterlyFinancialInformationTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_QuarterlyFinancialInformationTextBlock" xlink:to="label_us-gaap_QuarterlyFinancialInformationTextBlock_1" xlink:title="Label : us-gaap_QuarterlyFinancialInformationTextBlock to label_us-gaap_QuarterlyFinancialInformationTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:label="us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:title="us-gaap_QuarterlyFinancialInformationDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xml:lang="en-US" id="label_us-gaap_QuarterlyFinancialInformationDisclosureAbstract">Selected Quarterly Financial Data (Unaudited) [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:to="label_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:title="Label : us-gaap_QuarterlyFinancialInformationDisclosureAbstract to label_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeMember" xlink:to="label_us-gaap_RangeMember" xlink:title="Label : us-gaap_RangeMember to label_us-gaap_RangeMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RangeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_RangeMember_1" xml:lang="en-US" id="label_us-gaap_RangeMember_1">Range [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeMember" xlink:to="label_us-gaap_RangeMember_1" xlink:title="Label : us-gaap_RangeMember to label_us-gaap_RangeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RangeMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_RangeMember_2" xml:lang="en-US" id="label_us-gaap_RangeMember_2">Range [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeMember" xlink:to="label_us-gaap_RangeMember_2" xlink:title="Label : us-gaap_RangeMember to label_us-gaap_RangeMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis" xlink:title="us-gaap_RangeAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RangeAxis" xml:lang="en-US" id="label_us-gaap_RangeAxis">Range [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="label_us-gaap_RangeAxis" xlink:title="Label : us-gaap_RangeAxis to label_us-gaap_RangeAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RangeAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_RangeAxis_1" xml:lang="en-US" id="label_us-gaap_RangeAxis_1">Range [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="label_us-gaap_RangeAxis_1" xlink:title="Label : us-gaap_RangeAxis to label_us-gaap_RangeAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RangeAxis_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_RangeAxis_2" xml:lang="en-US" id="label_us-gaap_RangeAxis_2">Range [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="label_us-gaap_RangeAxis_2" xlink:title="Label : us-gaap_RangeAxis to label_us-gaap_RangeAxis_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesPolicyTextBlock" xlink:to="label_us-gaap_ReceivablesPolicyTextBlock" xlink:title="Label : us-gaap_ReceivablesPolicyTextBlock to label_us-gaap_ReceivablesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ReceivablesPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_ReceivablesPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_ReceivablesPolicyTextBlock_1">Royalties Receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesPolicyTextBlock" xlink:to="label_us-gaap_ReceivablesPolicyTextBlock_1" xlink:title="Label : us-gaap_ReceivablesPolicyTextBlock to label_us-gaap_ReceivablesPolicyTextBlock_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ReceivablesAbstract" xml:lang="en-US" id="label_us-gaap_ReceivablesAbstract">Note Receivable from SPD Control Systems [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesAbstract" xlink:to="label_us-gaap_ReceivablesAbstract" xlink:title="Label : us-gaap_ReceivablesAbstract to label_us-gaap_ReceivablesAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpense" xlink:to="label_us-gaap_ResearchAndDevelopmentExpense" xlink:title="Label : us-gaap_ResearchAndDevelopmentExpense to label_us-gaap_ResearchAndDevelopmentExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ResearchAndDevelopmentExpense_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_ResearchAndDevelopmentExpense_1" xml:lang="en-US" id="label_us-gaap_ResearchAndDevelopmentExpense_1">Research and development</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpense" xlink:to="label_us-gaap_ResearchAndDevelopmentExpense_1" xlink:title="Label : us-gaap_ResearchAndDevelopmentExpense to label_us-gaap_ResearchAndDevelopmentExpense_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:to="label_us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:title="Label : us-gaap_ResearchAndDevelopmentExpensePolicy to label_us-gaap_ResearchAndDevelopmentExpensePolicy" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ResearchAndDevelopmentExpensePolicy_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_ResearchAndDevelopmentExpensePolicy_1" xml:lang="en-US" id="label_us-gaap_ResearchAndDevelopmentExpensePolicy_1">Research and Development Costs</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedStockMember" xlink:to="label_us-gaap_RestrictedStockMember" xlink:title="Label : us-gaap_RestrictedStockMember to label_us-gaap_RestrictedStockMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="label_us-gaap_RetainedEarningsMember" xlink:title="Label : us-gaap_RetainedEarningsMember to label_us-gaap_RetainedEarningsMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="label_us-gaap_RetainedEarningsAccumulatedDeficit_1" xlink:title="Label : us-gaap_RetainedEarningsAccumulatedDeficit to label_us-gaap_RetainedEarningsAccumulatedDeficit_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_StockholdersEquityNoteAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_StockholdersEquityNoteAbstract" xml:lang="en-US" id="label_us-gaap_StockholdersEquityNoteAbstract">Shareholders' Equity [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteAbstract" xlink:to="label_us-gaap_StockholdersEquityNoteAbstract" xlink:title="Label : us-gaap_StockholdersEquityNoteAbstract to label_us-gaap_StockholdersEquityNoteAbstract" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_StockholdersEquity" xml:lang="en-US" id="label_us-gaap_StockholdersEquity">Stockholders' Equity Attributable To Parent</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="label_us-gaap_StockholdersEquity_1" xlink:title="Label : us-gaap_StockholdersEquity to label_us-gaap_StockholdersEquity_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_StockholdersEquity_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_us-gaap_StockholdersEquity_2" xml:lang="en-US" id="label_us-gaap_StockholdersEquity_2">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="label_us-gaap_StockholdersEquity_2" xlink:title="Label : us-gaap_StockholdersEquity to label_us-gaap_StockholdersEquity_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_StockholdersEquity_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_StockholdersEquity_3" xml:lang="en-US" id="label_us-gaap_StockholdersEquity_3">Total shareholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="label_us-gaap_StockholdersEquity_3" xlink:title="Label : us-gaap_StockholdersEquity to label_us-gaap_StockholdersEquity_3" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_SubsequentEventsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_SubsequentEventsTextBlock" xml:lang="en-US" id="label_us-gaap_SubsequentEventsTextBlock">Subsequent Events [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="label_us-gaap_SubsequentEventsTextBlock" xlink:title="Label : us-gaap_SubsequentEventsTextBlock to label_us-gaap_SubsequentEventsTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="label_us-gaap_SubsequentEventsTextBlock_1" xlink:title="Label : us-gaap_SubsequentEventsTextBlock to label_us-gaap_SubsequentEventsTextBlock_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_SubsequentEventsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_SubsequentEventsAbstract" xml:lang="en-US" id="label_us-gaap_SubsequentEventsAbstract">Subsequent Event [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsAbstract" xlink:to="label_us-gaap_SubsequentEventsAbstract" xlink:title="Label : us-gaap_SubsequentEventsAbstract to label_us-gaap_SubsequentEventsAbstract" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_TaxPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_TaxPeriodAxis" xml:lang="en-US" id="label_us-gaap_TaxPeriodAxis">Tax Period [Axis]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TaxPeriodDomain" xlink:to="label_us-gaap_TaxPeriodDomain" xlink:title="Label : us-gaap_TaxPeriodDomain to label_us-gaap_TaxPeriodDomain" />
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<TYPE>EX-101.CAL
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<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6794570608">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information - USD ($)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Mar. 07, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
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<td class="text">&#160;<span></span>
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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_dei_DocumentType', window );">Document Type</a></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">RESEARCH FRONTIERS INC<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">0000793524<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">2015<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
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<td class="text">Accelerated Filer<span></span>
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<td class="text">&#160;<span></span>
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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_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">24,043,846<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 91,564,243<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<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>
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<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>
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<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 style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<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 style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</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>
</tr>
</table></div>
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<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 style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<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 style="white-space:nowrap;">dei_EntityPublicFloat</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<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>
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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_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> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<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 style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<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 style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<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 style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_DocumentAndEntityInformationAbstract">
<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>Document and Entity Information.</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 style="white-space:nowrap;">refr_DocumentAndEntityInformationAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>refr_</td>
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<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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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6793361616">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 5,712,310<span></span>
</td>
<td class="nump">$ 7,569,537<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">1,513,784<span></span>
</td>
<td class="nump">1,501,554<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_AccountsReceivableNetCurrent', window );">Royalties receivable, net of reserves of $629,457 in 2015 and $305,171 in 2014</a></td>
<td class="nump">1,314,675<span></span>
</td>
<td class="nump">1,175,218<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">133,465<span></span>
</td>
<td class="nump">121,252<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">8,674,234<span></span>
</td>
<td class="nump">10,367,561<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Fixed assets, net</a></td>
<td class="nump">$ 836,216<span></span>
</td>
<td class="nump">660,201<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_LongTermInvestments', window );">Long-term investments</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,503,525<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" 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">$ 33,567<span></span>
</td>
<td class="nump">33,567<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">9,544,017<span></span>
</td>
<td class="nump">12,564,854<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_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">46,734<span></span>
</td>
<td class="nump">159,312<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_AccruedLiabilitiesCurrent', window );">Accrued expenses and other</a></td>
<td class="nump">421,478<span></span>
</td>
<td class="nump">323,372<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_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">468,212<span></span>
</td>
<td class="nump">482,684<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">&#160;<span></span>
</td>
<td class="text">&#160;<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 $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 24,043,846 and 23,924,465 shares for 2015 and 2014</a></td>
<td class="nump">2,404<span></span>
</td>
<td class="nump">2,392<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="nump">111,483,959<span></span>
</td>
<td class="nump">110,210,480<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(102,410,558)<span></span>
</td>
<td class="num">(98,130,702)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
<td class="nump">9,075,805<span></span>
</td>
<td class="nump">12,082,170<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">$ 9,544,017<span></span>
</td>
<td class="nump">$ 12,564,854<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<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 style="white-space:nowrap;">refr_DepositsAndOtherAssetsNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AccountsReceivableNetCurrent">
<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 due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3-4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 3<br> -Subparagraph a(1)<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 4<br> -Article 5<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 style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AccruedLiabilitiesCurrent">
<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).</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<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 style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 12<br> -Article 7<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 style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<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 style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AssetsCurrentAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CommonStockValue">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_LiabilitiesAndStockholdersEquity">
<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 liabilities and equity items, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.32)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 25<br> -Article 7<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 style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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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_LiabilitiesCurrent">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_LiabilitiesCurrentAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_LongTermInvestments">
<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 investments that are intended to be held for an extended period of time (longer than one operating 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_LongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_MarketableSecuritiesCurrent">
<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 investments in debt and equity securities, including, but not limited to, held-to-maturity, trading and available-for-sale expected to be converted to cash, sold or exchanged 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26626-111562<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_MarketableSecuritiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PrepaidExpenseAndOtherAssetsCurrent">
<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 asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 8<br> -Article 5<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 style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_RetainedEarningsAccumulatedDeficit">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.31(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<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 style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB TOPIC 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 4<br> -Section E<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 style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockholdersEquityAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
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<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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<td>duration</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6782850608">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (Parenthetical) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Consolidated Balance Sheets [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Royalty receivables, reserves</a></td>
<td class="nump">$ 629,457<span></span>
</td>
<td class="nump">$ 305,171<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_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.0001<span></span>
</td>
<td class="nump">$ 0.0001<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_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
<td class="nump">100,000,000<span></span>
</td>
<td class="nump">100,000,000<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_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">24,043,846<span></span>
</td>
<td class="nump">23,924,465<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_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">24,043,846<span></span>
</td>
<td class="nump">23,924,465<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_AllowanceForDoubtfulAccountsReceivableCurrent">
<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 allowance for trade and other 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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5074-111524<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 style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CommonStockParOrStatedValuePerShare">
<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>Face amount or stated value per share of common stock.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CommonStockSharesIssued">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StatementOfFinancialPositionAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_StatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6794566752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Operations - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Consolidated Statements of Operations [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LicensesRevenue', window );">Fee income</a></td>
<td class="nump">$ 2,007,482<span></span>
</td>
<td class="nump">$ 1,598,799<span></span>
</td>
<td class="nump">$ 2,161,359<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_GeneralAndAdministrativeExpense', window );">Operating expenses</a></td>
<td class="nump">4,742,166<span></span>
</td>
<td class="nump">4,425,718<span></span>
</td>
<td class="nump">6,036,792<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_ResearchAndDevelopmentExpense', window );">Research and development</a></td>
<td class="nump">1,588,491<span></span>
</td>
<td class="nump">1,621,964<span></span>
</td>
<td class="nump">2,203,326<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_OperatingExpenses', window );">Total Expenses</a></td>
<td class="nump">6,330,657<span></span>
</td>
<td class="nump">6,047,682<span></span>
</td>
<td class="nump">8,240,118<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_OperatingIncomeLoss', window );">Operating loss</a></td>
<td class="num">(4,323,175)<span></span>
</td>
<td class="num">(4,448,883)<span></span>
</td>
<td class="num">(6,078,759)<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_InvestmentIncomeInterest', window );">Net investment income</a></td>
<td class="nump">43,319<span></span>
</td>
<td class="nump">35,161<span></span>
</td>
<td class="nump">38,148<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_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (4,279,856)<span></span>
</td>
<td class="num">$ (4,413,722)<span></span>
</td>
<td class="num">$ (6,040,611)<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_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share</a></td>
<td class="num">$ (0.18)<span></span>
</td>
<td class="num">$ (0.19)<span></span>
</td>
<td class="num">$ (0.26)<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_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average number of common shares outstanding</a></td>
<td class="nump">24,007,974<span></span>
</td>
<td class="nump">23,663,229<span></span>
</td>
<td class="nump">22,946,019<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_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 style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncomeStatementAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_InvestmentIncomeInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_LicensesRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<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 style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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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<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>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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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</tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<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 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></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 style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>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_ResearchAndDevelopmentExpense">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<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 style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<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>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (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 style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6794803424">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Shareholders' Equity - USD ($)<br></strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Common Stock [Member]</div></th>
<th class="th"><div>Additional Paid-in Capital [Member]</div></th>
<th class="th"><div>Accumulated Deficit [Member]</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2012</a></td>
<td class="nump">$ 14,172,675<span></span>
</td>
<td class="nump">$ 2,265<span></span>
</td>
<td class="nump">$ 101,846,779<span></span>
</td>
<td class="num">$ (87,676,369)<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, shares at Dec. 31, 2012</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,646,782<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Exercise of options and warrants</a></td>
<td class="nump">822,969<span></span>
</td>
<td class="nump">$ 18<span></span>
</td>
<td class="nump">822,951<span></span>
</td>
<td class="text"> <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 );">Exercise of options and warrants, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">179,983<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">2,914,904<span></span>
</td>
<td class="nump">$ 28<span></span>
</td>
<td class="nump">$ 2,914,876<span></span>
</td>
<td class="text"> <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_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Share-based compensation, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">282,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">(6,040,611)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (6,040,611)<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, 2013</a></td>
<td class="nump">11,869,937<span></span>
</td>
<td class="nump">$ 2,311<span></span>
</td>
<td class="nump">$ 105,584,606<span></span>
</td>
<td class="num">$ (93,716,980)<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, shares at Dec. 31, 2013</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,109,665<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of Common Stock</a></td>
<td class="nump">3,278,250<span></span>
</td>
<td class="nump">$ 75<span></span>
</td>
<td class="nump">3,278,175<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of Common Stock, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Exercise of options and warrants</a></td>
<td class="nump">$ 304,788<span></span>
</td>
<td class="nump">$ 6<span></span>
</td>
<td class="nump">304,782<span></span>
</td>
<td class="text"> <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_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercise of options and warrants, shares</a></td>
<td class="nump">64,800<span></span>
</td>
<td class="nump">64,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">$ 1,042,917<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 1,042,917<span></span>
</td>
<td class="text"> <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_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Share-based compensation, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_NetIncomeLoss', window );">Net Loss</a></td>
<td class="num">(4,413,722)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (4,413,722)<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, 2014</a></td>
<td class="nump">12,082,170<span></span>
</td>
<td class="nump">$ 2,392<span></span>
</td>
<td class="nump">$ 110,210,480<span></span>
</td>
<td class="num">$ (98,130,702)<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, shares at Dec. 31, 2014</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,924,465<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Exercise of options and warrants</a></td>
<td class="nump">$ 548,475<span></span>
</td>
<td class="nump">$ 12<span></span>
</td>
<td class="nump">548,463<span></span>
</td>
<td class="text"> <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 );">Exercise of options and warrants, shares</a></td>
<td class="nump">119,381<span></span>
</td>
<td class="nump">119,381<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">$ 725,016<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 725,016<span></span>
</td>
<td class="text"> <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_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Share-based compensation, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">(4,279,856)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">$ (4,279,856)<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, 2015</a></td>
<td class="nump">$ 9,075,805<span></span>
</td>
<td class="nump">$ 2,404<span></span>
</td>
<td class="nump">$ 111,483,959<span></span>
</td>
<td class="num">$ (102,410,558)<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, shares at Dec. 31, 2015</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,043,846<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<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 style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 which are neither cancelled nor held in the treasury.</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 style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockIssuedDuringPeriodSharesShareBasedCompensation">
<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) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28,29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockIssuedDuringPeriodValueNewIssues">
<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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30, 31<br> -Article 5<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockIssuedDuringPeriodValueShareBasedCompensation">
<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 (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30, 31<br> -Article 5<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockIssuedDuringPeriodValueStockOptionsExercised">
<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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB TOPIC 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 4<br> -Section E<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 style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<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 style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember">
<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 style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</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_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember">
<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 style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6782996128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (4,279,856)<span></span>
</td>
<td class="num">$ (4,413,722)<span></span>
</td>
<td class="num">$ (6,040,611)<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_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used in operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">140,170<span></span>
</td>
<td class="nump">31,824<span></span>
</td>
<td class="nump">45,212<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_ShareBasedCompensation', window );">Stock based compensation</a></td>
<td class="nump">725,016<span></span>
</td>
<td class="nump">1,042,917<span></span>
</td>
<td class="nump">2,914,904<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_ProvisionForDoubtfulAccounts', window );">Bad debts</a></td>
<td class="nump">324,286<span></span>
</td>
<td class="nump">131,250<span></span>
</td>
<td class="nump">81,198<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_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Change in assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_IncreaseDecreaseInAccountsReceivable', window );">Royalty receivables</a></td>
<td class="num">(463,743)<span></span>
</td>
<td class="num">(439,306)<span></span>
</td>
<td class="num">(260,042)<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_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other current assets</a></td>
<td class="num">(12,213)<span></span>
</td>
<td class="nump">2,866<span></span>
</td>
<td class="nump">94,544<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_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
<td class="num">$ (14,472)<span></span>
</td>
<td class="nump">345,356<span></span>
</td>
<td class="num">$ (80,064)<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_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(25,000)<span></span>
</td>
<td class="text"> <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_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash used in operating activities</a></td>
<td class="num">$ (3,580,812)<span></span>
</td>
<td class="num">(3,323,815)<span></span>
</td>
<td class="num">$ (3,244,859)<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_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchases of fixed assets</a></td>
<td class="num">$ (316,185)<span></span>
</td>
<td class="num">(627,660)<span></span>
</td>
<td class="num">(50,536)<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_PaymentsToAcquireShortTermInvestments', window );">Purchase of investments</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(3,005,079)<span></span>
</td>
<td class="num">$ (24,009)<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_ProceedsFromSaleOfShortTermInvestments', window );">Proceeds from sale of investment</a></td>
<td class="nump">$ 1,491,295<span></span>
</td>
<td class="nump">5,076,930<span></span>
</td>
<td class="text"> <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_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash provided by (used in) investing activities</a></td>
<td class="nump">1,175,110<span></span>
</td>
<td class="nump">1,444,191<span></span>
</td>
<td class="num">$ (74,545)<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_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProceedsFromIssuanceOrSaleOfEquity', window );">Net proceeds from issuances of common stock and exercise of options and warrants</a></td>
<td class="nump">548,475<span></span>
</td>
<td class="nump">3,583,038<span></span>
</td>
<td class="nump">795,294<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_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by financing activities</a></td>
<td class="nump">548,475<span></span>
</td>
<td class="nump">3,583,038<span></span>
</td>
<td class="nump">795,294<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_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net (decrease) increase in cash and cash equivalents</a></td>
<td class="num">(1,857,227)<span></span>
</td>
<td class="nump">1,703,414<span></span>
</td>
<td class="num">(2,524,110)<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 at beginning of year</a></td>
<td class="nump">7,569,537<span></span>
</td>
<td class="nump">5,866,123<span></span>
</td>
<td class="nump">8,390,233<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_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of year</a></td>
<td class="nump">$ 5,712,310<span></span>
</td>
<td class="nump">$ 7,569,537<span></span>
</td>
<td class="nump">$ 5,866,123<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_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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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. Includes effect from exchange rate changes.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncreaseDecreaseInAccountsReceivable">
<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 customers for the credit sale of goods and services.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncreaseDecreaseInDeferredRevenue">
<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, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncreaseDecreaseInOperatingCapitalAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<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 cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<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 cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
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<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>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6785185056">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business and Basis for Presentation<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></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_BusinessAbstract', window );"><strong>Business and Basis for Presentation [Abstract]</strong></a></td>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(1) </font><font style="text-decoration: underline;"><font size="2" style="font-family: 'Times New Roman';">Business and Basis for Presentation</font></font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family: 'Times New Roman';">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 "light valves" 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 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'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's relationships with its existing licensees. The degree of dependence of the Company'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's technology by the Company'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>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6607066304">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(2) </font><font style="text-decoration: underline;"><font size="2" style="font-family: 'Times New Roman';">Summary of Significant Accounting Policies</font></font></p>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(a) </font><font size="2" style="font-family: 'Times New Roman';">Cash and Cash Equivalents</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 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, 2015 and 2014.</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>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. FDIC insurance coverage is $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, 2015 and 2014 is approximately $<font>5.0</font>&#160;million and $<font>6.8</font>&#160;million, respectively.</font></p>

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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(b) </font><font size="2" style="font-family: 'Times New Roman';">Short-term/Long-term Investments</font></p>
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<td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"><font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;">Investments (based on cost)</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"><font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;">Investments (based on cost)</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;$</font></td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="center" valign="bottom" style="font-family: 'times new roman'; border: none #000000; vertical-align: bottom; white-space: nowrap; text-align: center; width: 25%; background-color: #bfbfbf;"><font style="font-size: 10pt;">8/27/2015</font></td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;">$</td>
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<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;">$</td>
<td align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 25%; background-color: #bfbfbf;"><font style="font-size: 10pt;"><font>1,501,554</font><font></font></font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;">&#160;</td>
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<td align="right" valign="bottom" style="font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom;"><font style="font-size: 10pt;">$</font></td>
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<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
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<td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
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<td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" valign="bottom" style="border-color: #000000; border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;">$</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; font-size: 9pt; white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #bfbfbf;"><font>3,005,079</font></td>
<td align="right" valign="bottom" style="font-family: 'times new roman'; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;">&#160;</td>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(c) </font><font size="2" style="font-family: 'Times New Roman';">Royalties Receivable</font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family: 'Times New Roman';">Royalties receivable from licensees 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's best estimate of the amount of probable credit losses in the Company'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.&#160;As of December 31, 2015, four companies accounted for <font>21</font>%, <font>15</font>%, <font>12</font>% and <font>11</font>%, respectively, of the Company's outstanding receivables. As of December 31, 2014, four companies accounted for <font>19</font>%, <font>17</font>%, <font>10</font>% and <font>10</font>%, respectively, of the Company's outstanding receivables.</font></p>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(d) </font><font size="2" style="font-family: 'Times New Roman';">Fixed Assets</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 are carried at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets.</font></p>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(e) </font><font size="2" style="font-family: 'Times New Roman';">Revenue Recognition/Fee Income</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 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 are typically recognized into income by year end.&#160;As of December 31, 2015 and December 31, 2014, there was no material impact on revenue as a result of recognizing deferred revenue in the consolidated statement of operations.</font></p>

<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family: 'Times New Roman';">Fee income represents amounts earned by the Company under various license and other agreements (note 8) relating to technology developed by the Company. During 2015, three licensees accounted for <font>33</font>%, <font>15</font>%, and <font>9</font>%, respectively, of fee income recognized for the year. In addition, during the year ended December 31, 2015, approximately <font>14</font>% of revenues related to fees generated by a large architectural glass project. During 2014, five licensees accounted for <font>36</font>%, <font>11</font>%, <font>9</font>%, <font>9</font>%, and <font>5</font>%, respectively of fee income recognized during the year. During 2013 six licensees accounted for <font>40</font>%, <font>12</font>%, <font>6</font>% and <font>6</font>%, <font>5</font>%, and <font>5</font>% respectively of fee income recognized for the year.</font></p>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(f) </font><font size="2" style="font-family: 'Times New Roman';">Basic and Diluted Loss Per Common Share</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>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's dilutive loss per share equals basic loss per share for each of the years in the three-year period ended December 31, 2015 because all common stock equivalents (</font><em><font size="2" style="font-family: 'Times New Roman';">i.e.,</font></em><font size="2" style="font-family: 'Times New Roman';"> options and warrants) were antidilutive in those periods. The number of options and warrants that were not included because their effect is antidilutive was <font>2,197,369</font>, <font>2,924,419</font>, and <font>2,860,219</font>, for 2015, 2014, and 2013, respectively.</font></p>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(g) </font><font size="2" style="font-family: 'Times New Roman';">Research and Development Costs</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>Research and development costs are charged to expense as incurred.</font></p>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(h) </font><font size="2" style="font-family: 'Times New Roman';">Patent Costs</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 expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items.</font></p>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(i) </font><font size="2" style="font-family: 'Times New Roman';">Use of Estimates</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 preparation of the Company'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>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(j) </font><font size="2" style="font-family: 'Times New Roman';">Income Taxes</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>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 carry-forwards. 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">&#160;&#160;&#160;&#160; <font size="2" style="font-family: 'Times New Roman';">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, 2015 and 2014, 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, 2015 and 2014.</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 years subject to examination by major tax jurisdictions include the years 2011 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>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(k) </font><font size="2" style="font-family: 'Times New Roman';">Equity-Based Compensation</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'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 $<font>715,009</font>, $<font>1,010,489</font>, and $<font>2,545,060</font>&#160;to operations during the years ended December 31, 2015, 2014, and 2013, respectively.&#160;In lieu of higher cash compensation, the Company has granted warrants and non-employee options to consultants. These warrants and non-employee options vested&#160;ratably over various terms ranging from 24 to 59 months. As of December 31, 2015 these awards were fully vested. Non-employee options covering <font>24,000</font> shares were granted to consultants during 2014.&#160;These n<font style="font-size: 10pt;">on-</font></font><font style="font-size: 10pt;">employee options are valued at fair value at the time that the related services are provided using the Black&#160;Scholes&#160;method and marked to market quarterly using the Black Scholes&#160;method. The Company incurred a charge to operations of $<font>10,007</font>, $<font>32,428</font>, and $<font>369,844</font>, for 2015, 2014, and 2013, respectively in connection with these warrants and non-employee options.<br/>&#160;</font></p>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(l) Restricted Stock</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>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>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(m) </font><font size="2" style="font-family: 'Times New Roman';">Impairment of Long-Lived Assets</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 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.</font></p>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(n) </font><font size="2" style="font-family: 'Times New Roman';">Fair Value Measurements</font></p>
<p style="text-indent: 15pt; margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;">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 size="2" style="font-family: 'Times New Roman';"><font size="3" style="font-family: 'Times New Roman';">&#160; &#160;&#160;</font></font><font style="font-size: small;">Accounting Standards Codification (&#147;</font>ASC<font style="font-size: small;">&#148;) Topic 820 &#147;Fair Value Measurements and Disclosures&#148; (&#147;</font>ASC<font style="font-size: small;"> Topic 820&#148;) establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. </font>ASC<font style="font-size: small;"> Topic 820 applies other previously issued accounting pronouncements that require or permit fair value measurements but does not require any new fair val<font style="font-size: 10pt;">ue&#160;</font></font><font style="font-size: 10pt;">measurements.</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>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'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, 2015 and 2014, include cash and cash equivalents of approximately $<font>5.7</font>&#160;million and $<font>7.6</font>&#160;million, respectively, as well as short term investments of $<font>1.5</font>&#160;million and $<font>1.5</font>&#160;million in 2015 and 2014, respectively. The carrying value of these assets approximates fair value due to the short-term maturity of these instruments</font>.</p>
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<p align="justify"><font style="font-size: 10pt;">(o) Recent Accounting Pronouncements</font></p>
<p align="justify"><font style="font-size: 10pt;"><em>New Ac<font style="font-size: 10pt;">counting Standards</font></em></font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">&#160; &#160; &#160;In May 2014, the FASB and the International Accounting Standards Board (IASB) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (IFRS). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In July 2015, the FASB approved a deferral of the ASU effective date from annual and interim periods beginning after December 15, 2016 to annual and interim periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this guidance on its financial position and results of operations.</font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">&#160; &#160; &#160;In November 2015, the FASB issued Accounting Standard Update (ASU) No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The amendments under the new guidance require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance.</font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">&#160; &#160; &#160;In January 2016, the FASB issued ASU 2016-01, "Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. </font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">&#160; &#160; &#160;In January 2016, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards Updated (&#147;ASU&#148;) No. 2016-02, Leases. ASU 2016-02 requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption of the new guidance is permitted. We are currently evaluating the impact of ASU 2016-02 on our consolidated financial statements.</font></p>
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<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>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(3) </font><font style="text-decoration: underline;"><font size="2" style="font-family: 'Times New Roman';">Fixed Assets</font></font></p>
<p align="justify"><font style="font-size: 10pt;">Depreciation and amortization expense for the periods ending December 31, 2015, 2014 and 2013 was $<font>140,170</font>, $<font>31,824</font> and $<font>45,212</font>. Fixed assets and their estimated useful lives as of December 31, 2015 and 2014 are as follows:</font><br/></p>
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<td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" colspan="2" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">Estimated&#160;useful&#160;life</font></td>
<td style="text-align: center; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
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<tr valign="bottom" style="background-color: #bfbfbf;">
<td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 70%; text-align: left; background-color: #bfbfbf;"><font size="2" style="font-family: 'Times New Roman';">Equipment and furniture</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;">$</td>
<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10%; text-align: right; background-color: #bfbfbf;"><font> 1,375,911 </font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;">$</td>
<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10%; text-align: right; background-color: #bfbfbf;"><font> 1,362,308 </font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td align="right" style="font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; white-space: nowrap; width: 10%; text-align: center; background-color: #bfbfbf;"><font>5</font> years</td>
<td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; background-color: #bfbfbf;">&#160;</td>
</tr>
<tr valign="bottom">
<td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 70px; text-align: left;"><font size="2" style="font-family: 'Times New Roman';">Trade show materials</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"></td>
<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"><font>775,654</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"></td>
<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"><font>502,789</font>&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td align="right" style="font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; white-space: nowrap; width: 10px; text-align: center;"><font><font>5</font> years</font></td>
<td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; width: 20px;"></td>
</tr>
<tr valign="bottom">
<td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 70px; text-align: left;"><font size="2" style="font-family: 'Times New Roman';"></font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"></td>
<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"></td>
<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td align="right" style="font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; white-space: nowrap; width: 10px; text-align: center;"></td>
<td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; width: 20px;"></td>
</tr>
<tr valign="bottom" style="background-color: #bfbfbf;">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="text-align: center; font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; background-color: #bfbfbf;">Life of lease or estimated</td>
<td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; background-color: #bfbfbf;">&#160;</td>
</tr>
<tr valign="bottom" style="background-color: #bfbfbf;">
<td nowrap="nowrap" align="left" style="border: none; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"><font size="2" style="font-family: 'Times New Roman';">Leasehold Improvements</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"><font> 581,902 </font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"><font> 552,185 </font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="text-align: center; font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; background-color: #bfbfbf;">life of asset if shorter</td>
<td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; background-color: #bfbfbf;">&#160;</td>
</tr>
<tr valign="bottom" style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"><font> 2,733,467 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"><font> 2,417,282 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
</tr>
<tr>
<td colspan="10" align="left" style="text-align: left; font-family: 'Times New Roman';">&#160;</td>
<td align="left" style="text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom" style="background-color: #bfbfbf;">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"><font size="2" style="font-family: 'Times New Roman';">Less accumulated depreciation</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
</tr>
<tr valign="bottom" style="background-color: #bfbfbf;">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"><font size="2" style="font-family: 'Times New Roman';">and amortization</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"><font> (1,897,251 </font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;">)</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"><font> (1,757,081 </font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;">)</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 836,216 </font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>660,201 </font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.</p></div>
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<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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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6781281696">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued Expenses and Other<br></strong></div></th>
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<td class="text">&#160;<span></span>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(4) </font><font style="text-decoration: underline;"><font size="2" style="font-family: 'Times New Roman';">Accrued Expenses and Other<br/></font></font><font style="font-size: small;">&#160;<br/>Accrued expenses consist of the following at December 31, 2015 and 2014:<br/>&#160;</font></p>
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<td align="right" valign="bottom" style="border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td colspan="2" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; text-align: center;"><font size="2" style="font-family: 'Times New Roman';">2015</font></td>
<td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td align="right" valign="bottom" style="border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td colspan="2" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px; text-align: center;"><font size="2" style="font-family: 'Times New Roman';">2014</font></td>
<td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<tr valign="bottom">
<td valign="bottom" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0; text-align: left; width: 80%;"><font size="2" style="font-family: 'Times New Roman';">Payroll, bonuses and related benefits</font></td>
<td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">$</td>
<td align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; background-color: #c0c0c0; vertical-align: bottom; text-align: right; white-space: nowrap; width: 10%;"><font>247,562</font></td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">$</td>
<td align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; background-color: #c0c0c0; vertical-align: bottom; text-align: right; white-space: nowrap; width: 10%;"><font>206,427</font></td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>4,400</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>29,400</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">Deferred rent</font></td>
<td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>169,156</font></td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>75,569</font></td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">Other</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>360</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>11,976</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px;">&#160;</td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">$</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>421,478</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">$</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>323,372</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a),20,24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6785169104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Taxes<br></strong></div></th>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(5) </font><font style="text-decoration: underline;"><font size="2" style="font-family: 'Times New Roman';">Income Taxes</font></font></p>
<p align="justify"><font style="font-size: 8pt;">&#160;&#160;&#160;&#160;<font style="font-size: 10pt;"> 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 carry-forwards and deferred items have been fully reserved since it is not more likely than not that the Company will achieve profitable operations.&#160;The difference between the total income taxes at the federal statutory rate for each of the years ended December 31, 2015, 2014 and 2013 and the fact that no income tax benefit was recorded in each of these three years is attributable to the change in the&#160;valuation allowance recorded in each year.</font><br/><font style="font-size: 10pt;">&#160;</font><br/><font style="font-size: 10pt;">The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2015 and 2014 are presented below.</font></font></p>
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<td nowrap="nowrap" align="left" style="padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" colspan="2" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: #000000 1pt solid; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center;"><font size="2" style="font-family: 'Times New Roman';">2014</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">Deferred tax assets:</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td align="left" style="font-family: 'Times New Roman'; width: 80%; text-align: left;"><font size="2" style="font-family: 'Times New Roman';"> Depreciation</font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">$</td>
<td align="right" style="font-family: 'Times New Roman'; font-size: 9pt; width: 10%; text-align: right; white-space: nowrap;"><font>113,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">$</td>
<td align="right" style="font-family: 'Times New Roman'; font-size: 9pt; width: 10%; text-align: right; white-space: nowrap;"><font>113,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';"> Allowance for bad debts</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 211,000 </font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 108,000 </font></td>
<td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160; Net operating loss carry-forwards</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 23,628,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 25,469,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160; Stock option expense</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 1,358,000 </font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 1,439,000 </font></td>
<td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160; Research and other credits</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 1,154,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 1,031,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160; Other temporary differences</font></td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>15,000&#160; </font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>15,000</font></td>
<td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><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 nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 26,479,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 28,175,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160; Less valuation allowance</font></td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>(26,479,000</font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">)</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>(28,175,000</font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; /* background-color: #c0c0c0; */ padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">)</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>-</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>-</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>

</table>
</div>
<br/></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>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 size="2" style="font-family: 'Times New Roman';"><font size="3" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160; </font>At <font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 20px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">December 31, 2015, the Company had a net operating loss carry-forward for federal income tax purposes of approximately</font>&#160;$<font>67,000,000</font>, <font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 20px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">varying amounts of which will expire in each year from 2016 through 2035. Research and other credit carry-forwards of approximately</font>&#160;$<font>1,154,000</font> <font style="color: #000000; font-family: 'Times New Roman'; font-size: small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 20px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">are available to the Company to reduce income taxes payable in future years principally through 2035</font>. The Company's ability to utilize its net operating loss carryforwards and its current year tax credits in future periods are subject to the 382 limitation.&#160;The $<font>1,696,000</font> decrease in the valuation allowance between the period ending December 31, 2015 and 2014 respectively is primarily due to the&#160;<font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">change in the applicable tax rate that is expected to be applied towards taxable income in periods in which the deferred tax asset or liability is expected to be settled or realized.</font> </font></p>
</div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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 style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureTextBlock">
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6612084800">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholders' Equity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<p align="justify"><font style="font-size: 10pt;">(6) <font style="text-decoration: underline;">Shareholders' Equity</font></font></p>
<p align="justify"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; (a) Common Stock and Warrants</font></p>
<p align="justify"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;During 2015 and 2014, the Company received proceeds of $<font>548,475</font>&#160;and $<font>304,788</font>&#160;in connection with the exercise of options and warrants representing <font>119,381</font>&#160;and&#160;<font>64,800</font>&#160;shares of common stock, respectively.<br/>&#160;<br/></font>&#160; &#160;<font style="font-size: 10pt;"> In May 2014, under an existing shelf registration statement, the Company sold <font>750,000</font> shares of common stock to a current institutional shareholder, Kevin Douglas and his related parties. Net proceeds from the offering were $<font>3,278,250</font> which the Company intends to use for working capital and general corporate purposes.</font></p>
<p align="justify"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; (b) <font style="text-decoration: underline;">Options and Warrants</font></font></p>
<p align="justify"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; (i) <font style="text-decoration: underline;">Employee Options</font></font></p>
<p align="justify"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; In 2008, the shareholders approved the Company'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 <font>750,000</font> shares of its common stock for issuance under this plan, and <font>173,942</font>&#160;options and other awards were available for issuance under this plan as of December 31, 2015.<br/></font></p>
<p align="justify"><font style="font-size: 10pt;">&#160; &#160; At the discretion of the Board of Directors, options expire in <font>ten</font> 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 style="font-size: 10pt;">&#160;&#160;&#160;&#160; The <font style="font-family: 'Times New Roman', serif;">Company granted <font>499,700</font> fully vested options during 2013 and recorded</font><font style="font-family: 'Times New Roman', serif;"> share-based compensat<font style="font-family: 'times new roman', times;">ion of $<font>1,431,620</font>.&#160;</font></font><font style="font-family: 'times new roman', times;">The Company granted <font>209,750</font> fully vested options during 2014</font><font style="font-family: 'times new roman', times;">&#160;and recorded share-based compensation of $<font>483,915</font>. The Company granted <font>204,000</font> fully vested options during 2015 and recorded share-based compensation of $<font>483,133</font>.&#160;The Company valued these grants using the Black-Scholes option pricing model with the following weighted average assumptions:</font></font></p>
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<td valign="bottom" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #ffffff;"><font style="font-size: 10pt;"></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"></td>
<td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"><font style="font-size: 10pt;"> 2015</font></td>
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<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">&#160; &#160;&#160;</font></td>
<td align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"><font style="font-size: 10pt;">2014</font></td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"><font style="font-size: 10pt;">2013</font></td>
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<td valign="bottom" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 78%; background-color: #c0c0c0;"><font style="font-size: 10pt;">Fair value on grant date</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; width: 2%; text-align: left; background-color: #c0c0c0;">$</td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"><font>2.37</font></td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"><br/></td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;">&#160;</td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; width: 2%; text-align: left; background-color: #c0c0c0;">$</td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">2.30</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;"><br/></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; text-align: left; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>2.86</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;"></td>
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<td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt;">Expected Dividend yield</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 13.3333px;"><font>-</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"></td>
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<td nowrap="nowrap" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"><font style="font-size: 10pt;">Expected volatility</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 13.3333px;"><font>50</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: left; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">%&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">50</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">%</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>64</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">%</font></td>
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<td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt;">Risk free interest rate</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 13.3333px;"><font>1.80</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: left;">%&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">1.68</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">%</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">%</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"><font style="font-size: 10pt;">Expected term of the option</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 13.3333px;"><font>5</font> years</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>5</font> years</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>5</font> years</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"></td>
</tr>

</table>
</div>
</div>
</div>
</div>
<div class="CursorPointer"><br/></div>
&#160;<br/><font style="font-size: 10pt; background-color: #ffffff;">Activity in stock options is summarized below:</font>
<div>
<div class="CursorPointer">
<table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;">

<tr style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><br/></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"><font style="font-size: 10pt;">Number of Shares</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;">Weighted Average</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;">Weighted Average Remaining</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><br/></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="text-align: center; border-bottom: #000000 1pt solid;"><font style="font-size: 10pt;">Subject to Option</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Exercise Price</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Contractual Term (Years)</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Aggregate Intrinsic Value</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%;"><font style="font-size: 10pt;">Balance at December 31, 2012</font></td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"><font><font style="font-size: 10pt;">1,117,899</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"><font><font style="font-size: 10pt;">9.03</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"><font><font style="font-size: 10pt;">3.7</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"><br/></td>
<td align="right" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"><br/></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;">&#160;</td>
<td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;">&#160;</td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">499,700</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: left; background-color: #ffffff;"><br/></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">5.26</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">(64,500</font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">)&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">12.81</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">(72,500</font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;">)</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;"><font>4.83</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2013</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">1,480,599</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">7.80</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">5.2</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><br/></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><br/></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td colspan="12" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> 209,750 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> 5.19 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> (104,750 </font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 7.83 </font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> (14,800 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> 5.56 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2014</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 1,570,799 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 7.49 </font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">5.2</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><br/></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><br/></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td colspan="12" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> 204,000 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> 5.26 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> (367,793 </font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 7.70 </font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> -</font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"><br/></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> -</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2015</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 1,407,006 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 7.11 </font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;">
<p style="margin: 0px;"><font><font style="font-size: 10pt;">6.2</font></font></p>
</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">232,000</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
<div class="CursorPointer"><br/></div>
<br/>
<p align="justify"><font style="font-size: 10pt;">All options are exercisable at December 31, 2015.</font></p>

<p align="justify"><font style="font-size: 10pt;">During 2015, 2014 and 2013, the Company received $<font>0</font>, $<font>82,288</font>&#160;and $<font>322,475</font>, respectively in proceeds from the exercise of options.</font><br/></p>
<p align="justify"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; (ii) <font style="text-decoration: underline;">Warrants and No<font style="font-size: 10pt;">n-</font></font><font style="text-decoration: underline;">Employee Options</font><font style="text-decoration: underline;"><br/><br/></font>&#160; &#160; &#160;Activity in warrants is summarized below:&#160;</font></p>
<div>
<div class="CursorPointer">
<table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;">

<tr>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"><font style="font-size: 10pt;">Number&#160;of&#160;Shares&#160;Underlying</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"><font style="font-size: 10pt;">Warrants&#160;and&#160;Non-&#160;Employee</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Weighted Average</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; text-align: center;"><font style="font-size: 10pt;">Options Granted</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Exercise Price</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 80%; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2012</font></td>
<td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">1,512,103</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>5.56</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">(107,483</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">4.45</font></font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">(25,000</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">9.00</font></font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2013</font></td>
<td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">1,379,620</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">5.58</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">(50,000</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">4.45</font></font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">-</font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">-</font></font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">24,000</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
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<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2014</font></td>
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<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">5.64</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
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<td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
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<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">(137,174</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">4.73</font></font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
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<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">(426,083</font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;">)</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">6.09</font></font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2015</font></td>
<td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">790,363</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">5.56</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
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<p align="justify"><font style="font-size: 10pt;"> <font style="font-family: 'Times New Roman', serif;">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 <font>24</font> to <font>59</font> months. Non-employee <font>five</font> year options covering <font>24,000</font> shares were granted to consultants during 2014 that vest over a period of&#160;<font>12</font> months. These non-employee options are valued at fair value at the time that the related services are provided using the Black-Scholes option valuation model and marked to market quarterly using the Black-Scholes option valuation model. The Company incurred a charge to operations of $<font>10,007</font>, $<font>32,428</font>, and $<font>369,844</font>, for 2015, 2014, and 2013, respectively in connection with these warrants and non-employee options.</font></font></p>
<p align="justify"><font style="font-size: 10pt;">During 2015, 2014 and 2013, the Company received $<font>548,475</font>, $<font>222,500</font>&#160;and $<font>478,299</font>, respectively in proceeds from the exercise of warrants. </font></p>
<p align="justify"><font style="font-size: 10pt;">Warrants and non-employee options generally expire from <font>five</font> to <font>ten</font> years from the date of issuance. At December 31, 2015, all warrants outstanding were exercisable.<br/>&#160;</font><br/><font style="font-size: 10pt;">(c) <font style="text-decoration: underline;">Restricted Stock Grants</font></font></p>
<p align="justify"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;During 2015 and 2014, the Company did not issue&#160;restricted stock to its directors and employees.</font></p>
<p align="justify"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;During 2013, the Company granted <font>282,900</font> shares of restricted stock to its directors and employees. Directors received <font>91,500</font> of these shares of restricted common stock. All the shares granted to the directors, as well as <font>3,400</font> shares granted to employees vested immediately upon grant. The remaining <font>188,000</font> shares vest ratably over the <font>36</font> months following grant. The market value per share on the date of grant was $<font>3.70</font>.</font></p>
<p align="justify"><font style="font-size: 10pt;">&#160; &#160; &#160;In connection with these grants, as well as prior grants that are not yet fully vested, the Company charged $<font>231,876</font>, $<font>526,574</font>, and $<font>1,131,440</font>, to operations during 2015, 2014, and 2013, respectively. At December 31, 2015 all prior grants have vested. At December 31, 2014 and 2013, <font>62,667</font>, and&#160;<font>611,692</font>, of these grants remain unvested&#160;respectively. In addition, at December 31, 2015, all charges to operations relating to these grants have been recorded.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>License and Other Agreements<br></strong></div></th>
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<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><div><p align="justify"><font size="2" style=" font-family: 'Times New Roman';">(7) </font><font style=" text-decoration: underline;"><font size="2" style=" font-family: 'Times New Roman';">License and Other Agreements</font></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 entered into a number of license agreements covering various products using the Company'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 <font>5</font>-<font>15</font>% 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' 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> </div> </div><span></span>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6780990832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</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 [Abstract]</strong></a></td>
<td class="text">&#160;<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_CommitmentsDisclosureTextBlock', window );">Commitments</a></td>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(8) </font><font style="text-decoration: underline;"><font size="2" style="font-family: 'Times New Roman';">Commitments</font></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 an employment agreement with three of its officers which provides for an annual base salary of $<font>450,000</font>, $<font>402,000</font> and $<font>255,000</font> respectively for calendar year 2016. Each of these employment agreements have an evergreen provision that extend the term by one year on the anniversary date unless either the Company or the employee has given notice that they will not be renewing the agreement upon the expiration of its term.</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 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 2015,&#160;2014, or&#160;2013.</font></p>

<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family: 'Times New Roman';">The Company occupies premises under an operating lease agreement which expires on March 31, 2025. As of December 31, 2015, the approximate minimum annual future rental commitments under lease agreements for the next five years are as follows:</font></p>
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<div style="display: block;" align="center">
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<tr valign="bottom">
<td align="left" style="border-left-style: none; border-left-color: #000000; border-right-style: none; border-right-color: #000000; border-top-style: none; border-top-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 60px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">Year</font></td>
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<td nowrap="nowrap" align="left" style="border-left-style: none; border-left-color: #000000; border-right-style: none; border-right-color: #000000; border-top-style: none; border-top-color: #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"></td>
<td align="right" style="border-left-style: none; border-left-color: #000000; border-right-style: none; border-right-color: #000000; border-top-style: none; border-top-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 40px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">Amount</font></td>
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<td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 60%; background-color: #c0c0c0;"><font style="font-size: 10pt;">2016</font></td>
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<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; width: 40%; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">174,000 </font></font></td>
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<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">2017</font></td>
<td nowrap="nowrap" align="right"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">180,000 </font></font></td>
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<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">2018</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><br/></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">186,000 </font></font></td>
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<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">2019</font></td>
<td nowrap="nowrap" align="right"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">191,000 </font></font></td>
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<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">2020</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">197,000 </font></font></td>
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<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">Thereafter:</font></td>
<td nowrap="nowrap" align="right">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font>905,000 </font></td>
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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>Rent expense, including other occupancy related expenses, amounted to approximately $<font>181,000</font>, $<font>173,000</font>, and $<font>187,000</font>, for 2015, 2014, and 2013, respectively.</font></p>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a)(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6781177712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Rights Plan<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_RightsPlanDisclosureTextBlock', window );">Rights Plan</a></td>
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<p align="justify"><font size="2" style=" font-family: 'Times New Roman';">(<font>9</font>) </font><font style=" text-decoration: underline;"><font size="2" style=" font-family: 'Times New Roman';">Rights Plan</font></font></p>

<p align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style=" font-family: 'Times New Roman';">In February 2013, the Company's Board of Directors adopted a Stockholders' Rights Plan (the &#147;Rights Plan&#148;) and declared a dividend distribution of <font>one</font> 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 (&#147;Record Time&#148;) and authorized the issuance of <font>one</font> Right in respect of each share of Common Stock issued after the Record Time and prior to the Separation Time.</font></p>

<p align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style=" font-family: 'Times New Roman';">&#147;Separation Time&#148; shall mean the earlier of the Close of Business on the tenth Business Day (or such later date as the Board of Directors may from time to time fix by resolution adopted prior to the Separation Time that otherwise would have occurred) following but not including (i) the date on which any Person commences a tender or exchange offer that, if consummated, would result in such Person's becoming an Acquiring Person, and (ii) the date of the first event causing a Flip-in Date to occur; provided that if any tender or exchange offer referred to in clause (i) of this paragraph is cancelled, terminated or otherwise withdrawn prior to the Separation Time without the purchase of any shares of Common Stock pursuant thereto, such offer shall be deemed, for purposes of this paragraph, never to have been made.</font></p>

<p align="justify">&#160;&#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, <font>15</font>% 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 $<font>80</font> worth of common stock for $<font>40</font>. If the Company is merged into, or <font>50</font>% 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 $<font>80</font> worth of common stock of the acquiring company for $<font>40</font>. The Rights will expire at the close of business on February 11, 2023, unless the Rights Plan is extended by the Company's Board of Directors or unless the Rights are earlier redeemed by the Company at a price of $<font><font>.0001</font></font> per Right. The Rights are not exercisable during the time when they are redeemable by the Company.</font></p>

<p align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style=" font-family: 'Times New Roman';">The above description highlights some of the features of the Company'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></p>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6605199536">
<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>
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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_QuarterlyFinancialInformationTextBlock', window );">Selected Quarterly Financial Data (Unaudited)</a></td>
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<p align="justify"><font style="font-size: 10pt;">(10) Selected Quarterly Financial Data (Unaudited)</font></p>
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<td nowrap="nowrap" align="left" valign="bottom"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="center" colspan="15" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px;"><font style="font-size: 10pt;">Quarter</font></td>
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<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="text-decoration: underline;"><font style="font-size: 10pt;">2015</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;First</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;Second</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160; Third</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;Fourth (2)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
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<td valign="bottom" align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%; background-color: #bababa;"><font style="font-size: 10pt;">Fee Income</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"><font><font style="font-size: 10pt;"> 379,398 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"><font><font style="font-size: 10pt;"> 803,494 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"><font><font style="font-size: 10pt;"> 445,846 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"><font><font style="font-size: 10pt;"> 378,744</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">Operating loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> (1,227,427 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> (492,751 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> (766,725 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> (1,836,272</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
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<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">Net loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> (1,216,211 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> (481,287 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> (757,320 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> (1,825,038</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">)</font></td>
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<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">Basic and diluted net loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; per common share (1)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">(0.05</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">(0.02</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">(0.03</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">(0.08</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">)</font></td>
</tr>

</table>
</div>
<font style="font-size: 10pt;"><br/> </font>
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<table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 100%;">

<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="center" colspan="15" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; vertical-align: bottom;"><font style="font-size: 10pt;">Quarter</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="text-decoration: underline;"><font style="font-size: 10pt;">2014</font></font></td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">First</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">Second</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">Third</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">Fourth (2)</font></td>
</tr>
<tr valign="bottom" style="background-color: #bababa;">
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; text-align: left; width: 60%; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">Fee income</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> 308,348 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> 395,619 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> 452,937 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> 441,895 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">Operating loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;"><font> (1,178,626</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;"><font> (1,150,453 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;">)</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;"><font> (649,444 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;">)</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"><font><font style="font-size: 10pt;"> (1,470,360 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr valign="bottom" style="background-color: #bababa;">
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">Net loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;"><font> (1,169,985</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">)&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 0px; background-color: #bababa;"><font style="font-size: 10pt;"><font> (1,141,858 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;">)</td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 0px; background-color: #bababa;"><font style="font-size: 10pt;"><font> (639,806 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;">)</td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font><font style="font-size: 10pt;"> (1,462,073 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">Basic and diluted net loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; per common share (1)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;"><font>(0.05</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;">)</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;"><font>(0.05</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;">)</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;"><font>(0.03</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">)&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"><font><font style="font-size: 10pt;">(0.06</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">)</font></td>
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<p><font style="font-size: 10pt;">____________________ &#160;</font></p>
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<tr>
<td nowrap="nowrap" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 3%; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: right; vertical-align: top; width: 3%;"><font style="font-size: 10pt;">(1)</font></td>
<td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; width: 94%;"><font style="font-size: 10pt;"></font>
<div><font style="font-size: 10pt;">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><font style="font-size: 10pt;">.</font></div>
<font style="font-size: 10pt;">&#160;</font></td>
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<tr>
<td nowrap="nowrap" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 3%; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: right; vertical-align: top; width: 3%;"><font style="font-size: 10pt;">(2)</font></td>
<td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; width: 94%;">
<p style="margin: 0px;"><font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"></font><br/></p>
<div>
<p style="margin: 0px;"><font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">The Company incurred higher costs in the fourth quarter of 2015 and 2014 primarily due to: (i) $<font>483,000</font>&#160;and <font style="font-size: 10pt;">$</font><font><font style="font-size: 10pt;">616,000</font></font>&#160;of stock and option compensation charges in 2015 and 2014, respectively relating to common stock and options granted to directors and employees, and (ii) $<font>324,000</font> of bad debt&#160;</font></p>
<p style="margin: 0px;"><font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">expense in the fourth quarter of 2015.</font></p>
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<p style="margin: 0px;"><font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"></font> <br/></p>
</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS<br></strong></div></th>
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<p align="center"><font size="2" style="font-family: 'Times New Roman';">RESEARCH FRONTIERS INCORPORATED<br/> VALUATION AND QUALIFYING ACCOUNTS<br/> Years ended December 31, 2015, 2014, and 2013</font></p>
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<td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap; background-color: #c0c0c0;">&#160;</td>
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<td nowrap="nowrap" align="left" valign="bottom" style="vertical-align: top; text-align: left; background-color: #c0c0c0;">&#160;</td>
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<td nowrap="nowrap" align="center" valign="bottom" style="vertical-align: top; text-align: left; background-color: #c0c0c0;">&#160;</td>
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<td nowrap="nowrap" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap;">&#160;</td>
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<td nowrap="nowrap" align="center" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td align="center" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-size: 10pt; white-space: nowrap; background-color: #ffffff;">&#160;</td>
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<td valign="bottom" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 60%; background-color: #c0c0c0;"><font size="2" style="font-family: 'Times New Roman';">December 31, 2015</font></td>
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<td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">$</td>
<td colspan="2" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font>-</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">$</td>
<td colspan="2" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font>629,457</font></td>
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<tr style="background-color: #c0c0c0;">
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; padding-right: 5px; background-color: #c0c0c0;">&#160;</td>
<td nowrap="nowrap" colspan="1" align="right" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; padding-right: 5px; background-color: #c0c0c0;">&#160;</td>
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<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">December 31, 2014</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap;">&#160;</td>
<td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>173,921</font></td>
<td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap;">&#160;</td>
<td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>131,250</font></td>
<td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap;">&#160;</td>
<td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>-</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap;">&#160;</td>
<td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>305,171</font></td>
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<tr style="background-color: #ffffff;">
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="right" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-size: 10pt; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: top; text-align: left; font-size: 10pt; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; padding-right: 5px; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" colspan="1" align="right" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; background-color: #ffffff;">&#160;</td>
<td align="left" valign="bottom" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; padding-right: 5px; background-color: #ffffff;">&#160;</td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font size="2" style="font-family: 'Times New Roman';">December 31, 2013</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">$</td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font>92,723</font></td>
<td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">$</td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font>81,198</font></td>
<td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">$</td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font>-</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; padding: 0px 5px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; background-color: #c0c0c0;">&#160;</td>
<td align="left" valign="bottom" style="border: none #000000; padding: 0px 5px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">$</td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font>173,921</font></td>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24092-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 09<br> -Article 12<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6795040672">
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<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>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(a) </font><font size="2" style="font-family: 'Times New Roman';">Cash and Cash Equivalents</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 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, 2015 and 2014.</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>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. FDIC insurance coverage is $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, 2015 and 2014 is approximately $<font>5.0</font>&#160;million and $<font>6.8</font>&#160;million, respectively.</font></p>

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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(b) </font><font size="2" style="font-family: 'Times New Roman';">Short-term/Long-term Investments</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 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, 2015 and 2014 all investments were classified as held to maturity and consisted of the following:</font></p>
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<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center;"><font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;">December 31, 2014</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center;"><font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;">Value of Held to Maturity</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"><font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;">Date</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td colspan="2" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"><font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;">Investments (based on cost)</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"><font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;">Investments (based on cost)</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;$</font></td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; margin: 0pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 25%; background-color: #bfbfbf;"><font>1,501,554 </font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="center" valign="bottom" style="font-family: 'times new roman'; border: none #000000; vertical-align: bottom; white-space: nowrap; text-align: center; width: 25%; background-color: #bfbfbf;"><font style="font-size: 10pt;">8/27/2015</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-family: 'Times New Roman'; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;">$</td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; margin: 0px; vertical-align: bottom; text-align: right; width: 25%; background-color: #bfbfbf;"><font>&#151;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;">$</td>
<td align="right" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 25%; background-color: #bfbfbf;"><font style="font-size: 10pt;"><font>1,501,554</font><font></font></font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;">&#160;</td>
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<tr valign="bottom">
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; margin: 0pt; vertical-align: bottom;"><font style="font-size: 10pt;"><font>1,503,525</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">8/27/2016</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td valign="bottom" style="font-size: 10pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">$</td>
<td align="right" valign="bottom" style="font-size: 10pt; margin: 0px; vertical-align: bottom; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font>1,513,784</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">$</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; margin: 0pt; vertical-align: bottom; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font>1,503,525</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
</tr>
<tr valign="bottom" style="background-color: #bfbfbf;">
<td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td valign="bottom" style="font-size: 10pt; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;">$</td>
<td align="right" valign="bottom" style="font-size: 10pt; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; margin: 0px; vertical-align: bottom; background-color: #bfbfbf;"><font>1,513,784</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" valign="bottom" style="border-color: #000000; border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;">$</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; font-size: 9pt; white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #bfbfbf;"><font>3,005,079</font></td>
<td align="right" valign="bottom" style="font-family: 'times new roman'; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;">&#160;</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_ReceivablesPolicyTextBlock', window );">Royalties Receivable</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(c) </font><font size="2" style="font-family: 'Times New Roman';">Royalties Receivable</font></p>
<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family: 'Times New Roman';">Royalties receivable from licensees 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's best estimate of the amount of probable credit losses in the Company'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.&#160;As of December 31, 2015, four companies accounted for <font>21</font>%, <font>15</font>%, <font>12</font>% and <font>11</font>%, respectively, of the Company's outstanding receivables. As of December 31, 2014, four companies accounted for <font>19</font>%, <font>17</font>%, <font>10</font>% and <font>10</font>%, respectively, of the Company's outstanding receivables.</font></p>
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</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_PropertyPlantAndEquipmentPolicyTextBlock', window );">Fixed Assets</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(d) </font><font size="2" style="font-family: 'Times New Roman';">Fixed Assets</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 are carried at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets.</font></p>
</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_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition/Fee Income</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(e) </font><font size="2" style="font-family: 'Times New Roman';">Revenue Recognition/Fee Income</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 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 are typically recognized into income by year end.&#160;As of December 31, 2015 and December 31, 2014, there was no material impact on revenue as a result of recognizing deferred revenue in the consolidated statement of operations.</font></p>

<p align="justify">&#160;&#160;&#160;&#160; <font size="2" style="font-family: 'Times New Roman';">Fee income represents amounts earned by the Company under various license and other agreements (note 8) relating to technology developed by the Company. During 2015, three licensees accounted for <font>33</font>%, <font>15</font>%, and <font>9</font>%, respectively, of fee income recognized for the year. In addition, during the year ended December 31, 2015, approximately <font>14</font>% of revenues related to fees generated by a large architectural glass project. During 2014, five licensees accounted for <font>36</font>%, <font>11</font>%, <font>9</font>%, <font>9</font>%, and <font>5</font>%, respectively of fee income recognized during the year. During 2013 six licensees accounted for <font>40</font>%, <font>12</font>%, <font>6</font>% and <font>6</font>%, <font>5</font>%, and <font>5</font>% respectively of fee income recognized for the year.</font></p>
</div><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 );">Basic and Diluted Loss Per Common Share</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(f) </font><font size="2" style="font-family: 'Times New Roman';">Basic and Diluted Loss Per Common Share</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>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's dilutive loss per share equals basic loss per share for each of the years in the three-year period ended December 31, 2015 because all common stock equivalents (</font><em><font size="2" style="font-family: 'Times New Roman';">i.e.,</font></em><font size="2" style="font-family: 'Times New Roman';"> options and warrants) were antidilutive in those periods. The number of options and warrants that were not included because their effect is antidilutive was <font>2,197,369</font>, <font>2,924,419</font>, and <font>2,860,219</font>, for 2015, 2014, and 2013, respectively.</font></p>
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</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_ResearchAndDevelopmentExpensePolicy', window );">Research and Development Costs</a></td>
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<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(g) </font><font size="2" style="font-family: 'Times New Roman';">Research and Development Costs</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>Research and development costs are charged to expense as incurred.</font></p>
</div><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_LegalCostsPolicyTextBlock', window );">Patent Costs</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(h) </font><font size="2" style="font-family: 'Times New Roman';">Patent Costs</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 expenses costs relating to the development or acquisition of patents due to the uncertainty of the recoverability of these items.</font></p>
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</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_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(i) </font><font size="2" style="font-family: 'Times New Roman';">Use of Estimates</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 preparation of the Company'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>
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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_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(j) </font><font size="2" style="font-family: 'Times New Roman';">Income Taxes</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>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 carry-forwards. 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">&#160;&#160;&#160;&#160; <font size="2" style="font-family: 'Times New Roman';">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, 2015 and 2014, 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, 2015 and 2014.</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 years subject to examination by major tax jurisdictions include the years 2011 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>
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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_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Equity-Based Compensation</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(k) </font><font size="2" style="font-family: 'Times New Roman';">Equity-Based Compensation</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'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 $<font>715,009</font>, $<font>1,010,489</font>, and $<font>2,545,060</font>&#160;to operations during the years ended December 31, 2015, 2014, and 2013, respectively.&#160;In lieu of higher cash compensation, the Company has granted warrants and non-employee options to consultants. These warrants and non-employee options vested&#160;ratably over various terms ranging from 24 to 59 months. As of December 31, 2015 these awards were fully vested. Non-employee options covering <font>24,000</font> shares were granted to consultants during 2014.&#160;These n<font style="font-size: 10pt;">on-</font></font><font style="font-size: 10pt;">employee options are valued at fair value at the time that the related services are provided using the Black&#160;Scholes&#160;method and marked to market quarterly using the Black Scholes&#160;method. The Company incurred a charge to operations of $<font>10,007</font>, $<font>32,428</font>, and $<font>369,844</font>, for 2015, 2014, and 2013, respectively in connection with these warrants and non-employee options.<br/>&#160;</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ShareBasedCompensationRestrictedStockPolicyPolicyTextBlock', window );">Restricted Stock</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(l) Restricted Stock</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>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>
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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 of Long-Lived Assets</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(m) </font><font size="2" style="font-family: 'Times New Roman';">Impairment of Long-Lived Assets</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 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.</font></p>
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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_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurements</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font size="2" style="font-family: 'Times New Roman';">(n) </font><font size="2" style="font-family: 'Times New Roman';">Fair Value Measurements</font></p>
<p style="text-indent: 15pt; margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;">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 size="2" style="font-family: 'Times New Roman';"><font size="3" style="font-family: 'Times New Roman';">&#160; &#160;&#160;</font></font><font style="font-size: small;">Accounting Standards Codification (&#147;</font>ASC<font style="font-size: small;">&#148;) Topic 820 &#147;Fair Value Measurements and Disclosures&#148; (&#147;</font>ASC<font style="font-size: small;"> Topic 820&#148;) establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. </font>ASC<font style="font-size: small;"> Topic 820 applies other previously issued accounting pronouncements that require or permit fair value measurements but does not require any new fair val<font style="font-size: 10pt;">ue&#160;</font></font><font style="font-size: 10pt;">measurements.</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>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'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, 2015 and 2014, include cash and cash equivalents of approximately $<font>5.7</font>&#160;million and $<font>7.6</font>&#160;million, respectively, as well as short term investments of $<font>1.5</font>&#160;million and $<font>1.5</font>&#160;million in 2015 and 2014, respectively. The carrying value of these assets approximates fair value due to the short-term maturity of these instruments</font>.</p>
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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_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent Accounting Pronouncements</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p align="justify"><font style="font-size: 10pt;">(o) Recent Accounting Pronouncements</font></p>
<p align="justify"><font style="font-size: 10pt;"><em>New Ac<font style="font-size: 10pt;">counting Standards</font></em></font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">&#160; &#160; &#160;In May 2014, the FASB and the International Accounting Standards Board (IASB) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (IFRS). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In July 2015, the FASB approved a deferral of the ASU effective date from annual and interim periods beginning after December 15, 2016 to annual and interim periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this guidance on its financial position and results of operations.</font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">&#160; &#160; &#160;In November 2015, the FASB issued Accounting Standard Update (ASU) No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The amendments under the new guidance require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance.</font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">&#160; &#160; &#160;In January 2016, the FASB issued ASU 2016-01, "Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. </font></p>
<p align="justify" style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">&#160; &#160; &#160;In January 2016, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards Updated (&#147;ASU&#148;) No. 2016-02, Leases. ASU 2016-02 requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption of the new guidance is permitted. We are currently evaluating the impact of ASU 2016-02 on our consolidated financial statements.</font></p>
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<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></div>
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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 fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are 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>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 style="white-space:nowrap;">us-gaap_FairValueMeasurementPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=51717228&amp;loc=d3e202-110218<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 5<br> -Section CC<br> -Subsection 3<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 style="white-space:nowrap;">us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></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_IncomeTaxPolicyTextBlock">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6423966&amp;loc=d3e40913-109327<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32247-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32280-109318<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 style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LegalCostsPolicyTextBlock">
<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 legal costs incurred to protect or defend the entity's assets and rights, or to obtain assets, including monetary damages, or to obtain 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18726-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section S99<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27011672&amp;loc=d3e149975-122751<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 style="white-space:nowrap;">us-gaap_LegalCostsPolicyTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></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_MarketableSecuritiesPolicy">
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section S50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6381980&amp;loc=d3e87707-122711<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 320<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6957658&amp;loc=d3e62652-112803<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 5<br> -Section M<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 2, 12<br> -Article 5<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 style="white-space:nowrap;">us-gaap_MarketableSecuritiesPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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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_NewAccountingPronouncementsPolicyPolicyTextBlock">
<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 pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</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 style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock">
<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 long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></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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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesPolicyTextBlock">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6378556&amp;loc=d3e10133-111534<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e4975-111524<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 3-5<br> -Article 5<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 style="white-space:nowrap;">us-gaap_ReceivablesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpensePolicy">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Research and Development<br> -URI http://asc.fasb.org/extlink&amp;oid=6523717<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 style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpensePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionPolicyTextBlock">
<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 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>
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<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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Tables)<br></strong></div></th>
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<td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" colspan="2" valign="bottom" style="border: none #000000; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; text-align: center; border-bottom: #000000 1pt solid;"><font size="2" style="font-family: 'Times New Roman'; margin: 0pt; text-align: center;">Investments (based on cost)</font></td>
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<td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
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<td align="right" valign="bottom" style="border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
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<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;">&#160;</td>
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<td align="right" valign="bottom" style="font-family: 'Times New Roman'; margin: 0pt; padding-right: 8px; vertical-align: bottom;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; margin: 0pt; padding-right: 8px; vertical-align: bottom;"><font style="font-size: 10pt;">$</font></td>
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<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border: none #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">$</td>
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<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom;">&#160;</td>
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<td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-size: 10pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td valign="bottom" style="font-size: 10pt; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;">$</td>
<td align="right" valign="bottom" style="font-size: 10pt; border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; margin: 0px; vertical-align: bottom; background-color: #bfbfbf;"><font>1,513,784</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
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<td align="right" valign="bottom" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="font-family: 'times new roman'; border-left-style: none; border-right-style: none; border-color: #000000; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" valign="bottom" style="border-color: #000000; border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 8px; margin: 0px; vertical-align: bottom; text-align: left; background-color: #bfbfbf;">$</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; font-size: 9pt; white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #bfbfbf;"><font>3,005,079</font></td>
<td align="right" valign="bottom" style="font-family: 'times new roman'; font-size: 10pt; white-space: nowrap; vertical-align: bottom; background-color: #bfbfbf;">&#160;</td>
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<td style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left;">&#160;</td>
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<td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
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<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10%; text-align: right; background-color: #bfbfbf;"><font> 1,375,911 </font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;">$</td>
<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10%; text-align: right; background-color: #bfbfbf;"><font> 1,362,308 </font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td align="right" style="font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; white-space: nowrap; width: 10%; text-align: center; background-color: #bfbfbf;"><font>5</font> years</td>
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<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"></td>
<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"><font>775,654</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
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<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; width: 10px; text-align: right;"><font>502,789</font>&#160;</td>
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<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"></td>
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<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
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<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
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<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
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<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="text-align: center; font-family: 'Times New Roman'; border: none #000000; padding: 0px; font-size: 9pt; background-color: #bfbfbf;">life of asset if shorter</td>
<td align="left" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px 5px; white-space: nowrap; background-color: #bfbfbf;">&#160;</td>
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<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
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<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"><font> 2,417,282 </font></td>
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<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
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<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #bfbfbf;"><font size="2" style="font-family: 'Times New Roman';">Less accumulated depreciation</font></td>
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<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
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<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"><font> (1,897,251 </font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;">)</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #bfbfbf;"><font> (1,757,081 </font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #bfbfbf;">)</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
<td align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #bfbfbf;">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 836,216 </font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: 'Times New Roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>660,201 </font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">
<p style="margin: 0px;">&#160;</p>
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<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">Professional services</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>4,400</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>29,400</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">Deferred rent</font></td>
<td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>169,156</font></td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>75,569</font></td>
<td align="left" valign="bottom" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">Other</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>360</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>11,976</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px;">&#160;</td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">$</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>421,478</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
<td align="left" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">$</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap;"><font>323,372</font></td>
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;">&#160;</td>
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<td nowrap="nowrap" align="left" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
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<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; font-family: 'Times New Roman';">&#160;</td>
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<td align="left" style="font-family: 'Times New Roman'; width: 80%; text-align: left;"><font size="2" style="font-family: 'Times New Roman';"> Depreciation</font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">$</td>
<td align="right" style="font-family: 'Times New Roman'; font-size: 9pt; width: 10%; text-align: right; white-space: nowrap;"><font>113,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">$</td>
<td align="right" style="font-family: 'Times New Roman'; font-size: 9pt; width: 10%; text-align: right; white-space: nowrap;"><font>113,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
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<tr valign="bottom">
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';"> Allowance for bad debts</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 211,000 </font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 108,000 </font></td>
<td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
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<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160; Net operating loss carry-forwards</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 23,628,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 25,469,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
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<tr valign="bottom">
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160; Stock option expense</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 1,358,000 </font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 1,439,000 </font></td>
<td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160; Research and other credits</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 1,154,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 1,031,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160; Other temporary differences</font></td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>15,000&#160; </font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>15,000</font></td>
<td nowrap="nowrap" align="left" style="/* background-color: #c0c0c0; */ padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><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 nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 26,479,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font> 28,175,000 </font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160; Less valuation allowance</font></td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>(26,479,000</font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">)</td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: 'Times New Roman'; background-color: #c0c0c0; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>(28,175,000</font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; /* background-color: #c0c0c0; */ padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">)</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>-</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 2.80pt double; font-family: 'Times New Roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font>-</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholders' Equity (Tables)<br></strong></div></th>
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<td valign="bottom" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #ffffff;"><font style="font-size: 10pt;"></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"></td>
<td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"><font style="font-size: 10pt;"> 2015</font></td>
<td align="right" valign="bottom" style="padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;&#160;</font></td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">&#160; &#160;&#160;</font></td>
<td align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"><font style="font-size: 10pt;">2014</font></td>
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<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;"><font style="font-size: 10pt;">2013</font></td>
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<td valign="bottom" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 78%; background-color: #c0c0c0;"><font style="font-size: 10pt;">Fair value on grant date</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; width: 2%; text-align: left; background-color: #c0c0c0;">$</td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"><font>2.37</font></td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"><br/></td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;">&#160;</td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; width: 2%; text-align: left; background-color: #c0c0c0;">$</td>
<td align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; width: 2%; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">2.30</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;"><br/></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; text-align: left; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 2%; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>2.86</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 2%; background-color: #c0c0c0;"></td>
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<td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt;">Expected Dividend yield</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 13.3333px;"><font>-</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"><font style="font-size: 10pt;">Expected volatility</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 13.3333px;"><font>50</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: left; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">%&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">50</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">%</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>64</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">%</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" valign="bottom" style="font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt;">Risk free interest rate</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 13.3333px;"><font>1.80</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: left;">%&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">1.68</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">%</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-size: 10pt;">1.62</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">%</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"><font style="font-size: 10pt;">Expected term of the option</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 13.3333px;"><font>5</font> years</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>&#160;</font></font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>5</font> years</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>5</font> years</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"></td>
</tr>

</table>
</div>
</div>
</div><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_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock', window );">Schedule of Option Activity</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
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<tr style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><br/></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"><font style="font-size: 10pt;">Number of Shares</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;">Weighted Average</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;">Weighted Average Remaining</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><br/></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
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<tr style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="text-align: center; border-bottom: #000000 1pt solid;"><font style="font-size: 10pt;">Subject to Option</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Exercise Price</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Contractual Term (Years)</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Aggregate Intrinsic Value</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%;"><font style="font-size: 10pt;">Balance at December 31, 2012</font></td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"><font><font style="font-size: 10pt;">1,117,899</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"><font><font style="font-size: 10pt;">9.03</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"><font><font style="font-size: 10pt;">3.7</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"><br/></td>
<td align="right" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap;"><br/></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: silver;">
<td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px;">&#160;</td>
<td align="right" style="font-family: serif; border-left-style: none; border-right-style: none; border-top-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10px; white-space: nowrap;">&#160;</td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">499,700</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: left; background-color: #ffffff;"><br/></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">5.26</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">(64,500</font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">)&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">12.81</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">(72,500</font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;">)</td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font style="font-size: 10pt;"><font>4.83</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2013</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">1,480,599</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">7.80</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">5.2</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><br/></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><br/></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td colspan="12" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> 209,750 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> 5.19 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> (104,750 </font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: left; background-color: #c0c0c0;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 7.83 </font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> (14,800 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> 5.56 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2014</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 1,570,799 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 7.49 </font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">5.2</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><br/></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><br/></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td colspan="12" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Granted</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> 204,000 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> 5.26 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Cancelled</font></td>
<td nowrap="nowrap" align="left" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> (367,793 </font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 7.70 </font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="left" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> -</font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"><br/></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;"> -</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2015</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 1,407,006 </font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;"> 7.11 </font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;">
<p style="margin: 0px;"><font><font style="font-size: 10pt;">6.2</font></font></p>
</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">232,000</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>

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<div class="CursorPointer">
<table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%;">

<tr>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"><font style="font-size: 10pt;">Number&#160;of&#160;Shares&#160;Underlying</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; padding: 0px; font-size: 9pt;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="text-align: center;"><font style="font-size: 10pt;">Warrants&#160;and&#160;Non-&#160;Employee</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="font-family: serif; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Weighted Average</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; text-align: center;"><font style="font-size: 10pt;">Options Granted</font></td>
<td nowrap="nowrap" align="left" style="padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" colspan="2" align="left" style="border-bottom: #000000 1pt solid; font-family: serif; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; font-size: 9pt; padding-right: 10px; white-space: nowrap; text-align: center;"><font style="font-size: 10pt;">Exercise Price</font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td align="left" style="font-family: 'Times New Roman'; text-align: left; width: 80%; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2012</font></td>
<td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">1,512,103</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; width: 10%; background-color: #c0c0c0;"><font style="font-size: 10pt;"><font>5.56</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">(107,483</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px 0px 0px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">4.45</font></font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">(25,000</font></font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">9.00</font></font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2013</font></td>
<td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">1,379,620</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">5.58</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">(50,000</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">4.45</font></font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">-</font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;"><br/></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-size: 9pt; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">-</font></font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">24,000</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">6.58</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2014</font></td>
<td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">1,353,620</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">5.64</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="background-color: #c0c0c0;">
<td colspan="7" align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td align="left" style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Exercised</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">(137,174</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 10px 0px 0px; font-family: serif; font-size: 9pt; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">4.73</font></font></td>
<td align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Terminated</font></td>
<td nowrap="nowrap" align="right" style="background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">(426,083</font></font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; background-color: #c0c0c0;">)</td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: serif; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">6.09</font></font></td>
<td align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; Issued</font></td>
<td nowrap="nowrap" align="right" style="border-style: none none solid; border-bottom-width: 1pt; border-color: #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; border-color: #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">Balance at December 31, 2015</font></td>
<td nowrap="nowrap" align="right" style="border-bottom-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 2.8pt; border-style: none none double; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">790,363</font></font></td>
<td nowrap="nowrap" align="left" style="padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px 10px 0px 0px; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="left" style="border-bottom-width: 1pt; border-style: none none solid; font-family: serif; border-color: #000000; padding: 0px; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">5.56</font></font></td>
<td align="left" style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock">
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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><strong> Data Type:</strong></td>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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>
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<tr>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6602683840">
<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, 2015</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 [Abstract]</strong></a></td>
<td class="text">&#160;<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 Minimum Annual Future Rental Commitments</a></td>
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<div style="display: block;" align="center">
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<tr valign="bottom">
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<td nowrap="nowrap" align="left" style="border-left-style: none; border-left-color: #000000; border-right-style: none; border-right-color: #000000; border-top-style: none; border-top-color: #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"></td>
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<tr valign="bottom" style="background-color: #c0c0c0;">
<td align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: left; width: 60%; background-color: #c0c0c0;"><font style="font-size: 10pt;">2016</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; width: 40%; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">174,000 </font></font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">2017</font></td>
<td nowrap="nowrap" align="right"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">180,000 </font></font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">2018</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><br/></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">186,000 </font></font></td>
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<tr valign="bottom">
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">2019</font></td>
<td nowrap="nowrap" align="right"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font><font style="font-size: 10pt;">191,000 </font></font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">2020</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; background-color: #c0c0c0;"><font style="font-size: 10pt;">$</font></td>
<td nowrap="nowrap" align="right" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; background-color: #c0c0c0;"><font><font style="font-size: 10pt;">197,000 </font></font></td>
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<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman';"><font size="2" style="font-family: 'Times New Roman';">Thereafter:</font></td>
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<td nowrap="nowrap" align="left" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap;">$</td>
<td nowrap="nowrap" align="right" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap;"><font>905,000 </font></td>
</tr>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6604529440">
<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>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;Second</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; text-align: center; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;Fourth (2)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top-style: none; border-right-style: none; border-left-style: none; border-top-color: #000000; border-right-color: #000000; border-left-color: #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt;">&#160;</font></td>
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<tr valign="bottom" style="background-color: #bababa;">
<td valign="bottom" align="left" style="font-family: 'Times New Roman'; text-align: left; width: 60%; background-color: #bababa;"><font style="font-size: 10pt;">Fee Income</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"><font><font style="font-size: 10pt;"> 379,398 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"><font><font style="font-size: 10pt;"> 803,494 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"><font><font style="font-size: 10pt;"> 445,846 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; vertical-align: bottom; white-space: nowrap; text-align: right; width: 10%; background-color: #bababa;"><font><font style="font-size: 10pt;"> 378,744</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">Operating loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> (1,227,427 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> (492,751 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> (766,725 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> (1,836,272</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr valign="bottom" style="background-color: #bababa;">
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">Net loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> (1,216,211 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> (481,287 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> (757,320 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> (1,825,038</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; padding-right: 10px; white-space: nowrap; background-color: #bababa;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman';"><font style="font-size: 10pt;">Basic and diluted net loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom" style="background-color: #bababa;">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; per common share (1)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">(0.05</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">(0.02</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">(0.03</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">(0.08</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt;">)</font></td>
</tr>

</table>
</div>
<font style="font-size: 10pt;"><br/> </font>
<div class="CursorPointer">
<table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 100%;">

<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="center" colspan="15" valign="bottom" style="border-bottom: #000000 1pt solid; font-family: 'times new roman'; border-left: none; border-right: none; border-top: none; border-color: #000000; padding: 0px; vertical-align: bottom;"><font style="font-size: 10pt;">Quarter</font></td>
</tr>
<tr valign="bottom" style="background-color: #c0c0c0;">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="text-decoration: underline;"><font style="font-size: 10pt;">2014</font></font></td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">First</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">Second</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">Third</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="text-align: center; font-family: 'times new roman'; border: none #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="center" colspan="3" valign="bottom" style="border-bottom-width: 1pt; border-style: none none solid; font-family: 'times new roman'; border-color: #000000; padding: 0px; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">Fourth (2)</font></td>
</tr>
<tr valign="bottom" style="background-color: #bababa;">
<td align="left" valign="bottom" style="font-family: 'Times New Roman'; text-align: left; width: 60%; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">Fee income</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> 308,348 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> 395,619 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td colspan="2" align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> 452,937 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: left; padding-right: 10px; white-space: nowrap; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">$</font></td>
<td align="right" valign="bottom" style="font-family: 'Times New Roman'; font-size: 9pt; text-align: right; width: 10%; vertical-align: bottom; white-space: nowrap; background-color: #bababa;"><font><font style="font-size: 10pt;"> 441,895 </font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #bababa;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">Operating loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom;"><font style="font-size: 10pt;"><font> (1,178,626</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">Basic and diluted net loss</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
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<tr valign="bottom" style="background-color: #ffffff;">
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; per common share (1)</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;">)</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;"><font>(0.05</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;">)</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" colspan="2" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;"><font>(0.03</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">)&#160;</font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"><font><font style="font-size: 10pt;">(0.06</font></font></td>
<td nowrap="nowrap" align="left" valign="bottom" style="border: none #000000; padding: 0px 10px 0px 0px; font-family: 'Times New Roman'; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom; background-color: #ffffff;"><font style="font-size: 10pt;">)</font></td>
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<p><font style="font-size: 10pt;">____________________ &#160;</font></p>
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<td nowrap="nowrap" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 3%; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: right; vertical-align: top; width: 3%;"><font style="font-size: 10pt;">(1)</font></td>
<td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; vertical-align: bottom; width: 94%;"><font style="font-size: 10pt;"></font>
<div><font style="font-size: 10pt;">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><font style="font-size: 10pt;">.</font></div>
<font style="font-size: 10pt;">&#160;</font></td>
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<tr>
<td nowrap="nowrap" style="border: none #000000; padding: 0px; font-family: 'Times New Roman'; width: 3%; vertical-align: bottom;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="border-left: none; border-right: none; border-top: none; border-bottom: none; border-color: #000000; white-space: nowrap; padding-right: 5px; font-family: 'Times New Roman'; text-align: right; vertical-align: top; width: 3%;"><font style="font-size: 10pt;">(2)</font></td>
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<p style="margin: 0px;"><font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">The Company incurred higher costs in the fourth quarter of 2015 and 2014 primarily due to: (i) $<font>483,000</font>&#160;and <font style="font-size: 10pt;">$</font><font><font style="font-size: 10pt;">616,000</font></font>&#160;of stock and option compensation charges in 2015 and 2014, respectively relating to common stock and options granted to directors and employees, and (ii) $<font>324,000</font> of bad debt&#160;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Short-term Investments) (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<th class="th"><div>Dec. 31, 2015</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_ScheduleOfHeldToMaturitySecuritiesLineItems', window );"><strong>Schedule of Held-to-maturity Securities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_HeldToMaturitySecuritiesCurrent', window );">Value of Current Held to Maturity Investments (based on cost)</a></td>
<td class="nump">$ 1,513,784<span></span>
</td>
<td class="nump">$ 1,503,525<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentMaturityDate1">
<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 maturity date of the investment.</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> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 12<br> -Section 12<br> -Sentence Column A<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 style="white-space:nowrap;">invest_InvestmentMaturityDate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</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_us-gaap_HeldToMaturitySecuritiesCurrent">
<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 other than temporary impairment (OTTI) accretion, of investments in debt securities classified as held-to-maturity, expected to be converted to cash, sold or exchanged within one year or the normal operating 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26626-111562<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 25<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51813488&amp;loc=d3e22054-111558<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 style="white-space:nowrap;">us-gaap_HeldToMaturitySecuritiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ScheduleOfHeldToMaturitySecuritiesLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_ScheduleOfHeldToMaturitySecuritiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_invest_InvestmentAxis=refr_CertificateOfDepositsOneMember">
<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 style="white-space:nowrap;">invest_InvestmentAxis=refr_CertificateOfDepositsOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentAxis=refr_CertificateOfDepositsTwoMember">
<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 style="white-space:nowrap;">invest_InvestmentAxis=refr_CertificateOfDepositsTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6795778976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAbstract', window );"><strong>Cash and Cash Equivalents</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashUninsuredAmount', window );">Amounts on deposit in excess of federally insured limits</a></td>
<td class="nump">$ 5,000,000<span></span>
</td>
<td class="nump">$ 6,800,000<span></span>
</td>
<td class="nump">$ 5,000,000<span></span>
</td>
<td class="nump">$ 6,800,000<span></span>
</td>
<td class="text">&#160;<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_EarningsPerShareAbstract', window );"><strong>Basic and Diluted Loss Per Common Share</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Number of options and warrants that were not included because their effect is antidilutive</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,197,369<span></span>
</td>
<td class="nump">2,924,419<span></span>
</td>
<td class="nump">2,860,219<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_FairValueDisclosuresAbstract', window );"><strong>Fair Value Measurements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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</a></td>
<td class="nump">5,700,000<span></span>
</td>
<td class="nump">7,600,000<span></span>
</td>
<td class="nump">$ 5,700,000<span></span>
</td>
<td class="nump">$ 7,600,000<span></span>
</td>
<td class="text">&#160;<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_HeldToMaturitySecuritiesFairValue', window );">Short term investments</a></td>
<td class="nump">1,500,000<span></span>
</td>
<td class="nump">1,500,000<span></span>
</td>
<td class="nump">1,500,000<span></span>
</td>
<td class="nump">$ 1,500,000<span></span>
</td>
<td class="text">&#160;<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_AllocatedShareBasedCompensationExpense', window );">Charge recorded for employee options and restricted stock</a></td>
<td class="nump">$ 483,000<span></span>
</td>
<td class="nump">$ 616,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued', window );">Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,000<span></span>
</td>
<td class="text">&#160;<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_IssuanceOfStockAndWarrantsForServicesOrClaims', window );">Charge recorded for non-employees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,007<span></span>
</td>
<td class="nump">$ 32,428<span></span>
</td>
<td class="nump">$ 369,844<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=refr_EmployeeStockOptionsAndRestrictedStockMember', window );">Employee Stock Options and Restricted Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_FairValueDisclosuresAbstract', window );"><strong>Fair Value Measurements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AllocatedShareBasedCompensationExpense', window );">Charge recorded for employee options and restricted stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 715,009<span></span>
</td>
<td class="nump">$ 1,010,489<span></span>
</td>
<td class="nump">$ 2,545,060<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_LicenseeOneMember', window );">Licensee One [Member] | Sales [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33.00%<span></span>
</td>
<td class="nump">36.00%<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_LicenseeTwoMember', window );">Licensee Two [Member] | Sales [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">11.00%<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_LicenseeThreeMember', window );">Licensee Three [Member] | Sales [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
<td class="nump">6.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_LicenseeFourMember', window );">Licensee Four [Member] | Sales [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
<td class="nump">6.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_LicenseeFiveMember', window );">Licensee Five [Member] | Sales [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_LicenseeSixMember', window );">Licensee Six [Member] | Sales [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_LargeArchitecturalGlassProjectMember', window );">Large Architectural Glass Project [Member] | Sales [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_CompanyOneMember', window );">Company One [Member] | Accounts Receivable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
<td class="nump">19.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_CompanyTwoMember', window );">Company Two [Member] | Accounts Receivable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">17.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_CompanyThreeMember', window );">Company Three [Member] | Accounts Receivable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=refr_CompanyFourMember', window );">Company Four [Member] | Accounts Receivable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProductInformationLineItems', window );"><strong>Revenue Recognition/Fee Income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<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_AllocatedShareBasedCompensationExpense">
<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>Represents the expense 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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br> -Section F<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 style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Antidilution<br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Diluted Earnings Per Share<br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Contingent Stock Agreement<br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<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 style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CashAndCashEquivalentsAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Fair value portion 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.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CashUninsuredAmount">
<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 as of the balance sheet date that is not 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 style="white-space:nowrap;">us-gaap_CashUninsuredAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ConcentrationRiskPercentage1">
<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>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<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 style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_EarningsPerShareAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_FairValueDisclosuresAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_FairValueDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_HeldToMaturitySecuritiesFairValue">
<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 value of investments in debt securities classified 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (aa)<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<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 style="white-space:nowrap;">us-gaap_HeldToMaturitySecuritiesFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IssuanceOfStockAndWarrantsForServicesOrClaims">
<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 value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ProductInformationLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_ProductInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued">
<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 or units of entity securities issued in the transaction in which equity securities were issued to pay for goods or nonemployee services.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 50<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51659978&amp;loc=d3e25284-112666<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AwardTypeAxis=refr_EmployeeStockOptionsAndRestrictedStockMember">
<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 style="white-space:nowrap;">us-gaap_AwardTypeAxis=refr_EmployeeStockOptionsAndRestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_LicenseeOneMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_LicenseeOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesMember">
<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 style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_LicenseeTwoMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_LicenseeTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_LicenseeThreeMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_LicenseeThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_LicenseeFourMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_LicenseeFourMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_LicenseeFiveMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_LicenseeFiveMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_LicenseeSixMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_LicenseeSixMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_LargeArchitecturalGlassProjectMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_LargeArchitecturalGlassProjectMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_CompanyOneMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_CompanyOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<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>
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<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 style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=refr_CompanyTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_CompanyTwoMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<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_ProductOrServiceAxis=refr_CompanyThreeMember">
<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_CompanyThreeMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</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>
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<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 style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=refr_CompanyFourMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6783305184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fixed Assets (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Fixed assets</a></td>
<td class="nump">$ 2,733,467<span></span>
</td>
<td class="nump">$ 2,417,282<span></span>
</td>
<td class="text">&#160;<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less accumulated depreciation and amortization</a></td>
<td class="num">(1,897,251)<span></span>
</td>
<td class="num">(1,757,081)<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentNet', window );">Fixed assets, net</a></td>
<td class="nump">836,216<span></span>
</td>
<td class="nump">660,201<span></span>
</td>
<td class="text">&#160;<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_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">140,170<span></span>
</td>
<td class="nump">31,824<span></span>
</td>
<td class="nump">$ 45,212<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember', window );">Equipment and Furniture [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentGross', window );">Fixed assets</a></td>
<td class="nump">$ 1,375,911<span></span>
</td>
<td class="nump">1,362,308<span></span>
</td>
<td class="text">&#160;<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">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OtherCapitalizedPropertyPlantAndEquipmentMember', window );">Trade Show Materials [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentGross', window );">Fixed assets</a></td>
<td class="nump">$ 775,654<span></span>
</td>
<td class="nump">502,789<span></span>
</td>
<td class="text">&#160;<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">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold Improvements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentGross', window );">Fixed assets</a></td>
<td class="nump">$ 581,902<span></span>
</td>
<td class="nump">$ 552,185<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<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>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Amount before accumulated depreciation, depletion and amortization of 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, and furniture and 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PropertyPlantAndEquipmentLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<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_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OtherCapitalizedPropertyPlantAndEquipmentMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OtherCapitalizedPropertyPlantAndEquipmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember</td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6772485936">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accrued Expenses and Other (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PayablesAndAccrualsAbstract', window );"><strong>Accrued Expenses and Other [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeRelatedLiabilitiesCurrent', window );">Payroll, bonuses and related benefits</a></td>
<td class="nump">$ 247,562<span></span>
</td>
<td class="nump">$ 206,427<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_AccruedProfessionalFeesCurrent', window );">Professional services</a></td>
<td class="nump">4,400<span></span>
</td>
<td class="nump">29,400<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_DeferredRentCreditCurrent', window );">Deferred rent</a></td>
<td class="nump">169,156<span></span>
</td>
<td class="nump">75,569<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_OtherAccruedLiabilitiesCurrent', window );">Other</a></td>
<td class="nump">360<span></span>
</td>
<td class="nump">11,976<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_AccruedLiabilitiesCurrent', window );">Accrued expenses</a></td>
<td class="nump">$ 421,478<span></span>
</td>
<td class="nump">$ 323,372<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_AccruedLiabilitiesCurrent">
<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).</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div></td></tr>
</table>
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AccruedProfessionalFeesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentCreditCurrent">
<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>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></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 25<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39927-112707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_DeferredRentCreditCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<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_EmployeeRelatedLiabilitiesCurrent">
<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 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></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_EmployeeRelatedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesCurrent">
<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 arising from transactions not otherwise specified in the taxonomy. 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e7018-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_OtherAccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PayablesAndAccrualsAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_PayablesAndAccrualsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<DOCUMENT>
<TYPE>XML
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<head>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6795834112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Taxes (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Taxes [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax benefit</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetAbstract', window );"><strong>Deferred tax assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="nump">$ 113,000<span></span>
</td>
<td class="nump">$ 113,000<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_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts', window );">Allowance for bad debts</a></td>
<td class="nump">211,000<span></span>
</td>
<td class="nump">108,000<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_DeferredTaxAssetsOperatingLossCarryforwards', window );">Net operating loss carry-forwards</a></td>
<td class="nump">23,628,000<span></span>
</td>
<td class="nump">25,469,000<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_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost', window );">Stock option expense</a></td>
<td class="nump">1,358,000<span></span>
</td>
<td class="nump">1,439,000<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_DeferredTaxAssetsTaxCreditCarryforwards', window );">Research and other credits</a></td>
<td class="nump">1,154,000<span></span>
</td>
<td class="nump">1,031,000<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">26,479,000<span></span>
</td>
<td class="nump">28,175,000<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">$ (26,479,000)<span></span>
</td>
<td class="num">$ (28,175,000)<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="text"> <span></span>
</td>
<td class="text"> <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_OperatingLossCarryforwardsLineItems', window );"><strong>Operating Loss Carryforwards [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLossCarryforwards', window );">Net operating loss carry-forward</a></td>
<td class="nump">$ 67,000,000<span></span>
</td>
<td class="text">&#160;<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_TaxCreditCarryforwardAmount', window );">Research and other credit carry-forwards</a></td>
<td class="nump">1,154,000<span></span>
</td>
<td class="text">&#160;<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_ValuationAllowanceDeferredTaxAssetChangeInAmount', window );">Decrease in valuation allowance</a></td>
<td class="nump">$ 1,696,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TaxPeriodAxis=us-gaap_EarliestTaxYearMember', window );">Earliest Tax Year [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLossCarryforwardsLineItems', window );"><strong>Operating Loss Carryforwards [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLossCarryforwardsExpirationDate', window );">Net operating loss carry-forward expiration dates</a></td>
<td class="text">Dec. 31,  2016<span></span>
</td>
<td class="text">&#160;<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_TaxCreditCarryforwardExpirationDate', window );">Research and other credit carry-forwards expiration dates</a></td>
<td class="text">Dec. 31,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TaxPeriodAxis=us-gaap_LatestTaxYearMember', window );">Latest Tax Year [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLossCarryforwardsLineItems', window );"><strong>Operating Loss Carryforwards [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLossCarryforwardsExpirationDate', window );">Net operating loss carry-forward expiration dates</a></td>
<td class="text">Dec. 31,  2035<span></span>
</td>
<td class="text">&#160;<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_TaxCreditCarryforwardExpirationDate', window );">Research and other credit carry-forwards expiration dates</a></td>
<td class="text">Dec. 31,  2035<span></span>
</td>
<td class="text">&#160;<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Asset<br> -URI http://asc.fasb.org/extlink&amp;oid=6510090<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DeferredTaxAssetsOther">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DeferredTaxAssetsPropertyPlantAndEquipment">
<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 property, plant, and 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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Amount, before allocation of a valuation allowances, of deferred tax assets attributable to deductible tax credit carryforwards including, but not limited to, research, foreign, general business, alternative minimum tax, and other deductible tax credit 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Carryforwards<br> -URI http://asc.fasb.org/extlink&amp;oid=6506874<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxCreditCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncomeTaxDisclosureAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Amount of current income tax expense (benefit) and deferred income tax expense (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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<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 style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_OperatingLossCarryforwards">
<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 operating loss carryforward, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<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 style="white-space:nowrap;">us-gaap_OperatingLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_OperatingLossCarryforwardsExpirationDate">
<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>Expiration date of each operating loss carryforward included in operating loss carryforward, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<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 style="white-space:nowrap;">us-gaap_OperatingLossCarryforwardsExpirationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_OperatingLossCarryforwardsLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_OperatingLossCarryforwardsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_TaxCreditCarryforwardAmount">
<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 the tax credit carryforward, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Carryforwards<br> -URI http://asc.fasb.org/extlink&amp;oid=6506874<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 style="white-space:nowrap;">us-gaap_TaxCreditCarryforwardAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_TaxCreditCarryforwardExpirationDate">
<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>Expiration date of the tax credit carryforward, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<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 style="white-space:nowrap;">us-gaap_TaxCreditCarryforwardExpirationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount">
<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 the valuation allowance for a specified deferred tax asset.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32123-109318<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 style="white-space:nowrap;">us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_TaxPeriodAxis=us-gaap_EarliestTaxYearMember">
<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 style="white-space:nowrap;">us-gaap_TaxPeriodAxis=us-gaap_EarliestTaxYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxPeriodAxis=us-gaap_LatestTaxYearMember">
<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 style="white-space:nowrap;">us-gaap_TaxPeriodAxis=us-gaap_LatestTaxYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6797123520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholders' Equity (Narrative) (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>May. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightLineItems', window );"><strong>Class of Warrant or Right [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1', window );">Exercise price of warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Shares of common stock reserved for issuance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant', window );">Awards available for issuance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">173,942<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">173,942<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 options exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">119,381<span></span>
</td>
<td class="nump">64,800<span></span>
</td>
<td class="text">&#160;<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 exercise of options</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 548,475<span></span>
</td>
<td class="nump">$ 304,788<span></span>
</td>
<td class="text">&#160;<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_ProceedsFromWarrantExercises', window );">Proceeds from exercise of warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">548,475<span></span>
</td>
<td class="nump">$ 222,500<span></span>
</td>
<td class="nump">$ 478,299<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_AllocatedShareBasedCompensationExpense', window );">Stock and option compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 483,000<span></span>
</td>
<td class="nump">$ 616,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from sale of common stock</a></td>
<td class="nump">$ 3,278,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued</a></td>
<td class="nump">750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued', window );">Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,000<span></span>
</td>
<td class="text">&#160;<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_IssuanceOfStockAndWarrantsForServicesOrClaims', window );">Issuance of Stock and Warrants for Services or Claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,007<span></span>
</td>
<td class="nump">$ 32,428<span></span>
</td>
<td class="nump">$ 369,844<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis=refr_ConsultantMember', window );">Consultant [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued', window );">Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Number of options exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">119,381<span></span>
</td>
<td class="nump">64,800<span></span>
</td>
<td class="nump">179,983<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 );">Shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Restricted Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Restricted common stock granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">282,900<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Market value per share on the date of grant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.70<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_AllocatedShareBasedCompensationExpense', window );">Stock and option compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 231,876<span></span>
</td>
<td class="nump">$ 526,574<span></span>
</td>
<td class="nump">$ 1,131,440<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 );">Unvested shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">62,667<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">62,667<span></span>
</td>
<td class="nump">611,692<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Restricted Stock [Member] | Vesting Ratably [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Award vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">36 months<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 );">Restricted common stock granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">188,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Restricted Stock [Member] | Director [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Restricted common stock granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">91,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Restricted Stock [Member] | Employees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Restricted common stock granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember', window );">Employee Stock Option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Number of options granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">204,000<span></span>
</td>
<td class="nump">209,750<span></span>
</td>
<td class="nump">499,700<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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Options granted, weighted-average exercise price per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5.26<span></span>
</td>
<td class="nump">$ 5.19<span></span>
</td>
<td class="nump">$ 5.26<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_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Number of options exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">14,800<span></span>
</td>
<td class="nump">72,500<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_ProceedsFromStockOptionsExercised', window );">Proceeds from exercise of options</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 82,288<span></span>
</td>
<td class="nump">$ 322,475<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_AllocatedShareBasedCompensationExpense', window );">Stock and option compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 483,133<span></span>
</td>
<td class="nump">$ 483,915<span></span>
</td>
<td class="nump">$ 1,431,620<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=refr_NonEmployeeStockOptionsAndWarrantsMember', window );">Non-Employee Stock Options and Warrants [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 options granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">24,000<span></span>
</td>
<td class="text"> <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 );">Options granted, weighted-average exercise price per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 6.58<span></span>
</td>
<td class="text"> <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 options exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">137,174<span></span>
</td>
<td class="nump">50,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=refr_EmployeeStockOptionsAndRestrictedStockMember', window );">Employee Stock Options and Restricted Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AllocatedShareBasedCompensationExpense', window );">Stock and option compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 715,009<span></span>
</td>
<td class="nump">$ 1,010,489<span></span>
</td>
<td class="nump">$ 2,545,060<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member] | Consultant [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Award vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">24 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member] | Non-Employee Stock Options and Warrants [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod', window );">Option expiration period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member] | Consultant [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Award vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">59 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member] | Non-Employee Stock Options and Warrants [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod', window );">Option expiration period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AllocatedShareBasedCompensationExpense">
<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>Represents the expense 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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br> -Section F<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 style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1">
<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 per share or per unit of warrants or rights 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(i)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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 style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ClassOfWarrantOrRightLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IssuanceOfStockAndWarrantsForServicesOrClaims">
<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 value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ProceedsFromIssuanceOfCommonStock">
<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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<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 style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (j)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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 style="white-space:nowrap;">us-gaap_ProceedsFromStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ProceedsFromWarrantExercises">
<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 style="white-space:nowrap;">us-gaap_ProceedsFromWarrantExercises</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<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>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<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 weighted average fair value at grant date for nonvested equity-based awards issued 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of 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>
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<tr>
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<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
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<td><strong> Balance Type:</strong></td>
<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 number of shares or units of entity securities issued in the transaction in which equity securities were issued to pay for goods or nonemployee services.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 50<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51659978&amp;loc=d3e25284-112666<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></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>Period from grant date that an equity-based award expires, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28,29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
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<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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis=refr_ConsultantMember">
<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 style="white-space:nowrap;">us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis=refr_ConsultantMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></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_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<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 style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</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_AwardTypeAxis=us-gaap_RestrictedStockMember">
<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 style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</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_VestingAxis=refr_VestingRatablyMember">
<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 style="white-space:nowrap;">us-gaap_VestingAxis=refr_VestingRatablyMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</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_TitleOfIndividualAxis=us-gaap_DirectorMember">
<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 style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=us-gaap_DirectorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=refr_EmployeesMember">
<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 style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=refr_EmployeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></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_AwardTypeAxis=us-gaap_EmployeeStockOptionMember">
<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 style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></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_AwardTypeAxis=refr_NonEmployeeStockOptionsAndWarrantsMember">
<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 style="white-space:nowrap;">us-gaap_AwardTypeAxis=refr_NonEmployeeStockOptionsAndWarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td></td>
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<td></td>
</tr>
</table></div>
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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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=refr_EmployeeStockOptionsAndRestrictedStockMember</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6769279056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholders' Equity (Schedule of Assumptions Used to Value Options Granted to Employees) (Details) - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</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_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Stock-Based Compensation [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Fair value on grant date</a></td>
<td class="nump">$ 2.37<span></span>
</td>
<td class="nump">$ 2.30<span></span>
</td>
<td class="nump">$ 2.86<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_ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate', window );">Expected dividend yield</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Expected volatility</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">64.00%<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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
<td class="nump">1.80%<span></span>
</td>
<td class="nump">1.68%<span></span>
</td>
<td class="nump">1.62%<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_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1', window );">Expected term of the option</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<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_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate">
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iv)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<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 weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate">
<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 dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the expected term of a nonvested share or option award issued to other than an employee.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 50<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51659978&amp;loc=d3e25284-112666<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 style="white-space:nowrap;">us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 14.D.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br> -Section D<br> -Subsection 2<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 style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6783268112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholders' Equity (Schedule of Activity in Options and Warrants) (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Number of Shares Underlying Warrants and Options</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Exercised</a></td>
<td class="num">(119,381)<span></span>
</td>
<td class="num">(64,800)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember', window );">Employee Stock Option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Number of Shares Underlying Warrants and Options</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Balance</a></td>
<td class="nump">1,570,799<span></span>
</td>
<td class="nump">1,480,599<span></span>
</td>
<td class="nump">1,117,899<span></span>
</td>
<td class="text">&#160;<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 );">Granted/Issued</a></td>
<td class="nump">204,000<span></span>
</td>
<td class="nump">209,750<span></span>
</td>
<td class="nump">499,700<span></span>
</td>
<td class="text">&#160;<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 );">Cancelled/Terminated</a></td>
<td class="num">(367,793)<span></span>
</td>
<td class="num">(104,750)<span></span>
</td>
<td class="num">(64,500)<span></span>
</td>
<td class="text">&#160;<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 );">Exercised</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(14,800)<span></span>
</td>
<td class="num">(72,500)<span></span>
</td>
<td class="text">&#160;<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 );">Balance</a></td>
<td class="nump">1,407,006<span></span>
</td>
<td class="nump">1,570,799<span></span>
</td>
<td class="nump">1,480,599<span></span>
</td>
<td class="nump">1,117,899<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward', window );"><strong>Weighted Average Exercise Price</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Balance</a></td>
<td class="nump">$ 7.49<span></span>
</td>
<td class="nump">$ 7.80<span></span>
</td>
<td class="nump">$ 9.03<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Granted/Issued</a></td>
<td class="nump">5.26<span></span>
</td>
<td class="nump">5.19<span></span>
</td>
<td class="nump">5.26<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice', window );">Cancelled/Terminated</a></td>
<td class="nump">$ 7.70<span></span>
</td>
<td class="nump">7.83<span></span>
</td>
<td class="nump">12.81<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Exercised</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">5.56<span></span>
</td>
<td class="nump">4.83<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Balance</a></td>
<td class="nump">$ 7.11<span></span>
</td>
<td class="nump">$ 7.49<span></span>
</td>
<td class="nump">$ 7.80<span></span>
</td>
<td class="nump">$ 9.03<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Term (Years)</a></td>
<td class="text">6 years 2 months 12 days<span></span>
</td>
<td class="text">5 years 2 months 12 days<span></span>
</td>
<td class="text">5 years 2 months 12 days<span></span>
</td>
<td class="text">3 years 8 months 12 days<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue', window );">Aggregate Intrinsic Value</a></td>
<td class="nump">$ 232,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=refr_NonEmployeeStockOptionsAndWarrantsMember', window );">Non-Employee Stock Options and Warrants [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Number of Shares Underlying Warrants and Options</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Balance</a></td>
<td class="nump">1,353,620<span></span>
</td>
<td class="nump">1,379,620<span></span>
</td>
<td class="nump">1,512,103<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Granted/Issued</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">24,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod', window );">Cancelled/Terminated</a></td>
<td class="num">(426,083)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(107,483)<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercised</a></td>
<td class="num">(137,174)<span></span>
</td>
<td class="num">(50,000)<span></span>
</td>
<td class="num">(25,000)<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Balance</a></td>
<td class="nump">790,363<span></span>
</td>
<td class="nump">1,353,620<span></span>
</td>
<td class="nump">1,379,620<span></span>
</td>
<td class="nump">1,512,103<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward', window );"><strong>Weighted Average Exercise Price</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">Balance</a></td>
<td class="nump">$ 5.64<span></span>
</td>
<td class="nump">$ 5.58<span></span>
</td>
<td class="nump">$ 5.56<span></span>
</td>
<td class="text">&#160;<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 );">Granted/Issued</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 6.58<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<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 );">Cancelled/Terminated</a></td>
<td class="nump">$ 6.09<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 4.45<span></span>
</td>
<td class="text">&#160;<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 );">Exercised</a></td>
<td class="nump">4.73<span></span>
</td>
<td class="nump">$ 4.45<span></span>
</td>
<td class="nump">9.00<span></span>
</td>
<td class="text">&#160;<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 );">Balance</a></td>
<td class="nump">$ 5.56<span></span>
</td>
<td class="nump">$ 5.64<span></span>
</td>
<td class="nump">$ 5.58<span></span>
</td>
<td class="nump">$ 5.56<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 by which the current fair value of the underlying stock exceeds the 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>Number of options outstanding, including both vested and non-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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward">
<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 roll forward is a reconciliation of a concept from the beginning of a period to the end of a 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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 per share amount at which grantees can acquire shares of common stock by exercise of 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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28,29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AwardTypeAxis=us-gaap_EmployeeStockOptionMember">
<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 style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=refr_NonEmployeeStockOptionsAndWarrantsMember">
<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 style="white-space:nowrap;">us-gaap_AwardTypeAxis=refr_NonEmployeeStockOptionsAndWarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R34.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6785122976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>License and Other Agreements (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_PercentageOfRoyaltyRevenueOnNetSales', window );">Percentage Of Royalty Revenue On Net Sales</a></td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_PercentageOfRoyaltyRevenueOnNetSales', window );">Percentage Of Royalty Revenue On Net Sales</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_PercentageOfRoyaltyRevenueOnNetSales">
<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 royalty revenue on net sales.</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 style="white-space:nowrap;">refr_PercentageOfRoyaltyRevenueOnNetSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_us-gaap_RangeAxis=us-gaap_MinimumMember">
<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 style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<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 style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>47
<FILENAME>R35.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6780906816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentLineItems', window );"><strong>Purchase Commitment, Excluding Long-term Commitment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PurchaseCommitmentRemainingMinimumAmountCommitted', window );">Commitment amount</a></td>
<td class="nump">$ 450,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LeasesAbstract', window );"><strong>Operating lease:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LeaseExpirationDate1', window );">Lease expiration date</a></td>
<td class="text">Mar. 31,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLeasesFutureMinimumPaymentsDueCurrent', window );">2016</a></td>
<td class="nump">$ 174,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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 );">2017</a></td>
<td class="nump">180,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLeasesFutureMinimumPaymentsDueInThreeYears', window );">2018</a></td>
<td class="nump">186,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLeasesFutureMinimumPaymentsDueInFourYears', window );">2019</a></td>
<td class="nump">191,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLeasesFutureMinimumPaymentsDueInFiveYears', window );">2020</a></td>
<td class="nump">197,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLeasesFutureMinimumPaymentsDueThereafter', window );">Thereafter</a></td>
<td class="nump">905,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_OperatingLeasesRentExpenseNet', window );">Rent expense</a></td>
<td class="nump">$ 181,000<span></span>
</td>
<td class="nump">$ 173,000<span></span>
</td>
<td class="nump">$ 187,000<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_LeaseExpirationDate1">
<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>Date which lease or group of leases is set to expire, in CCYY-MM-DD format.</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 style="white-space:nowrap;">us-gaap_LeaseExpirationDate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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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<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 for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<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 style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<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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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<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 style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears</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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<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 style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<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_OperatingLeasesFutureMinimumPaymentsDueInTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<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 style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<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 style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesRentExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41499-112717<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 style="white-space:nowrap;">us-gaap_OperatingLeasesRentExpenseNet</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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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</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></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_PurchaseCommitmentExcludingLongtermCommitmentLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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>Minimum amount to be expended to satisfy the terms of arrangements in which the entity has agreed to expend funds to procure goods or services, excluding long-term purchase commitments or unconditional purchase obligations.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a)(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 7<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 style="white-space:nowrap;">us-gaap_PurchaseCommitmentRemainingMinimumAmountCommitted</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6741240896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Rights Plan (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>$ / shares</div>
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<td class="text">&#160;<span></span>
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<td class="pl custom" 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</a></td>
<td class="nump">15.00%<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ClassOfWarrantOrRightAmountOfStockCovered', window );">Value of stock covered by each right | $</a></td>
<td class="nump">$ 80<span></span>
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</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_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1', window );">Exercise price of rights</a></td>
<td class="nump">$ 40<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ClassOfWarrantOrRightControlThreshold', window );">Threshold for change in control</a></td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_refr_ClassOfWarrantOrRightRedemptionPrice', window );">Redemption price</a></td>
<td class="nump">$ 0.0001<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_refr_ClassOfWarrantOrRightAmountOfStockCovered">
<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>Class Of Warrant Or Right, Amount Of Stock Covered.</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 style="white-space:nowrap;">refr_ClassOfWarrantOrRightAmountOfStockCovered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ClassOfWarrantOrRightControlThreshold">
<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>Class Of Warrant Or Right, Control Threshold.</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 style="white-space:nowrap;">refr_ClassOfWarrantOrRightControlThreshold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ClassOfWarrantOrRightRedemptionPrice">
<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>Class Of Warrant Or Right, Redemption 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 style="white-space:nowrap;">refr_ClassOfWarrantOrRightRedemptionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 style="white-space:nowrap;">refr_PercentageOfAcquisitionThresholdInRightsAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1">
<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 per share or per unit of warrants or rights 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(i)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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 style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ClassOfWarrantOrRightLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>49
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6797194048">
<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, 2015</div></th>
<th class="th" colspan="2"><div>Sep. 30, 2015</div></th>
<th class="th" colspan="2"><div>Jun. 30, 2015</div></th>
<th class="th" colspan="2"><div>Mar. 31, 2015</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2014</div></th>
<th class="th" colspan="2"><div>Sep. 30, 2014</div></th>
<th class="th" colspan="2"><div>Jun. 30, 2014</div></th>
<th class="th" colspan="2"><div>Mar. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</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>Selected Quarterly Financial Data (Unaudited) [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LicensesRevenue', window );">Fee income</a></td>
<td class="nump">$ 378,744<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 445,846<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 803,494<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 379,398<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 441,895<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 452,937<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 395,619<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 308,348<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 2,007,482<span></span>
</td>
<td class="nump">$ 1,598,799<span></span>
</td>
<td class="nump">$ 2,161,359<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_OperatingIncomeLoss', window );">Operating loss</a></td>
<td class="num">(1,836,272)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(766,725)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(492,751)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,227,427)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,470,360)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(649,444)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,150,453)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,178,626)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,323,175)<span></span>
</td>
<td class="num">(4,448,883)<span></span>
</td>
<td class="num">(6,078,759)<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_NetIncomeLoss', window );">Net Loss</a></td>
<td class="num">$ (1,825,038)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (757,320)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (481,287)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,216,211)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,462,073)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (639,806)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,141,858)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,169,985)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (4,279,856)<span></span>
</td>
<td class="num">$ (4,413,722)<span></span>
</td>
<td class="num">$ (6,040,611)<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_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share</a></td>
<td class="num">$ (0.08)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="num">$ (0.03)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">$ (0.02)<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">$ (0.06)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="num">$ (0.03)<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">$ (0.05)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">$ (0.18)<span></span>
</td>
<td class="num">$ (0.19)<span></span>
</td>
<td class="num">$ (0.26)<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_AllocatedShareBasedCompensationExpense', window );">Stock and option compensation</a></td>
<td class="nump">$ 483,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 616,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProvisionForDoubtfulAccounts', window );">Bad debts</a></td>
<td class="nump">$ 324,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 324,286<span></span>
</td>
<td class="nump">$ 131,250<span></span>
</td>
<td class="nump">$ 81,198<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; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The Company incurred higher costs in the fourth quarter of 2015 and 2014 primarily due to: (i) $483,000 and $616,000 of stock and option compensation charges in 2015 and 2014, respectively relating to common stock and options granted to directors and employees, and (ii) $324,000 of bad debt
expense in the fourth quarter of 2015.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" 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_AllocatedShareBasedCompensationExpense">
<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>Represents the expense 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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br> -Section F<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 style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</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 style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</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>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_LicensesRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<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 style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>duration</td>
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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_OperatingIncomeLoss">
<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 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></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 style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</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_ProvisionForDoubtfulAccounts">
<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 expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_QuarterlyFinancialInformationDisclosureAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_QuarterlyFinancialInformationDisclosureAbstract</td>
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<td>us-gaap_</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6767302336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for Doubtful Accounts [Member] - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</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_ValuationAndQualifyingAccountsDisclosureLineItems', window );"><strong>Valuation and Qualifying Accounts Disclosure [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ValuationAllowancesAndReservesBalance', window );">Balance at beginning of period</a></td>
<td class="nump">$ 305,171<span></span>
</td>
<td class="nump">$ 173,921<span></span>
</td>
<td class="nump">$ 92,723<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_ValuationAllowancesAndReservesChargedToCostAndExpense', window );">Charged to costs and expenses</a></td>
<td class="nump">$ 324,286<span></span>
</td>
<td class="nump">$ 131,250<span></span>
</td>
<td class="nump">$ 81,198<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_ValuationAllowancesAndReservesDeductions', window );">Deductions</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <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_ValuationAllowancesAndReservesBalance', window );">Balance at end of period</a></td>
<td class="nump">$ 629,457<span></span>
</td>
<td class="nump">$ 305,171<span></span>
</td>
<td class="nump">$ 173,921<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_ValuationAllowancesAndReservesBalance">
<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 allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24092-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 09<br> -Article 12<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 style="white-space:nowrap;">us-gaap_ValuationAllowancesAndReservesBalance</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</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></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 allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, charged to costs and expenses.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24092-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 09<br> -Article 12<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 style="white-space:nowrap;">us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<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>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ValuationAllowancesAndReservesDeductions">
<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 the deductions in a given period to allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, representing receivables written off as uncollectible and portions of the reserves utilized, respectively.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24092-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 09<br> -Article 12<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 style="white-space:nowrap;">us-gaap_ValuationAllowancesAndReservesDeductions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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 style="white-space:nowrap;">us-gaap_ValuationAndQualifyingAccountsDisclosureLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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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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<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 style="white-space:nowrap;">us-gaap_ValuationAllowancesAndReservesTypeAxis=us-gaap_AllowanceForDoubtfulAccountsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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M +$#   8              "  00L  !X;"]W;W)K<VAE971S+W-H965T."YX
M;6Q02P$"% ,4    " !/0&I(A6XT;:,!  "Q P  &               @ '=
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M    @ &0,0  >&PO=V]R:W-H965T<R]S:&5E=#$Q+GAM;%!+ 0(4 Q0    (
M $] :D@+'TP\I $  +$#   9              "  6HS  !X;"]W;W)K<VAE
M971S+W-H965T,3(N>&UL4$L! A0#%     @ 3T!J2)-@4V2B 0  L0,  !D
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M% ,4    " !/0&I(':QQ>Z,!  "Q P  &0              @ $>-P  >&PO
M=V]R:W-H965T<R]S:&5E=#$T+GAM;%!+ 0(4 Q0    ( $] :DC@PR'WI $
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M      "  88^  !X;"]W;W)K<VAE971S+W-H965T,3@N>&UL4$L! A0#%
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M:&5E=',O<VAE970Q.2YX;6Q02P$"% ,4    " !/0&I(_,F$&*8!  "Q P
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M 0(4 Q0    ( $] :DB\F(9/I0$  +$#   9              "  =]$  !X
M;"]W;W)K<VAE971S+W-H965T,C$N>&UL4$L! A0#%     @ 3T!J2$%,<]BE
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M    " !/0&I(B\ Y*3 "   E!P  &0              @ $[3@  >&PO=V]R
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M   9              "  :)0  !X;"]W;W)K<VAE971S+W-H965T,C<N>&UL
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M4@,"  #I!0  &0              @ $O6   >&PO=V]R:W-H965T<R]S:&5E
M=#(Y+GAM;%!+ 0(4 Q0    ( $] :DCOR<TX& ,  -@-   9
M  "  6E:  !X;"]W;W)K<VAE971S+W-H965T,S N>&UL4$L! A0#%     @
M3T!J2*"/UV^]!0  #2   !D              ( !N%T  'AL+W=O<FMS:&5E
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M5P0  !D              ( !V&H  'AL+W=O<FMS:&5E=',O<VAE970S-"YX
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M;   >&PO=V]R:W-H965T<R]S:&5E=#,U+GAM;%!+ 0(4 Q0    ( %! :DB"
MA)OMZP$  $@%   9              "  6=O  !X;"]W;W)K<VAE971S+W-H
M965T,S8N>&UL4$L! A0#%     @ 4$!J2"!ZG]F_!   U!4  !D
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M" !00&I(JD'71C@"  #6!@  &0              @ %_=@  >&PO=V]R:W-H
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M              "  >YX  !X;"]S:&%R9613=')I;F=S+GAM;%!+!08
..+P O +L,  !#H0     !

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>52
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.4.0.3
 *
 */

var Show = {};
Show.LastAR = null,

Show.hideAR = function(){
	Show.LastAR.style.display = 'none';
};

Show.showAR = function ( link, id, win ){
	if( Show.LastAR ){
		Show.hideAR();
	}

	var ref = link;
	do {
		ref = ref.nextSibling;
	} while (ref && ref.nodeName != 'TABLE');

	if (!ref || ref.nodeName != 'TABLE') {
		var tmp = win ?
			win.document.getElementById(id) :
			document.getElementById(id);

		if( tmp ){
			ref = tmp.cloneNode(true);
			ref.id = '';
			link.parentNode.appendChild(ref);
		}
	}

	if( ref ){
		ref.style.display = 'block';
		Show.LastAR = ref;
	}
};

Show.toggleNext = function( link ){
	var ref = link;

	do{
		ref = ref.nextSibling;
	}while( ref.nodeName != 'DIV' );

	if( ref.style &&
		ref.style.display &&
		ref.style.display == 'none' ){
		ref.style.display = 'block';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '+', '-' );
		}else{
			link.innerText = link.innerText.replace( '+', '-' );
		}
	}else{
		ref.style.display = 'none';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '-', '+' );
		}else{
			link.innerText = link.innerText.replace( '-', '+' );
		}
	}
};
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>53
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='UTF-8'?>
<FilingSummary>
  <Version>3.3.1.900</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>117</ContextCount>
  <ElementCount>175</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>34</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>4</UnitCount>
  <MyReports>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>001 - Document - Document and Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-daei1</Role>
      <ShortName>Document and Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>002 - Statement - Consolidated Balance Sheets</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-cbs1</Role>
      <ShortName>Consolidated Balance Sheets</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>003 - Statement - Consolidated Balance Sheets (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-cbsp1</Role>
      <ShortName>Consolidated Balance Sheets (Parenthetical)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>004 - Statement - Consolidated Statements of Operations</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-csoo1</Role>
      <ShortName>Consolidated Statements of Operations</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>4</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>005 - Statement - Consolidated Statements of Shareholders' Equity</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-csose1</Role>
      <ShortName>Consolidated Statements of Shareholders' Equity</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>5</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>006 - Statement - Consolidated Statements of Cash Flows</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-csocf1</Role>
      <ShortName>Consolidated Statements of Cash Flows</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>6</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>101 - Disclosure - Business and Basis for Presentation</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/Disclosure-BusinessandBasisforPresentation</Role>
      <ShortName>Business and Basis for Presentation</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>7</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>102 - Disclosure - Summary of Significant Accounting Policies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-sosap1</Role>
      <ShortName>Summary of Significant Accounting Policies</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>8</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>103 - Disclosure - Fixed Assets</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-fa1</Role>
      <ShortName>Fixed Assets</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>9</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>104 - Disclosure - Accrued Expenses and Other</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-aeao1</Role>
      <ShortName>Accrued Expenses and Other</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>10</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>105 - Disclosure - Income Taxes</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-it123</Role>
      <ShortName>Income Taxes</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>11</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>106 - Disclosure - Shareholders' Equity</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-se1</Role>
      <ShortName>Shareholders' Equity</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>12</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>107 - Disclosure - License and Other Agreements</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-laoa</Role>
      <ShortName>License and Other Agreements</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>13</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>108 - Disclosure - Commitments</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-c</Role>
      <ShortName>Commitments</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>14</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>109 - Disclosure - Rights Plan</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-rp</Role>
      <ShortName>Rights Plan</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>15</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>110 - Disclosure - Selected Quarterly Financial Data (Unaudited)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-sqfdu</Role>
      <ShortName>Selected Quarterly Financial Data (Unaudited)</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>16</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R17.htm</HtmlFileName>
      <LongName>112 - Disclosure - SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-sivaqa1</Role>
      <ShortName>SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>17</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R18.htm</HtmlFileName>
      <LongName>202 - Disclosure - Summary of Significant Accounting Policies (Policies)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-sosapp1</Role>
      <ShortName>Summary of Significant Accounting Policies (Policies)</ShortName>
      <MenuCategory>Policies</MenuCategory>
      <ParentRole>http://www.SmartGlass.com/role/refr-sosap1</ParentRole>
      <Position>18</Position>
    </Report>
    <Report instance="refr-20151231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R19.htm</HtmlFileName>
      <LongName>302 - Disclosure - Summary of Significant Accounting Policies (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-sosapt1</Role>
      <ShortName>Summary of Significant Accounting Policies (Tables)</ShortName>
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      <ParentRole>http://www.SmartGlass.com/role/refr-sosap1</ParentRole>
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    <Report instance="refr-20151231.xml">
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      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R20.htm</HtmlFileName>
      <LongName>303 - Disclosure - Fixed Assets (Tables)</LongName>
      <ReportType>Sheet</ReportType>
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    <Report instance="refr-20151231.xml">
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      <HtmlFileName>R21.htm</HtmlFileName>
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      <ReportType>Sheet</ReportType>
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      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
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      <ReportType>Sheet</ReportType>
      <Role>http://www.SmartGlass.com/role/refr-itt</Role>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
